LIVE VIDEO: Good Morning Show Weekend    Watch
 

Insurance On The Move: Car Rentals, Uhauls & Pods

5:58 PM, May 10, 2013   |    comments
  • Share
  • Print
  • - A A A +
  • FILED UNDER

Greensboro, NC -- From renting cars for vacation, to Uhauls to take your kids to college, to moving from point A to point B. 

Let's start with the smallest vehicle. The rental car industry is a $31 billion dollar business. With those kinds of numbers, there's a good chance most of us will rent a car sometime this year.

Most auto insurance policies give you some coverage. After all, our policy covers you, the driver, not just the car you're driving.

So, why would you need the rental car company coverage at $15-$25 extra bucks a day?  If you crash the rental car, the company will charge you for LOSS OF USE. That's the amount of money they lose each day the car is in the shop and not out on the road.

The second fee you could face is DIMINISHED VALUE. Vehicle damaged in wrecks aren't worth as much at re-sale time and rental car companies want to recoup that lost value from you.

Tim Ward of Senn Dunn Insurance has a horror story you should hear. "I had a client stranded in Hawaii. He totaled a car, didn't buy the rental insurance. The rental company maxed out his card to cover the damage to the car. He was stranded  and couldn't check out of the hotel. We had to wire him money."

Of course that is the exception rather than the rule, but you should know what could happen.

Uhauls & Pods: a typical homeowners or renter's insurance policy will cover your belongings in this truck or pod if they're burned up or stolen.

But if the pod falls off the truck or you wreck the moving truck and your belongings end up a broken mess, that's not covered under a typical policy.

If your grandma's china is broken because you didn't wrap it in bubble wrap, no insurance can put those pieces back together.

Now for the pod or the moving truck itself, the insurance agents we spoke with said they advise their clients to buy the Uhaul or pod company's insurance.

 

 

Most Watched Videos