Uncovering What is Covered With Moving Truck Insurance
There are many things to think about when it's time to move. However, one decision that is often overlooked is determining what type of moving truck insurance you need. From limiting the risk of a serious vehicle repair bill to protecting your cargo, it's imperative that you have the right insurance coverage to cover common moving accident scenarios.
You may think you simply load up your things and drive away, but a moving truck offers a vastly different driving experience from a car or even a large SUV. From the way the vehicle brakes to the dimensions of the truck, vehicle visibility and handling poses an increased level of complexity.
Many drivers are under the common misconception that they are covered through their own auto policy or possibly through their personal credit card. However, there are often exclusions based on truck size or weight. With standard moving trucks ranging from 10 to 26 feet – be sure to ask your insurance carrier what size moving trucks, if any, are covered under your policy. Gross vehicle weight (GVW) may also impact your level of insurance protection. Many personal auto policies exclude coverage for rental vehicles with a GVW rating of 9,000 lbs. or higher or vehicles with a max load capacity greater than 2,000 lbs.
Additional questions that should be fully investigated include: Does my insurance cover bodily injury? How much are deductible costs? What impact will a claim have on my insurance premium?
Prepare for the Unexpected
Driving a moving truck is much different from driving your everyday vehicle and mishaps can happen. Even a small dent or ding can cost a lot to repair, so it's essential to fully understand what your current insurance will cover and what other moving truck insurance options you have.
Penske offers a wide range of different insurance opportunities, including Limited Damage Waver (LDW), Personal Accident Insurance (PAI), Supplemental Liability Insurance (SLI), Liability Coverage (LIA), Cargo Insurance, and Towing Insurance*. Learn more about each option below:
Limited Damage Waiver (LDW)
LDW covers you from financial responsibility if you experience any loss or damage to the truck or towing equipment except if the vehicle or equipment is used in any manner that violates the rental agreement terms.
Personal Accident Insurance (PAI)
PAI offers accidental death and accident medical coverage for the renter of the truck and their passenger(s). Passenger coverage is provided within the enclosed portion of the rental vehicle only. This insurance pays in addition to other available insurance.
Supplemental Liability Insurance (SLI)**
SLI protects the renter and any listed authorized drivers against claims made by a third party for bodily and/or property damage sustained as a result of an accident while you are operating your Penske truck. This coverage is excess over the underlying insurance specified within your signed rental agreement up to $1,000,000. Renter and all authorized drivers must be 21 years of age to purchase.
Cargo Insurance (CAI)
CAI covers the renter and any listed authorized drivers' furniture and other possessions from loss or damage due to accidents or natural disasters during transit and only while in the truck. Furniture and possessions damage while loading or unloading is not covered. Cargo coverage for the entire rental is limited to $15,000 (deductible per occurrence $100).
Towing Insurance (TWI)
TWI protects against collision damage for a vehicle while attached to, towed by or detached from your rented Penske truck. It also covers a vehicle while being loaded onto, transported by or unloaded from a Penske tow dolly or carrier.
For More Information
If you're renting a moving truck, it's important to understand what is and what is not covered by insurance. For complete details, including costs and limitations associated with any of the insurance options mentioned above, please contact your Penske representative at (888) 996-5415.
* Coverages described below are synopses, subject to all provisions, limitations and exceptions of the policies described.
** All authorized drivers must be at least 21 years of age to purchase this coverage.
For assistance with other Penske services, please use the numbers below.