Do You Need Trailer Insurance In Addition To Auto Insurance?
This site has already covered the high cost of uninsured drivers, both to themselves and to everybody else. However, many people wonder if their current policy also covers trailers that might be towed along behind a properly insured vehicle. The right answer to this questions depends upon several different factors.
- What kind of trailer do you have?
- What Is Your Trailer Carrying?
- Are you only concerned about trailer liability insurance?
- Is your trailer covered while it is in use as well as being stored?
Trailer Liability Insurance
While you are pulling your trailer behind your properly covered vehicle, you probably have some limited liability insurance coverage for both your vehicle and your trailer. Remember that liability insurance covers damages to the “other guy” in case you are an at-fault driver in an accident. If your towed unit happens to swipe another car, you are probably covered though it is important to check the details with your insurer or agent.
Collision And Comprehensive Insurance
Likewise, if you already carry collision coverage, it is possible that your towed property will be covered. But even if it is, your policy limits may not be adequate to cover damages since they may have only been designed to cover the value of your car. If you tow a virtual home on wheels or $50,000 boat with lots of expensive equipment, you might be wise to make sure it is adequately protected on the road.
If another driver damages your trailer, than you might be able to get his insurer to pay for damages up to the limits of his policy. Keep in mind that some states do not have very high required limits for required liability policies. If you would like to research this, you might be interested in viewing a fairly recent list of state limits.
Your own travel trailer may also not be covered if your are hit by an uninsured driver or have to abandon it because of a flood. You need to add uninsured motorist and comprehensive policy options to your coverage for those situations.
Trailers With Valuables Inside Or On Board
There are several situations where the things your trailer carries might be more valuable than the actual unit. In this case, consider the value of the contents of your trailer, and not just the value of your vehicle. Some common examples might boat and horse trailers.
- In the case of a boat, you might be able to extend your boat policy to cover the trailer too instead of adding additional coverage to your auto policy.
- To cover your horse against injury, you may need to purchase separate equine insurance.
Anyway, it is wise to remember that adding additional coverage for the value of your towed item will not be adequate if the real risk is the loss of whatever is inside that unit. Towed travel trailers that function as campers may contain appliances, clothes,livestock, or even cruise tickets. Without paying attention to your need for travel trailer insurance, you may not be covered sufficiently if they are the victim of an auto accident or a natural event.
Do You Need Trailer Insurance When You Store Your Trailer?
Many people just assume that their home policy will cover their trailer when it is being stored. Even if your policy does cover this situation, it is very possible that it will be inadequate. Campers can be worth a lot more than the limits of the home contents clause inside of a typical home policy. Of course, you also need to consider the fact that that replacement coverage might also need to extend to other items you own like your lawn mower, TV sets, and other electronics, appliances, and machines.
Can You Buy Trailer Insurance?
You certainly can purchase a policy that will only cover your towed unit. In other cases, it might just be sensible to add additional coverage to another policy. Also keep in mind that your coverage may or may not extend to anything inside, and if it does – it could be limited. The point of this article is not really to tell you exactly what any particular policy covers because that would be impossible. There are too many variations, companies, and even riders (options) you might add. This should make you aware of a variety of risks and threats you might face with different types of trailers for boats, homes, campers, machinery, etc. so you go read your current policies and speak with a good agent or insurer.