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Depending on the type of trailer you own, there might be different ways to find cheap trailer insurance or a higher level of coverage as well as different ways to pick out the policy that’s right for your needs. Compare trailer insurance options, what’s covered and how to find the right insurance for any kind of trailer.
It’s important to make sure you have at least some kind of trailer insurance. Specifically, it can be a good idea to check how you’re covered for third-party property damage. For example, car insurance generally includes third-party property damage cover for trailers while you are towing the trailer with an insured car.
Without general trailer insurance, you might be liable for third-party property damage or injuries caused by an unattached trailer. If property is damaged or someone is injured, you might be liable for hundreds of thousands, or even millions, of dollars in legal liability.
Third-party-only trailer insurance can be very cheap and save you from a lot of trouble. Comprehensive trailer insurance costs a bit more but can also cover you for a wide range of damage to the trailer, even when it’s not in use.
Trailer insurance isn’t mandatory in Pennsylvania, but I carry it because I purchased my horse trailer new and am financing it. The bank contacted my insurance company for me, so adding it was as simple as answering a phone call. Factoring in bundling and other discounts I was already getting, it added a $68 annual fee to my policy, or under $6 per month.
Don’t forget that in Pennsylvania, it is required that you register your trailer, and any trailer with a GVWR of 3,000 pounds or more needs to be inspected annually. The fines for not having your trailer registered or inspected can be pretty hefty here in PA, so it’s worth it in the long run to make sure all your ducks are in a row before hitting the road.
Standalone trailer coverage is a useful way of ensuring that your trailer is covered for third-party property damage or legal liability when not covered by car insurance or another coverage type.
Consider a separate trailer policy for the higher protection and contents coverage, especially if you have an expensive trailer or RV.
You can get car insurance policies that also cover trailers. Sometimes, this will be automatically included in your car insurance, while at other times you may find it as an optional extra.
If this coverage is right for you, then this might be one of the most cost-effective options. Consider this option if you have a low risk drive to the dock or your trailer would be easy to replace out of pocket.
When you see trailer coverage in a motorcycle insurance policy, it’s important to check what kind of coverage you’re actually getting. Motorcycle insurance trailer coverage will often refer specifically to two-axle trailers being towed by motorbikes, rather than actual insurance for a trailer that carries motorcycles or quad bikes.
General trailer insurance policies will often exclude coverage for motorcycles and other vehicles that are being carried. Contact insurers directly and specifically inquire about coverage for a motorcycle trailer, or get separate policies for the trailer itself and for the motorcycles.
Boat insurance will often include coverage specifically for boat trailers, and if you have a boat trailer, you’re likely to need boat insurance anyway. One of the main conditions to be aware of is that boat insurance will often not cover trailers while they are being towed.
Consider bundling boat and trailer coverage if you can find a policy with trailer coverage included or if the highest risk to your trailer is when it’s in the water.
If you need coverage specifically for a jet ski trailer, personal watercraft or smaller boat, you may be able to find it through personal watercraft (PWC) insurance. This can cover the watercraft themselves as well as the trailer.
There are a few different ways to insure a horse float. You can get horse floats insured under equine insurance policies, which can be a cost-effective way of getting horse insurance as well as coverage for the trailer, although coverage may be limited.
For more comprehensive coverage, such as if you have a more valuable horse float, use it for professional purposes or want more liability coverage for damage or injuries caused by the horse float, you may want to take out a separate trailer policy to insure your horse float directly.
Much like car insurance, there are different types of general trailer coverage.
Liability damage is the cheapest type of trailer insurance which can cover you for third-party property damage and legal liability, such as injuries or damage caused by the trailer.
With comprehensive trailer insurance, you can get coverage against a wide range of different events, similar to the type of coverage you get with comprehensive car insurance. This can include legal liability and third-party property damage coverage as well as insurance for damage the trailer sustains as the result of the following:
If an insured event occurs, you can claim the following benefits:
The cost of your insurance policy is generally determined by the risk level and the sum insured.
One of the main things to consider is how your trailer is covered in different situations and what will be involved when you make a claim.
For example, you might have a motorcycle trailer that has the following coverage. Note that this is an example of how certain policies might work and is not necessarily true of all car, trailer and motorcycle insurance policies.
Let’s say you back into another car with the trailer, damaging another vehicle, the motorcycles and the trailer. With this example, you might claim third-party liability and trailer damage under the standalone trailer policy, and the motorcycle damage under the motorcycle policy. In this way, you are covered without needing to make a car insurance claim and can keep your car insurance no-claims bonus and avoid a premium increase.
In all coverage types, you might want to look for the following:
It’s important to be aware of the exclusions for both the trailer itself and the contents of a trailer. For example, a specific general trailer insurance policy might not be suitable for insuring a quad bike trailer because it specifically excludes coverage for motorized vehicles under the contents section.
Some exclusions you need to be aware of:
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