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Should You Buy Rental Truck Insurance For Local Moving?

Buy Rental Truck Insurance For Local Moving

Renting a moving truck is one of several options available to you when relocating.

The other popular option is to hire local or long distance movers – depending on the distance you’ll be covering.

Each has its own pros and cons, with a moving company most ideal for when you want to do as little legwork as possible and instead let the professionals handle it for you. The downside of that is that it comes at a cost.

It is that cost that prompts many to hire a rental truck and execute the move themselves in a bid to keep the moving costs down.

However, worth noting is that this works best if you have the muscle to help you with the heavy lifting, whether that be friends or close colleagues, able family members, or maybe hired help that might cost less than a professional moving team.

If for whatever reason, you’re considering going DIY and renting a truck for your upcoming move, there’s an aspect that most DIY movers often overlook: rental truck insurance.

That’s probably because a lot of people assume personal auto insurance or credit card covers them in the event anything happens to the rented moving truck.

While individual policies differ from one individual to the next, the truth is that most auto insurance and credit card companies do not accept liability for damages to the rented moving truck.

That means if you’re going to rent a moving truck, the burden of responsibility as far as incurring the additional insurance charges falls squarely on you.

This begs the question – is that extra cost really justified when you’re moving locally?

Before we get to that, perhaps it’s worth highlighting the different options available to you first.

Types of Rental Truck Insurance

Rental truck insurance is not a blanket coverage but rather, comes in four main types.

These are:

Damage Waivers – This form of truck rental insurance protects against truck damage or theft. It is available in two forms. One, a personal damage waiver (PDW) means the truck rental company is responsible for covering the damage and not the person renting the truck. A limited damage waiver (LDW) on the other hand, means you’re responsible for footing $500 worth of damage, with the truck provider covering the rest.

Supplemental Liability Insurance – SLI policy protects you when you happen to hit another vehicle with a rented truck. But make sure to read the fine print as they come with certain exclusions and exceptions.

Personal Accident and Cargo Protection – Protects you and your items while inside the truck. Excludes damage related to shifting cargo or theft.

Auto Tow Protection – Covers damage when towing your car with a trailer rental. The policy covers many forms of damage, including collisions, windstorms, hail, floods, fires, and more.

So, Should you Get Rental Truck Insurance for Local Moves?

Well, as with any other form of insurance, the choice is yours really. It’s not a must, but what rental truck insurance does is help protect your interests when moving with a rented truck. And of course, the peace of mind that comes with having insurance cover.

Even though you’re not traveling long-distance, accidents do happen and you could hit someone or be hit during the course of the move. In the unfortunate event that happens, it’s only when you have truck rental insurance to help you offset the impending costs that you realize getting that coverage was a good idea.

As you decide whether or not to buy rental truck insurance, it’s worth remembering that many rental truck insurance policies only provide coverage for the truck, not the belongings inside. To cover your possessions, you might need to take out additional cargo insurance.

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