Moving doesn’t have to be expensive or hard. Instead of hiring movers, renting a moving truck might seem like a convenient and cheaper solution, but before you make your decision, you should consider these hidden costs of renting a moving truck.
1. The Cost of Fuel:
When moving long distance, fuel costs form a significant portion of your moving budget. Owners of moving trucks usually advertise that their truck can average 10 miles per gallon. While this may be true for an empty truck, the mileage drops by almost half once you load your belongings on it. If you do not take this into account before renting the truck, you may find yourself wondering if it could have been cheaper to hire one of the national moving companies.
2. Risks of Breakdown:
Not all rental truck companies maintain their vehicles regularly. If your truck breaks down on the highway, it may take hours for the company to send a replacement. When the new truck arrives, it will be your responsibility to move all your belongings from the stranded truck to the new truck. A delay could disrupt your schedule and cost you a lot of money.
3. Packing Fragile Equipment:
You will need to purchase packing materials to pad your fragile belongings inside the moving truck because these materials do not come with renting a moving truck. Take into consideration how many items you have that require extra cushioning to avoid damages and factor that cost into the budget as well.
4. Insurance Costs:
Since you will be driving the truck, insurance is a must. If you get in an accident, the rental company will expect you to pay for the damages. Most auto insurance policies do not cover commercial vehicles, which means you will likely have to buy truck insurance from the rental company which can vary in price depending on the company you rent through and the coverage you want.
5. Insurance Rider:
If you damage property in your old home (while on the way out) or in your new home (while on the way in) the truck rental company will not pay because you were the one who damaged the property, not them. Most homeowner policies do not cover property damaged in transit. For this reason, you will have to purchase an insurance rider, which is an additional cost.
Check out our blog post “Pros and Cons of Renting a Moving Truck” to find out why hiring a moving company may be more economical.