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How Rental Truck Insurance Works

November 27th, 2018 - 11:17 AM

Do you need rental truck insurance?

We’re familiar with purchasing insurance to cover our homes, vehicles and families, but is it something that needs to be added to a rental truck? The answer depends on your needs, which company you choose and the insurance policies you already have in place. First, it’s important to note that most truck rental companies don’t actually offer “insurance.” Instead, they offer liability coverage and waiver options. In some cases, your auto or homeowner’s insurance policy may also provide coverage while your items are packed into the rental truck. Take a look at common options available with truck rental, and read some suggestions for what to ask your personal insurance agent.

truck rental insurance policy

The options for truck rental coverage

There are three things to think about when it comes to coverage:

  • The cargo
  • The vehicle
  • The driver and passengers

With most companies, the customer is responsible for the equipment and cargo in the event of damage, so it’s important to verify what coverage is included, how much it costs to add additional coverage, what is covered and what is excluded. If you’re thinking of renting and want to add a coverage package to your rental, here are some common options you may see:

  • U-Haul® Safemove® coverage, offers protection for the equipment, cargo, drivers and passengers.  The Safemove Plus® policy also includes liability coverage for damages caused to others and their property. There are also options for pickup trucks and cargo vans for collisions, and Safetow® protection for trailers and towing. As with all policies, there are exclusions, so be sure to read the policy in full and talk to a representative if you have questions. Safemove® and Safetow® rates vary based on location and equipment.
  • Budget® offers several coverage options. They have policies that cover the truck, damage claims made by other people, personal and cargo, towing protection and roadside assistance. Note that there are exclusions for cargo coverage, including televisions, computers, motorcycles and other specified items, and terms and conditions vary by state, equipment and options — so be sure to read the information on the rental agreement in full and ask questions ahead of time. 
  • Penske® offers truck rental insurance for damage to the vehicle, personal accidents, third party claims, cargo and towing. Some of the policies include a deductible, and restrictions may apply, so read the policy fully and go over the details with a rental agent. Policy prices vary depending on equipment and locations. 

Truck rental liability coverage policies are typically optional, but often good to have considering the person renting the truck would be financially responsible for damage unless covered by their auto or homeowner’s policy.  

Talk with your insurance agent

Your existing insurance policies might cover anything you may need when renting a truck. But it’s important to double check as there could be limitations. 
Here are some things to ask your insurance agent before the move:

  • Does my damage coverage extend to a rental truck? If I cause damage to the truck while moving?
  • What if I cause damage to other property/people while driving the truck?
  • What about personal/passenger liability for injuries?
  • Are my belongings covered in transit? Is anything NOT covered?
  • Does my roadside assistance transfer while driving a rental truck?
  • Is my car protected while in tow? 

Have questions about your coverage needs?

If you’re trying to weigh the options for your move, speak with a truck rental representative and your insurance agent. Or if you want to learn more about U-Pack, call us or leave a comment below. We’re happy to help. 
Get more information about moving in a rental truck in this resource

U-Haul®is a registered trademark of U-Haul International, Inc. Budget® is a registered trademark of Budget Truck Rental, LLC. Penske® is a registered trademark of Penske Truck Leasing Co., L.P. Use of third-party trademarks or registered trademarks does not imply any affiliation with or endorsement by such third-party.