As with any valuable possessions, if you have invested a significant amount of money in a trailer (or trailers) you should definitely consider purchasing trailer insurance to cover theft or damage, whether it’s to the trailer itself or others. Here is a brief guide of what you need to know to get trailer insurance.
Why do I need trailer insurance?
Even if trailer insurance may not be legally required in your state or if your car coverage extends to your trailer, you should still look into it, specially if you use your trailer often. Your vehicle insurance might only be valid for liability coverages and it will not save you from being in a tight position in case your trailer (or its contents) suffer any damage, or in the event that you use your trailer for commercial purposes.
According to DMV, you can get trailer insurance that covers the following:
- Liability. This refers to any injuries and property damage that you cause to others. Even though, as mentioned before, your current car insurance has you covered, DMV recommends the additional protection of this type of insurance.
- Comprehensive. This covers any damage to the trailer itself, which can be caused by weather, theft, vandalism, and others.
- Collision. You will be covered for any damages caused by a traffic collision.
- Contents. Not every type of insurance will include this, but if you use your trailer to transport valuable items it might come be handy.
How much will I pay?
Trailer insurance costs vary depending on a number of factors. Two of the most important ones are your trailer’s value and the amount of coverage you want to get. Your first choice to consider would be getting this additional type of insurance from the same company where your car is insured, which could save you time and potentially land you a good deal. Nevertheless, it’s important that you do your research and purchase the type of trailer insurance that covers everything you might need. When it comes to these decisions, saving a few dollars on your insurance policy could mean spending a lot more in the future.
If your trailer were to be damaged or stolen, you could be looking into a considerable financial loss, not to mention multiple other inconveniences. Save yourself the trouble and protect your investment by making the smart decision of purchasing trailer insurance; shop around and compare policies to find the best deal for your needs.
In need of new equipment for your farm or ranch? Be sure to check out our extensive catalog or contact a GR Trailers specialist today to assist with your trailer needs.