Trailer Insurance
Overview of Trailer Insurance
Insurance for a personal trailer, like a car hauler, is designed to protect you financially in case of accidents, damage, or theft involving the trailer. It typically consists of two main types of coverage: physical damage coverage and liability coverage.
Physical Damage Coverage
Physical damage coverage for a trailer such as a car hauler includes:
- Collision Coverage: This covers damage to your trailer if it collides with another object or vehicle, regardless of fault.
- Comprehensive Coverage: This covers non-collision incidents such as theft, vandalism, fire, or natural disasters.
- Special Perils: Some policies might specify coverage for additional risks like hail damage, falling objects, or collision with animals.
Liability Coverage
Liability coverage for a trailer generally includes:
- Property Damage Liability: This covers damage your trailer causes to someone else's property, such as vehicles or structures.
- Bodily Injury Liability: This covers injuries to others caused by your trailer. It can include medical expenses, lost wages, and legal fees if you're sued.
Additional Considerations
- Valuation: Insurers may offer either Actual Cash Value (ACV) or Agreed Value coverage for your trailer. ACV reimburses you for the trailer's current market value, while Agreed Value covers a predetermined amount agreed upon when you purchase the policy.
- Deductibles: You'll need to pay a deductible before your insurance coverage kicks in. Higher deductibles typically mean lower premiums but more out-of-pocket expenses if you file a claim.
- Policy Limits: Insurance policies have maximum limits on how much they will pay out per incident or per year. Make sure your coverage limits are adequate for your trailer's value and your potential liabilities.
- Exclusions: Policies may exclude certain types of damage or situations. It's important to review these exclusions with your insurer to understand what's not covered.
Conclusion
Insurance for a personal trailer like a car hauler is crucial to protect against financial losses due to accidents, damage, or liability claims. Understanding the types of coverage available—such as physical damage and liability—and ensuring you have adequate protection for your trailer's value and usage is essential for peace of mind on the road. Laws and insurance coverage vary state by state, so make sure you understand what applies to you, or speak with your local insurance agent.
For more on insurance and other trailer tips visit our Trailer Resources
MBA Insurance
Whether you have a large rental fleet or own one vehicle, MBA Insurance provides rental insurance solutions to meet your needs. As a pioneer in the industry, MBA Insurance has been insuring rental businesses for over 40 years across the country.
Our products and services have been designed with your rental business in mind. With various coverage options for various types of rental fleets and sizes, our experienced and service-oriented staff is ready to assist you in selecting insurance coverage that is best suited for your rental business.
Visit mbainsurance.net to learn more about MBA Insurance.
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