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.
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.
Arthur Williamson graduated with a degree in Business and Management at the University of California, Berkeley. He is knowledgeable about what small and big businesses require to keep operations moving.