Moving truck insurance is critically important to protect the rented trucks while moving your belongings to a destination. The main risk, of course, is accident. When it happens, our insurance policy does not cover the rental trucks. It means, we have to propose a new insurance policy particularly protecting the trucks.
The first thing to make sure that you are covered is to ask your insurance provider whether they provide insurance for moving trucks. When you found you are not protected, there is no way for us but purchasing an optional insurance protection plan.
You do not have to go far since rental agency typically offers you this insurance as a safeguard to your belongings and reduce the liability.
It has to be emphasized that insurance for moving trucks is not like insurance for autos. It is just a kind of protection plan that gives you higher protection. Let’s see what you need to know before you choose one of the available protection plans.
Types of Insurance for Rental Trucks
You can find rental trucks around your neighborhood and you can this insurance to get the trucks protected. These rental trucks offer you several types of coverage. Each rental company may have different names, but they are basically the same.
The main coverage of moving truck insurance is waiver insurance. This protection plans gives you zero responsibility when there is something happen to the rental trucks and causes damage.
There is a certain amount of liability. There are two types of damage waivers: personal and limited. PDW gives you zero responsibility, but LDW requires you to pay $500 for damage or loss.
Another moving truck insurance coverage is supplemental liability insurance or SLI. It is like liability for autos that protects you and belongings against third party’s claims for the damage caused by an accident.
The highest limit of this coverage goes up to $1 million. You are free to include this supplemental insurance, but when you decide to get this, you have to read the detail s of the coverage for exclusions in the terms and conditions.
Apparently, protection plan of this insurance does not only protect the rental trucks, but also your transported belongings. To keep them safe, you will need to include PAC or Personal accident and cargo protection.
You and your belongings are protected against listed causes with covered costs. However, this moving truck insurance protection excludes damage triggered by burglary, theft or shifting cargo.
Cost of Insurance for Moving Trucks
Rental truck companies have their own price, so you may find each company charges you different insurance cost. Your insurance cost also depends on the types of coverage that you include into your protection plan. If you prefer total loss coverage, your protection plan cost is more expensive than partial loss coverage. Consider how much you can afford.
It is suggested to add one or two types of coverage of moving truck insurance. Even though you are not fully protected, you get a better protection plan.
It has to be noted that the protection plans, especially liability insurance has a lot of details. You have to make sure that you read and understand the exclusions in terms of the terms and conditions. A lot of people may just skip this.
They may think it is just spending time. However, when they experience unfortunate event that is not included into the coverage, they will be disappointed as their claims fail.
Reading the terms and conditions assures you how well you are protected. Even though accident rarely happens especially for rental trucks, we need a protection plan to give us a peace of mind. The key is to get types of coverage of moving truck insurance.