If you decide to rent a moving truck and drive it yourself during the move, in the event that you have an accident, it is highly unlikely that your insurance would cover the cost of damages incurred. In light of this, getting movers insurance is important as it picks up on the shortcomings of your insurance policy. Unfortunately, numerous auto policies fail to cover rental vehicles, even more unfortunate is the fact that many people recognize this after the fact, as opposed to doing adequate research into the allowances of their policy before they actually rent a vehicle. Here, the four main supplemental types of supplemental insurance policies will be discussed.
Supplemental Liability Insurance
Supplemental Liability Insurance (SLI) refers to an insurance policy which protects the insured and their property from damage claims made against the insured by other parties. The general amount up to which the policy may cover is one million dollars, however, the terms and conditions of the policy generally include many exclusions. In light of this, be sure to read the policy thoroughly and determine whether you are interested in contracting.
Auto Tow Protection
In the case that you are using a trailer or dolly to tow your vehicle, the Auto Tow Protection plan may be the right plan for you. This insurance policy covers against most forms of damage, including: fire, explosion, collision, vehicle overturn, among others.
Personal Accident and Cargo Protection Plan
This category of movers insurance protects the insured, which is supposed to be the driver of the truck and the items in the truck from injury and damages which are covered under the policy’s list of causes. However, this plan does not cover damages which may be caused by burglary, theft, or even the shifting of items being moved; furthermore, the clauses generally have numerous exclusions and are confined to non-commercial customers.
Damage waivers operate to relieve the policy holder of certain financial responsibilities concerning the theft or loss of items in the truck, or damage to the rented truck or the towing trailer. Damage waivers may be categorised as Personal Damage Waivers (PDW) and Limited Damage Waivers (LDW). Personal damage waivers exonerate the renter of any liability, while in Limited Damage Waivers will only require the renter to cover the first $500 of damages incurred.