While getting a rental car may come with some coverage, rental trucks are a different matter entirely. The rental agency may provide some basic insurance, but is that enough in case of accidental damages?
We consulted insurance experts, and here is what they advise on whether you need to buy rental truck insurance or not;
There are some cases in which buying rental truck insurance is a good idea. Your usual auto insurance will often not cover losses if the cargo exceeds a certain weight. If you are carrying valuable items and you can find an insurance policy that covers the items as well as the vehicle itself, it's worth considering. Some rental truck companies offer programs like this when you rent one of their vehicles.
Daivat Dholakia, Director of Operations Force by Mojio
Standard personal auto insurance does not cover commercial-grade vehicles of any kind or size, nor purpose. So when a person rents one, and they do not get the insurance from the rental truck company, they don't have insurance. If the truck renter has an accident of any kind and a claim is filed against their standard policy, that claim will be denied. They will have to pay for damages and liability out of pocket.
Furthermore, they will also pay higher insurance premiums for the next 3 - 6 years, depending on the state and insurance company. That one accident will cost $1000's, but that truck rental insurance is about $14 - $50 per day.
Earl Jones, Owner Farmers Insurance Agent
While it is important to know that your normal car insurance will usually not cover you when renting a moving truck, whether or not you should buy rental truck insurance is going to depend on how long you are going to have to use the rental truck.
If you are just moving some used furniture from one place in your city to somewhere else within the metro area you live in, you may not really need truck rental insurance. However, if you are moving states or using a truck for multiple days, it may be worth purchasing low-cost truck rental insurance.
Nick White, Director of Search Lure Creative, Inc.
If you are renting a truck, such as a U-Haul, generally, your insurance policy will not cover vehicles unless they are personal passenger vehicles, meaning you would have no coverage. If the Rental Truck agency offers insurance in case of damages or accidents, it would be a good idea to purchase it. It is likely a small fee each day for the insurance, but that way, you will be covered in the event of an accident, and you will not need to pay out of pocket for damages.
If you are renting a personal passenger vehicle, check with your auto Insurance company to see if your coverages will extend to your rental vehicle. In most cases, if you carry full coverage on your policy, that full coverage will extend to any rentals.
Lauren Mckenzie is an Insurance Broker at Learnandserve.org, Powered by A Plus Insurance.
You should get extra insurance when you rent a truck because while your liability insurance will probably transfer to the rental truck, your comprehensive and collision coverage most likely will not. You should carry full coverage on any vehicle you drive unless you’re prepared to pay for the cost of damage or loss out of pocket.
When you rent a car, sometimes you can count on your credit card to supplement your personal policy, so you don’t need to purchase a policy from the rental agency. Credit card coverage typically excludes trucks, though. A limited damage waiver is one type of additional insurance you can purchase for a rental truck, which will cover damages after a $500-$1,000 deductible.
Melanie Musson is an insurance expert with CarInsuranceComparison.com.
The most important thing is that you want to be adequately insured for both property damage and bodily injury, whether that is by way of your personal auto insurance or insurance purchased from the moving company, or a combination of the two.
You should consult your insurance agent and your personal auto insurance policy to see what coverages you might be afforded in different scenarios, depending on what type of vehicle you intend to rent. For example, your auto insurance may cover you in certain moving-truck rental scenarios, e.g., a pickup truck, not deemed a commercial truck, with a rating capacity of less than one ton.
Even if you’re covered by your personal auto insurance policy, you should consider supplemental coverage provided by the moving company to ensure the amount of coverage is sufficient to cover accidental damages to both person and property. Tim Reed, Duncan Firm