Speck Transportation Blog

View my newest video article, “13 Ways To Remove Hassles When Renting Vans”, at http://www.youtube.com/watch?v=TV6Mo_A36Y8

10 Tips For Selecting The Proper Van Rental Insurance!

1.  Check with your insurance agent and verify whether or not your insurance will cover the rental specialty vehicles such as 12-15-passenger vans  Some insurance companies may refuse to cover the larger vans due to a lack of education on the amazing safety features on the newer model vans.  Send them here to catch them up on the safety of the new vans available for rental!  GM Van Safety Video

2.  Count on your insurance agent as your expert, not the van rental company.  Your agent will have your best financial and safety interests at heart.  The rental company will be interested in making big profits.

3.  Determine in advance whether your trip will be for your organization or that of a personal nature.  If personal, utilize your own insurance if possible to maximize savings.  The liability portion of the auto policy in TX will cover a rental vehicle in case of an accident.  Your agent will tell you if big vans are an exception.

 4.  If your organization rents large vans, your best value would be to purchase a policy that has liability insurance for non-owned and hired vehicles with a clause for physical damage coverage.  These policies are relatively inexpensive and can be purchased for a term as short as six months.  If your organization owns vans now, you should have this coverage added as quickly as possible.  This will also prepare you for the times when you must rent supplemental vehicles when yours are in the shop or have been involved in an accident.

5.  When renting vans, and if your agent has advised you to take the rental company’s extra coverage, be sure and read all of the literature on exactly what you are purchasing.  Get accurate information on exactly what each type covers, the daily fee, and what happens with each coverage when you have an accident.

6.  Be aware of the three main types of coverages offered by the rental company.  First, Loss Damage Waiver or LDW, typically covers any physical damages to the rental vehicles only and ranges from $12.99-$19.99 daily.  Second, Supplemental Liability Insurance or SLI, offers a one million dollar third party liability insurance policy and ranges from $12.99 -$25.00 daily.  Third, Personal Accident Insurance or PAI, provides for medical expenses of $100,000 for the renter and smaller amounts for each passenger and daily fees vary.

7.  Do not allow the rental company to hardsell or push you into accepting coverages you do not need or want.  The rental agent at the counter may be selling on a high percentage of commission or be taking part in a contest to see how much coverage can be sold.  These items are pure profit gravy items for the rental company.

8.  Be sure and read any agreements that you autograph when renting the van.  Confirm that you have initialed all correct spaces on the rental agreement and all addendums.  If you accidentally initial and endorse the accept boxes on the rental agreement, you will not have any recourse or refund coming when you return and discover your error.

9.  Inspect the vehicle thorougly, especially the roof.  If you have an accident, cooperate with the rental company completely and fill out all of the requested forms whether you accepted their coverage or not.  Full cooperation and kindness will resolve your situation much faster than getting angry or belligerent.

10.  If you have no insurance for your organization, accept the required coverage that the rental company mandates.  Avoid offering to place your personal insurance at risk to cover a trip for any organization.  if you do this, you will have a claim filed on your insurance that could possibly be denied and you may end up paying for the damages to the van entirely out of your pocket.  

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