Should You Buy Enclosed Trailer Insurance?
Anyone that's hauled something of value has wondered if the trailer and also its contents are covered in case of accident or theft. Well, let's look at enclosed trailer insurance. We have two pieces to the puzzle we need to find out about: how to know what coverage you have now and how you could go about getting more if you need it.
Knowing What You Have
Depending on the situation in which the loss or damage occurred could mean the difference between looking into your home insurance, business insurance, or auto insurance. We’re going to treat them the same here, because with any of them we’re going to be asking the same questions. If you are more keen on seeing the written policy with your eyes, get a copy from your agent’s office, and then to save time, use the Command + F shortcut to scan the document for keywords like “trailer” or “contents” or “theft.” If you prefer to call, ask some of these questions.
Questions for Your Insurance Agent:
In what situations is my trailer not covered because of damage or theft?
Which type of insurance is the primary - business (if applicable), home, or auto?
Does the location of the loss matter?
Is there a limit on the coverage?
Is there a separate deductible?
How do I document the value of the contents?
What if I leave the trailer in a compromised condition such as being unlocked or in a dangerous or vulnerable location? Or if I have an accident that is my fault?
Does this insurance coverage include replacement costs or just “actual cash value” reparation?
What if the trailer is not mine?
What if I’m not the one driving when an accident occurs?
What are the payout limits?
Getting More Coverage
Many of you will be surprised at the coverage that comes automatically with the broader policy, for the better and the worse. Typically, there will be decent liability coverage. However, getting compensated if you damage the trailer or contents yourself is trickier. For that, you may need to look at other options, such as riders, or “endorsements,” for the policies you already have. Another piece to consider is that many times in the case of theft, you won’t have the benefit of using the thief’s policy, so you’ll have to use yours. Thankfully, there is also specific enclosed trailer insurance for the trailer and its contents.
Options:
Riders to Auto Insurance
Riders to Home Insurance
Riders to Business Insurance (“Commercial Trailer Insurance”)
Third Party Insurance
Umbrella Polices - only liability and only if you are responsible for the damages (So if your trailer gets blown over into your neighbors’ car, the insurance company won’t cover typically)
Trailer Insurance- Includes comprehensive and collision coverage and may or may not cover contents in the case of theft. The more expensive the trailer, the more enclosed trailers insurance makes sense.
The bottom line is to ask a lot of questions about what insurance you have now and the details of the insurance you may be buying. Depending on the value of the trailer and the value of its contents, certain policies are more critical than others.
At Affordable Trailers, we understand the concern over damages from the trailers and also the loss of your own trailer, and we would hate to see you caught off guard thinking you have coverage that you don’t. Therefore, we have to talk about things like enclosed trailer insurance and riders and such. It’s an example of how we care and why we’re growing and having such great word of mouth advertising. We go beyond the sale. If you have questions or want some help getting your dream trailer, contact us!