It's time to move, and you've decided to rent a moving truck to help you get all your belongings to your new home. When you look into the best rental option for your circumstances, you discover that moving truck rental companies offer -- and strongly encourage -- protection plans that cover the truck and your possessions. Does the extra cost make sense?
What Protection Plans Cover
If an accident occurs while you're driving a rented truck, you or your own insurance company will be responsible for damages and not the truck rental company. At the same time, they have an interest in selling you a protection plan, because it means that they'll get paid more quickly if there is damage to their property. They also get a small percentage of the plan's cost. Otherwise, the plans are offered so you won't be liable for the entire amount of any loss or damages. Plans can cover:
- Damage to the truck.
- Damage to any towing equipment included with the truck.
- Damage to a vehicle that you are towing.
- Property damage claims if you hit another vehicle.
- Personal injury claims for the driver and passengers of any vehicle you hit.
- Medical bills for your emergency care costs if you are injured in an accident while driving.
- Medical bills for any passengers you have with you in the moving truck.
- Replacement costs if the items packed in the truck are damaged, stolen or lost.
When your moving truck company representative offers a protection plan, ask to see the details so you'll know exactly what it covers. Plans can vary depending on the type of truck you rent, the length of your trip and what you'll be transporting.
Special Protection Vs. Your Own Insurance
It may be that your homeowners or renters insurance will cover all of your things while moving, and that your auto insurance will cover any damage to the moving truck if you're driving it and, for example, get into an accident.
You can't assume that your policies will provide the right coverage, though. Talk to your insurance agent to find out if your homeowners or renters insurance covers the gap between leaving your old home and entering your new one.
You should also make sure that your auto insurance covers you when you rent a vehicle, especially a larger one. Many personal insurance policies will not cover you if you are driving a truck with a gross vehicle weight (GVW) of 9,000 pounds or more.
If your existing policy does not cover these things, you can ask your insurer about special riders that will provide full coverage for the moving truck during the time you are driving it.
What if You Don't Have Insurance?
If you are not fully insured and there is damage to the vehicle, you will be responsible for paying repair or replacement costs as well as the time the truck was not in use (loss of income).
Even a small accident or minor damage can turn into hundreds or thousands of dollars -- certainly more than the daily cost for a supplemental insurance plan. Just make certain that these common accident types are covered by any plan you purchase. Contact a professional moving truck rental company, like Two Small Men With Big Hearts Moving Co, for more information.