Congratulations on making your big move! Hiring a moving van and crew can cost a lot of money, and this is especially true when you’re paying for all the other expenses associated with buying a home. That’s why renting a U-Haul can be a great way to move your stuff from one destination to another without breaking the bank. However, if you choose this option, you’re going to have to have insurance like you would when driving your car.
This might lead you to wonder what U-Haul insurance will cover. What if something went wrong while on the road? If you’re bringing your stuff from somewhere further away, there’s a higher chance of an accident. Like most insurance policies, U-Haul insurance has restrictions. What happens if you hit another vehicle on your way to your destination? Will it be covered? We will discuss this and so much more in our comprehensive guide to U-Haul insurance.
What is U-Haul insurance?
U-Haul insurance is a policy that offers protection from financial responsibility if something happens to the vehicle while you are driving it. If you get into an accident on the road, this insurance policy will cover you as your personal auto policy would, but does it really? Like other types of insurance policies, there are things that are covered, as well as certain exclusions.
Having proper insurance is essential when you’re renting any type of vehicle. It protects you from being held financially responsible for potential damages. Remember that the majority of policies have limits that you should check out before hitting the road. We will explore U-Haul insurance coverages in the following section.
What does U-Haul insurance cover?
If you’re renting a U-Haul, you may want to consult with your insurance company beforehand. It is considered a commercial vehicle and has restrictions as to what will be covered. So, does U-Haul insurance cover you when you drive one of these rental trucks around? Three main aspects are covered. Here’s what you need to know about U-Haul insurance coverage:
Damage to rental equipment
When you’re driving a U-Haul truck, the insurance coverage you purchase from the company will cover damage to the truck. However, it’s important to note that overhead damage will not be covered by the company’s insurance policy. Check with your local company to see if there are any damage exclusions you should know about.
Protects cargo
If you are transferring your furniture from one destination to the next, your stuff could get damaged along the way. If you have U-Haul insurance, your stuff will be covered by the moving company if it gets damaged as a result of a collision, fire, overturn or windstorm. You should also look into moving insurance that offers this and additional coverage.
Helps pay for medical expenses
If you get into an accident while driving a U-Haul, you are at risk of getting injured. Suffering severe injuries can add up if you have to undergo treatments that aren’t covered by the provincial government. An insurance policy will help pay for these costs. If you don’t sign the agreement, you will have to pay out of pocket.
It’s always a good idea to inquire about what the rental company will cover before you start driving. The roads can sometimes be a dangerous and unpredictable place. In other words, if something happens, you may be held responsible whether you were at fault or not. That leads us to explore whether or not U-Haul insurance covers damage to other vehicles.
U-Haul insurance coverage for damage to other vehicles
When you’re driving a moving truck, it might feel overwhelming at first. You have to brake sooner and take your time when turning because your turns are much wider. As a result, you are more likely to get into an accident. Because of this, you might be concerned about the possibility of damaging other vehicles.
Does insurance provided by the rental company cover the damages? If the company offers supplemental liability insurance in your area, damages to other vehicles will be covered. However, if this isn’t the case, you might have to pay for damages out of pocket. When it comes to renting from U-Haul specifically, there isn’t coverage available in Canada to cover damage to other vehicles.
You take a chance every time you go out on the road. This is especially true when you’re driving vehicles that aren’t yours, such as moving vans and box trucks. When operating a U-Haul, you have to be extra careful because there isn’t very much protection if you get into an accident with another vehicle. This might lead you to wonder if your personal auto policy will cover damages — we will answer that next.
Will my personal auto policy cover renting a U-Haul?
Usually, when you rent a car, you can use your existing car insurance coverage. However, depending on your policy, your coverage may have restrictions. This means it could exclude cargo vans, trailers and vehicles over a certain weight. Your best bet is to check with your insurance company before renting a U-Haul to see if you can save money on the insurance fees. However, most of the time, your insurance company will not cover driving a rental truck of that size.
Usually, you can add an endorsement to your car insurance policy that will protect you when using rental vehicles. However, because of their sheer size, U-Haul trucks will not be covered by your car insurance policy. This means the only option you have is to opt into U-Haul’s insurance policy. It is an extra expense, but isn’t the only one associated with moving. We will learn more about these shortly.
What other expenses come with moving and renting a U-Haul truck?
Rental trucks come with multiple expenses. You have to take these into account when planning your moving budget. Between the closing costs on your home and other expenses, you are already spending a lot of money. That’s why having money set aside for additional moving costs is so important. When you’re dealing with cargo vans or box trucks, you need to remember a few things, including the following aspects:
Moving insurance
Having a moving insurance policy is helpful whenever you’re moving somewhere new. You don’t necessarily have to be buying a house. U-Haul insurance has its restrictions on what it will cover and what it will not. A moving insurance policy can make a difference since it can replace lost or damaged items. Remember that moving provinces will also affect your other insurance policies.
Getting to your destination
On any given day, driving during rush hour can be frustrating. However, when you’re moving, it can be even more annoying. If you’re travelling a long distance, you will have enough gas in the tank to get you from one destination to another. Additionally, you might have to pay to take toll routes to get to your new home faster if you are moving into or leaving a big city such as Toronto.
Roadside assistance
In Canada, roadside assistance isn’t mandatory when you purchase car insurance, and it isn’t always included in rental agreements. Despite this, you never know when you could get a flat tire or need to have the vehicle towed to a safe destination. Inquire with U-Haul directly to ensure there are support options available in the event that your rental vehicle breaks down.
Moving supplies
When it’s time to move, you can’t forget any of your stuff, but how do you get it to your new home safely? You have to pack it securely into boxes that you tape closed to prevent anything from falling out. It will keep everything from getting damaged while shifting about in the truck. You can also label each one to find what you’re looking for as soon as you take it out.
Moving is a matter to take seriously because there are many steps and expenses to consider. However, by budgeting properly, you can be ready for this life-altering event. As long as you are aware when you’re on the road and have put enough aside, you shouldn’t have any issues. Always review your personal checklist and the agreement provided by the rental company, and you will be ready to hit the road in no time.
Contact BrokerLink today!
Whether you and your spouse are moving in together or you’re looking for car insurance when moving to a new province, a broker can help. At BrokerLink, we advocate for our customers tosafely move whether that be across the country or down the street. Our team will help you get the insurance policies you need once you move in.
Are you planning a move? Even though U-Haul insurance needs to be purchased separately, you can still follow our tips when it comes to looking out for summer road hazards. What are you waiting for? Call, use our online quote tool or visit one of our offices across Canada to get started today.
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