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Renting a Trailer: What You Need to Know about Rental Deposits and Insurance – Tales Of Success

Renting a Trailer: What You Need to Know about Rental Deposits and Insurance

Once in a while, it becomes necessary to move from one place to another. Whether you are looking for a new job opportunity or seeking the pleasures of a new location, you will need to decide if you want to move with all your things.

If you don’t own a trailer, hiring one is more economical for the temporary need. You should hire a trailer from a well-reputed company with comprehensive and satisfactory rental services. To get the most out of your trailer rental, you need to be informed about rental deposits and insurance. What kind of deposits are you likely to pay and is insurance necessary when hiring a trailer? Let’s find out.

Security Deposits Are Paramount for Trailer Rentals

Akin to property rental, trailer rentals require the renter to pay a particular amount of deposit. Conventionally, rental companies require payment of security deposits during booking. The remaining amount should be paid some days before the departure date. Trailer rental companies usually determine their deposit value using two principles; it can be a particular percentage of the trailer’s value or equal to the deductible of the renter’s insurance.

Trailer rental contracts have a security deposit clause that defines the importance of the fees to the renter. Renters use deposits to protect themselves from unforeseen expenses that may arise from the usage of their trailer. Some rentals charge a comprehensive deposit fee that covers several items such as substantial cleaning, significant pet damage, and extra miles. Additionally, some companies have separate fees, including damage deposit and cleaning deposit. A pet can also attract an additional deposit. Deposits are refundable as long as you return the trailer undamaged.

Note that the company’s cancellation policy, and not the security deposit you pay, covers loss of rent and return of funds when you cancel the rental. So, if you cancel your hire, the cancellation policy leaves your security deposit intact. The renter will deduct the cancellation fees from the rent you paid and not from the deposit. Most rental companies allow their customers to pay rental deposits via credit card. Few or none of the trailer companies take personal checks or cashier’s checks from renters that have no proven track record with them.

Is Insurance Necessary?

Insurance is not optional when renting a trailer. Some trailer rental companies offer insurance. But, if this is not the case for your potential provider, it becomes necessary to buy insurance on your own.

First, place a call to your insurance company to confirm if your car or homeowner insurance policies cover a rental trailer. You may find that homeowner insurance policy covers the item you are moving but leaves out damage to the rental trailer. Seek guidance from your insurance agent to know what type of protection your current insurance policies offer when it comes to a trailer rental. Otherwise, you may need to buy additional (supplemental) coverage.

Some of the additional coverages you may consider for rental trailers include supplemental liability protection and personal effects insurance. Supplemental liability protection covers damage you cause to someone else’s trailer. Personal effect insurance covers your items if they are destroyed in a collision or stolen from the trailer.

Both insurance and deposits are non-negotiable aspects of trailer rentals. Be sure to know the types of deposits a certain rental company charges as well as their deposits terms. Additionally, verify if your car or homeowner insurance policy covers common damages associated with trailer rental before buying the supplements.

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George M. Banks

About the Author: George M. Banks

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