Even the safest drivers can be involved in accidents or other incidents that damage their trailers or the contents they're hauling. Since these occurrences can happen at any time, securing coverage sooner rather than later can be ideal. That means looking into trailer insurance.
An independent insurance agent can help you get set up with all the trailer insurance you need to keep your property covered. They'll help ensure that your trailer is protected both on and off the road. But for starters, here's a breakdown of trailer insurance.
What Is Trailer Insurance?
Trailer insurance is sometimes called recreational vehicle insurance. It protects your trailer against accidents, collisions, and other disasters, such as theft and vandalism. The number of perils your trailer insurance protects against will depend on the coverages you select when building your policy, and an independent insurance agent can help.
The Different Kinds of Trailer Insurance
Depending on the type of trailer you have, you may require different coverage based on what it hauls, how it's used, and other factors. Some of the most common kinds of trailer insurance include:
- Travel trailer insurance: Travel trailers are sometimes parked and used as a second home or vacation home. Travel trailer insurance can include campsite or vacation liability coverage to protect it for this type of use.
- Utility trailer insurance: Utility trailers are designed to transport a wide range of property and materials, and often come with open sides. Separate utility trailer insurance coverage will need to be added to your car insurance policy to protect against physical damage to the trailer.
- Car trailer insurance: Car trailers are typically pulled behind vehicles for vacations, moving, and other purposes. Car trailer insurance is often required as an add-on coverage to an auto insurance policy to protect against physical damage to the trailer.
- Tractor-trailer insurance: Tractor-trailers are often called semi-trucks or 18-wheelers. They are the large trucks spotted on the highway transporting retail goods, food, etc., to various businesses across the country. Commercial vehicle insurance policies often provide tractor-trailer insurance coverage for collisions, theft, and more.
- Horse trailer insurance: Horse trailers, obviously used to transport horses and related tools and equipment, also require their own coverage. Horse trailer insurance is typically an endorsement added to auto insurance to protect your trailer and its contents against physical damage.
- Camper and RV trailer insurance: Camper trailers and RV trailers are different from regular vehicles because they can serve as vacation or second homes. Camper trailer and RV trailer insurance typically come as separate policies from standard auto insurance.
- Cargo trailer insurance: Cargo trailers are similar to utility trailers, but they often offer more security due to their closed top and are sometimes referred to as enclosed trailers. Cargo trailer insurance, or enclosed trailer insurance, is an add-on coverage that offers physical damage protection for your trailer that's not provided by standard auto insurance.
- Tiny home trailer insurance: Depending on the specifics of your tiny home, it probably won't qualify for a standard homeowners insurance policy or even an auto insurance policy. You might need a mobile home insurance or RV insurance policy to cover your tiny home trailer against damage and liability.
Work with an independent insurance agent to determine the specific type of coverage your trailer needs to protect against liability, physical damage, theft, and other risks.
What Does Travel Trailer Insurance Cover?
Trailers can cause serious property damage, injuries, and other incidents. Misjudging turns, colliding with objects, and clipping other cars are all too common trailer mishaps. Sometimes an extension of liability coverage from your auto policy is enough to protect you, but not always. Travel trailer insurance and other types of trailer insurance often include:
- Liability coverage: The liability coverage included in your regular car insurance policy can be extended or increased to help cover medical damage, legal fees, property damage, etc. related to your trailer.
- Comprehensive coverage: Pays for damage to your trailer due to a non-collision event such as a flood or theft.
- Collision coverage: Pays for damage to your trailer from a collision with another object, regardless of fault.
- Contents coverage: This covers trailers used to transport personal items or for business against damage, destruction, theft, and more.
An independent insurance agent can help you build a trailer insurance policy that covers everything you need it to, depending on the type of trailer you own and how it's used.
Do You Need Insurance on a Trailer?
Often, a separate trailer insurance policy isn't required if you have one that's hauled by a regular vehicle, because your auto insurance's liability coverage can be extended to cover incidents caused by your trailer. But you'll need an entirely separate policy if you have a semi-truck or tractor-trailer, etc.
Regardless of whether trailer insurance is mandatory by law, it's a coverage that any trailer owners and operators might want to discuss with their independent insurance agent. Having the right trailer insurance can protect you against the costs of physical damage, theft, and incidents that you might cause while hauling your load.
How Much Does Travel Trailer Insurance Cost?
The cost of your trailer insurance can be based on the type and amount of coverage needed and a number of other factors like your location and the trailer's total value. With most lower-cost trailers, you can typically add coverage to your homeowners insurance, renters insurance, or auto insurance policies. However, if you’re hauling a horse trailer with sleeper space, you’ll want a separate policy that includes collision and comprehensive coverage.
The current average cost of travel trailer insurance ranges from $250 to $500 per year. Other factors that can affect travel trailer insurance premiums are:
- The size of the trailer
- What the trailer is used for
- How often you use the trailer (e.g., year-round, seasonally, weekends, etc.)
- How long the trailer is on the road
- Your claims history
An independent insurance agent can help you find affordable travel trailer insurance in your area and also scout out any discounts you may qualify for.
Why Choose an Independent Insurance Agent?
When you're ready to get equipped with the right trailer insurance, no one's better equipped to help than a local independent insurance agent. These agents have access to multiple trailer insurance carriers, so they can shop and compare rates for you. They'll get you set up with the right coverage at the best possible rate. And down the road, your agent will still be there to help you file claims when necessary.
Sources
https://www.irmi.com/term/insurance-definitions/vacation-liability
https://www.iii.org/publications/insuring-your-business-small-business-owners-guide-to-insurance/specific-coverages/business-vehicle-insurance
https://www.roamly.com/learning-center/how-much-does-travel-trailer-insurance-cost
