When you purchase your new trailer, you can talk to the dealership to make sure you get the proper hitch, check the features, and make sure that it is exactly what you want. But one huge, important factor that you need, is trailer insurance.
Purchasing a trailer is a huge investment that you will utilize over the next several years. Owning your own trailer is so convenient for so many reasons. You can now haul all of the equipment that you need to move on a regular basis, you are able to travel with your belongings and not have to worry about a third-party company or a rental, and you can keep your items protected at all times.
First things first, why do you need insurance for your trailer? A lot of people overlook this insurance because they either don’t think they need it or believe their vehicle insurance will cover it. In some cases, your personal vehicle coverage will cover the trailer if it is in an accident, but there is also potential for gaps in your coverage when dealing with certain situations or commercial vehicles.
The first thing you need to do when thinking about getting insurance for your trailer is to shop around. You can talk to your insurance provider that you use for your vehicle, but that does not mean that you have to stick with them for all of your insurance needs. Talk to other companies and get different quotes so you can get it at a rate you desire.
Types of Trailer Insurance
Know what you need. Do you know what type of coverage that you want and what you need? There is comprehensive, liability, collision, contents, cargo and commercial. First, find out what your initial coverage is over and then determine what you still need. Also, different trailers require different types of insurance. For instance, cargo trailer insurance may be different than boat or horse trailer insurance. And things could be significantly different if you buy a new trailer, or a pre-owned trailer. As you begin to browse through different options, make sure to look at all the different factors of your trailer to determine what type of insurance you need.
Comprehensive insurance will cover your trailer if you have any off-road loss or serious damage to your trailer. If you have valuable belongings in your trailer and you find that people have stolen them or vandalized anything, this could cover those items as well.
Collision insurance covers you if you are in an accident. It will cover costs for any injury you may inflict upon the other party. Any medical bills that need paid will come from this insurance.
Commercial trailer insurance is a whole other ball game. This has to be insured separately from your vehicle. Due to the fact that you may have more people in the vehicle, more equipment, and dangerous loads, this insurance is 100% necessary to have with your commercial trailer. If you are transporting goods, you have to have the insurance set before your wheels ever touch the road. Finding the right commercial trailer insurance can be a tedious task but finding the best policy will be well worth it if something were to happen to your trailer. It may cost more, but it also typically covers more!
Things to Think About when Choosing Trailer Insurance
Do you need or want additional coverage? Sometimes you purchase an insurance plan and it seems like it is exactly what you want and need. Other times, you will find gaps in the plan. Read the entire insurance policy and make sure that it has all of the aspects that you need. What are you hauling in your trailer? Is it for work or personal belongings? How often do you plan to use the trailer and where do you plan to tow it? All things to consider when finding your plan. You don’t want to under pay and face consequences out on the road… but you also don’t want to overpay for a trailer you hardly use. Talk to different insurance agencies and allow them to help you find a plan that best fits you!
Remember to ask around, prepare your questions, read the policy carefully and know your trailer. These tips will help you find the best policy that fits your trailer usage. If you have questions, start with your vehicle insurance company and go from there! We hope you find the very best policy to stay safe on the roads.