If your business primarily depends on rental trucks, you might want to reassess your insurance plans. Rental trucks face several risks that standard auto insurance policies don’t cover. To avoid paying out of pocket for the theft or damage of your for-lease vehicles, we encourage exploring rental truck insurance policies.
Motor carriers often require long-term tenants to upgrade their current coverage against property, collision, cargo, and bodily injury liability claims. The exact premiums would vary based on the set terms. However, truckers can expect their upgraded auto insurance policy premiums to range somewhere around $1,800 to $2,000 per leased truck.
Do you plan on permanently leasing vehicles from a motor carrier? Assured Standard suggests researching the regulations first. Check out our straightforward guide explaining the pros and cons of leasing from a third-party carrier.
Here’s a quick rundown of the insurance requirements set by most motor carriers:
Clients who need to rent a moving truck would need to purchase additional rental truck insurance coverage. Remember: most private auto insurance plans do not cover rentals. Motor carriers often offer their own set of insurance plans, which average around $10 to $20 per day, depending on the cargo hauled and distance traveled.
Commercial truckers leasing from motor carriers often need long-term contracts. To meet the additional coverages required, you would likely add $1,000 to $2,000 on top of your current premiums.
Overall, additional rental truck insurance policies compensate for the lapses in standard auto insurance policies. Not every motorist needs to rent a truck, after all. With that in mind, review your current protection against liability claims and ensure that a reliable insurance provider will cover you in the event of theft, collision, or vandalism of your leased truck.
The approximate cost of commercial auto insurance for a rental truck can range from $1,800 to $2,000 per leased truck.
Rental trucks face risks such as theft, damage, collision, and liability claims for bodily injury and cargo.
Yes, insurance for short-term rental trucks for private purposes can average around $10 to $20 per day.
Commercial truckers leasing long-term may need to add $1,000 to $2,000 to their current insurance premiums.
Rental truck insurance policies compensate for the lapses in standard auto insurance policies, offering coverage for theft, collision, or vandalism of leased trucks.
Explore the world of commercial auto insurance beyond rental trucks by checking out our dedicated blog post. While you’re here, gain insights into the factors influencing insurance costs, including the coverage you need for your rental truck. Your journey to comprehensive protection begins now.
Discover the significance of Rental Reimbursement coverage in the realm of commercial auto insurance for rental trucks. Dive deeper into this topic from our blog post to understand its impact on your coverage and costs.
Can’t decide whether to operate under your own policy or not? Assured Standard can help. Check out our quick comparison guide between driving under your own authority versus someone else’s.
