You guys can go crazy on this if you want to…
I found it interesting – as did my, and other, agents. I’m not done yet tracking down the how’s or why’s. I thought I’d relay a heads up…
For years, I’ve had numerous trailers. Always had (obviously) insurance on my workvan. Figured the van insurance extended to the trailer. Wrong.
Changed my insurance company about 3 years ago to a guy I have known for ~25 years ( American Family), he came out for us to finalize some stuff. Saw my enclosed job trailer and asked, “What do you tow this with?”. I told him that I use my van ( commercial policy).
He said it aint covered.
Huh?
Any trailer over 2,000 # aint covered under my insurance on the van ( commercial).
Interestingly enough it is covered on my wife’s van (personal policy ). But, her van would never tow the dump trailer or the enclosed trailer…
Everyone I’ve talked to says tyhat a trailer is covered under the vehicle that it is connected to – except when you press them to prove it. Found out today that Allstate hase the same 2,000 # restriction on commercial coverage – surprised the hell out of the agent…He didn’t know either…
I aint done trying to figure out the rhyme or reason/costs involved here, but I thought that you guys may want a heads up…
It aint life or death for me – I don’t have to use these trailers everyday – or ever if I don’t want to – I just found it surprising and wouldn’t want anyone here to find out the hard way on day you needed it that you really weren’t covered…
Remodeling Contractor just on the other side of the Glass City
Replies
Well, often with insurance, the answer is, "it depends"
People have heard over the years that a trailer is covered if it's hooked to a vehicle. It is, but ONLY for liability. If you back into someone or something, the liability coverage on the vehicle extends to cover the damage done by the trailer. But NOT for damage TO the trailer itself, unless you have the trailer specifically insured, VIN number, value, etc.
Trailers are dirt cheap to insure, really they are. But lots of folks don't add them to a policy. Biggest loss is theft, and we all know that happens all the time. I'm in the insurance business in Georgia, 24 years, so I know this stuff.
Theft or fire, you better have it listed on your policy. And for tools inside, you need an Inland Marine policy. Usually a $500 deductible, so a tile saw or compressor stolen from the truck or job site, you're S.O.L. Just like your homeowners insurance, they can't possible cover every little incidental thing. You buy insurance for the big losses.
Sometimes, a homeowners policy will cover a trailer AT THE RESIDENCE,
and up to a certain limit, say $1,000. But if it's a trailer used in business, they may not cover it automatically, even at your home.
I can insure a $5000 enclosed trailer here in Georgia for about $50 every 6 months. Collision, fire, theft, vandalism. Dirt cheap. I had a good customer that was involved in an accident a couple of months ago. He was pulling a 2 year old Haul Mark trailer that I didn't know he had bought. The other driver merged right into him entering the by-pass, she got the ticket, but contested the facts with her own insurance company, and they shut down and refused to
pay. There was nothing I could do to help, because he had not added the trailer to his policy with me. I had no coverage. The axle was torn out and it was a total loss. He was dead in the water as far as work.
So whatever type of trailers you own, add them to your policy. Car hauler, tow dolly, utility trailer, you won't spend much money, but without them being listed, there just isn't any coverage.
Greg
"People have heard over the years that a trailer is covered if it's hooked to a vehicle. It is, but ONLY for liability"
These aren't even covered for Liability if over 2000#. That was what surprised me.
Looks like it's gonna be about $150/trailer just to add them with liability only.
Then I'll need a rider for rented or borrowed equipment.
None of this is high finance. But, 150 here, 150 there....gotta watch overhead. It is ANOTHER $150 dollar check to write out.
Mainly wanted people to be aware so they could check their own scenario.
Not sure which tack I'll take, still looking for a wind shift...
Remodeling Contractor just on the other side of the Glass City
That sounds high, although, of course, it depends on your location. My enclosed trailer and dump trailer both run about $55/yr for full coverage. What irritates me about my trailers is the $65/yr (plus my time) I have to pay per trailer for an inspection.
Interesting. My Allied policies did insure my trailers but not the contents. Dump trailer too. No weight restriction. DanT
Jhole,
I bought a dump trailer about 1-1/2 years ago.
I called my agent- insured the dump trailer--easy as pie and dirt cheap.
It never entered my mind that somehow the trailer would already be covered because I insured 3 other vehicles at the same place.
stephen
My dumper was covered as long as attached to my vehicle under same policy with no added rider. But You have me thinking about the tool trailer now....
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Oops, slipped past your post somehow...
I, and everyone I've talked to, always ASSUMED that a trailer was covered for liability if it was attached to a covered vehicle. The insurance people I have now talked to said it used to be - just not anymore...
Seems like that is changing - I called Geico out of curiousity based on the other thread here, and they no longer cover a trailer over 2000# gvw either.
It aint real high dollar 'til you start adding it up. Am Fam wants $140 for the dump trailer. From that I guess that the 16 x 7 enclosed is gonna be around the same. Also equipment trailer. Boat trailer? Utility trailers?
I could be blowin' $1000 pretty quick. I don't have a stance or a point here. It just is making me rethink my trailer position. I don't use them all the time, just keep 'em around because they are all paid for, and are handy when I do need them.
Heck now that I think about it I got four boat trailers alone.
Remodeling Contractor just on the other side of the Glass City
Thanks for the heads up on this. I will be talking to my agent next week. I what the answer was 2-3 years ago because I asked but the times they are a changing.The answer then was liability only but the weight limit was determined by what the truck towing it was designed and registered for so I was fine up to 10K #with the dump truck and 500# with the van.
I was not concerned with full coverage because I run high deductibles anyways, but the tools contained are another Q. Supposedly they get covered with my contractor's Liability policy up to a certain limit...but only when locked up[ at the shop or on the job. Does the locked trailer at the curb count as on the jobsite????
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
Piffin,
If you have State Farm, you may be covered for liability, but not collision. SF contractors, and by extension, their inland marine policy does not cover tools on the jobsite. I suppose they may have some other policy available, but it would be hyper-expensive, judging by what I pay now for shop-only coverage.
My insurance covers the trailer no matter the weight as long as it's legal with the GCVW of the towing vehicle.
What it doesn't cover is any contents of the trailer.
Imagine towing a boat..... no way they can cover what is on that trailer.
What I was saying is that I never wanted the overall insurance on that trailer, it is the tools in it that might need coverage.And my Contractor's liability policy is with Peerless. It's my autos that SF covers.
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
No problem.
I've towed trailers since before I could legally drive.
My Dad has towed trailer 30 years prior to that - alot of them.
This new scenario is a little goofy - Goofy enough that I was afraid that someone was gonna get screwed by it. It has taken my agent one full month to try to put together a scenario for me that he "thinks" will work. It aint cheap - considerring it didn't used to cost.
And, I set up my life/work around everything having a purpose/place/trailer to hook up to and go...Learned it from my dad.
This little episode made me finally count today - 11 total. As much as the old man is a curmudgeon and said screw-em we counted his up to 16. Sucks, but I think we fall under the unintended consequences.
Gonna have to rethink strategies...One trailer that carries trailers?....????
And, on a "we got something in common" note, I'm the king of high deductibles....
And ,and, I've never covered my tools, they try too hard to sell that.... I put the word out that it aint worth it to steal them. Worked all but three times - prophylactically - worked everytime over the long run.......They won't be back....
Remodeling Contractor just on the other side of the Glass City
My friend went to buy a trailer at HD and they wouldn't sell it to him until he returned with proof of registration and insurance. Instead he suggested he put it in the back of his pickup and assured them he was only going to use it on his own property, but they still refused. I still can't understand what business it was of theirs.