It is again that time of the year. Late spring and U-Haul truck rental locations are booking fast trucks. My son bought his first house and moving at the end of this month, so his long list of things to do was book a 24-foot truck for the job.
he called me when he made the reservation line and asked, "Do I need to buy insurance U-Haul? "now, I advised him that in the past because it carries full coverage on his car, his personal auto policy covers liability and physical damage coverage for a rental car, so it was just for him to assume that he would be covered and does not need to buy insurance, but then, he asked.? "what about commercial truck 26,000 pounds would that be covered or have -I take out the insurance? "and my answer? nO, it is not covered, and buy insurance YES!
Even if you carry comprehensive coverage on your personal auto insurance policy, coverage physical damage will not extend to a rental truck because personal auto insurance only covers passenger vehicles and trucks under 10,000 pounds. rental trucks are large and if you are not used to driving a large vehicle, it is easy to misjudge how much space you have to maneuver. Moving truck rental companies clearly that the one who signs the contract is fully responsible for the equipment and any damage. If you hit something and you do not have insurance, you are liable for damages from your own pocket. And you will be charged not only for repair costs, but also the loss of income while the truck is out of service.
Although they have not made mandatory (very surprising), you really need to buy the insurance damage waiver offered by the truck rental companies such as Budget, Penske and U-Haul. The details vary, but they all offer the same basic types of coverage, which generally include:
- Damage Waiver - covers accidental damage to the rental equipment
- Cargo cover - blankets. the goods you are transporting damages resulting from situations such as collision, fire, wind storms and overthrow the rental truck
- Personal Accident Insurance -. provides medical coverage for injuries caused by an accident
- Supplemental coverage liability - protects against claims made by third parties for property damage liability or damage suffered as a result of an accident with your truck rental. Limits vary (usually maximum $ 1,000,000).
The cost of coverage varies from about $ 14 to $ 25 per day, depending on coverage levels and limits of your choice. It is much cheaper to buy insurance, even if it is only for your own peace of mind and you never have to use it.
Yet another lesson learned insurance for my son!
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