For the typical weekend warrior or DIYer, renting an excavator or other heavy equipment can be challenging. Mainly, because most household jobs don’t require heavy machinery. However, when a piece of heavy machinery is needed, renting the equipment can be intimidating. Therefore, we wanted to provide a few insights into the rental process that might help you.
How many dangerous situations occur with the statement “I’m sure I can figure it out.” Painting your house or changing your brakes can be troublesome; however, it’s very low risk. You can afford a new can of paint if you mess up but you can’t afford a new excavator. Renting an excavator or other types of heavy equipment is an entirely different animal.
Mini excavators cost, on average, between $40,000-$60,000. Attachments for mini excavators can cost an additional $5,000. Simply because of how expensive these machines are, it would be wise to get some training.
Caterpillar offers Operator Training specifically designed for entry-level operators with less than 2-years of experience. Caterpillar also has Demonstration and Learning Centers through local dealers. At the very least, YouTube can be a free and insightful source of learning if you’ve never operated heavy machines before.
In case you hadn’t heard, the world has been going through some crazy times over the past 18 months. Unfortunately, the equipment industry is not immune to economic pressure. Equipment dealers are finding creative ways to keep their rental fleet strong while it is becoming increasingly difficult to obtain equipment and parts. So, if you have a project in mind and need a specific piece of equipment, don’t hesitate to rent.
Also, choosing the Dealer that best fits your needs can be daunting. Before you begin the rental process, be sure to research what you can on the internet. Dealer location, equipment inventory, customer service, and insurance coverage should all be factors in your decision-making process.
If you’ve ever rented a car, you know how quickly fees can accumulate without you even noticing. Most car rental companies automatically add insurance to the rental price without even consulting the customer. Also, they seldom explain what their insurance covers. Consider the example below to understand this concept in greater detail.
As stated above, rarely, the rental company will openly disclose what the insurance covers. Therefore if you don’t ask, you could be on the hook for damages to the vehicle, others, or their property. However, it’s not always required to get insurance on your rental car. Here is where the equipment industry starts to deviate.
Equipment dealers always require their renters to obtain physical damage coverage (coverage that protects the equipment). Some larger equipment dealers have coverage options similar to a car rental company. However, not all damage waivers are created equal. Most damage waivers offered by dealers only include an FTV (fire, theft, and vandalism). FTV means that damages caused by overturns, collisions, falling objects, etc., are not covered. So, while you have “coverage” from the dealer, it’s partial coverage at best and minimal coverage at worst.
With that being said, this is not always the case. JT Bates Group provides a damage waiver call REP™ to many dealers across the country, including Caterpillar, Komatsu, Kubota, and more. This option supersedes any other damage waiver on the market to ensure that you, the renter, are protected.
Unfortunately, many smaller dealerships do not offer their own damage waiver. In this instance, the renter would be required to purchase coverage separately through a third party. Placing the equipment on your homeowner’s policy is a potential option, but it will most likely result in an increased rate if the equipment is damaged.
Rental Shield™ from JT Bates Group is an excellent solution for this problem. Rental Shield™ is short-term insurance that protects the equipment from much more than just fire, theft, and vandalism. For more information about Rental Shield™, you can call or email JT Bates Group here.
So what does all this mean? We hope you have the following key takeaways: