Do I Need Trailer Insurance Or Does Auto Insurance Cover Trailers
This post answers the questions, do I need trailer insurance, and does auto insurance cover trailers? See if your car insurance covers trailers.
March 5, 2021 By Billy Jackson
Driving a car, especially a truck and a trailer, is not cheap and when you are calculating your cost of ownership you have to factor in your insurance costs.
Having adequate insurance coverage to protect you and your vehicle in the event of an accident is clearly important. For some folks pulling trailers, protecting yourself from liability for damages to your trailer is also critical.
Obviously, you maintain personal auto insurance to protect the value of your vehicle and to cover you from potential liabilities in the event of an accident. But does this same personal auto insurance coverage protect the trailer you are towing?
When you purchase trailer insurance specifically for your trailers, it covers you for such things as damages to your trailer. But for some, you might not need to purchase trailer insurance because your trailer might be covered by your personal car insurance policy.
In todays article we will answer the questions, do I need trailer insurance, and does auto insurance cover trailers?
For both collision and comprehensive insurance on your trailer, you might be required to buy additional coverage and list your trailer on your insurance policys declaration page.
Keep reading for more information on whether or not your auto insurance policy covers trailers.
What Comes With A Standard Boating Insurance Policy
Although there are no one size fits all policies, a typical boat policy may include:
- Hull protection covers vessel damage and motor damage.
- Personal possessions this can be fishing gear, smart phones, computers, or anything that you take with you.
- Liability covers damage to other vessels.
- Medical payments to those injured in a boating incident.
- Clean up charges in case your vessel pollutes the waters with contaminants like oil, gasoline, and such, during the course of an accident. This can be a major expense.
- Vessel towing in case your boat is disabled on the water.
What Is The Difference Between Comprehensive And Limited Boating Insurance
While both types of insurance provide the all-important liability coverage, comprehensive boating insurance provides protection against a far greater number of sources for damage. When you have named-perils coverage, you get a list of damage thats covered. On the other hand, when you have comprehensive coverage, you get a small list of incidents that arent covered while everything else is.
Since comprehensive insurance is only incrementally more expensive yet much more inclusive, it is the best choice for serious boaters.
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Does My Trailer Need Its Own Policy
Depending on your contents insurance coverage , your trailer might be covered as part of your property while on your homes premisesbut trailers are expensive, and contents coverage can become maxed out quickly during a claim. If you have a minimalist amount of contents coverage, then your trailer might account for most of your coverage limit. Clothes, electronics, and furniture need to be replaced with that money as well! You can account for that by increasing your contents coverage limit as long as youre sure the trailer is covered that way.
Youll need to triple-check with your broker, but its worth knowing!
For high-value trailers, most insurance companies recommend purchasing a separate RV & trailer insurance policy to make sure you have maximum protection on your investment. Your insurance broker can help with this as well.
Seriously, what else can you do in 3 minutes?
Boil half an egg?
Boat Insurance : To Insure Or Not To Insure
While insurance for your boat is not a legal requirement, a wise boater takes the time to get educated on the benefits of a policy that protects not only property but liability too. So we turned to a marine insurance veteran and former Boating BC board member Paul Mendham, CIP, President of Navis Marine Insurance, to teach us the basics.
Ive seen lots of crazy things, says Paul. Boats sunk and docks collapsed by a big wake, or damaged in heavy snowstorms. Many people think they dont need insurance because they are careful, or that nothing will happen to them. Well, stuff happens and then youre the one writing the cheque!
According to Paul there are two good reasons to insure your boat: to protect your asset, and your net worth arising from liability. If you get into an accident, and cause property damage or hurt someone, without insurance everything you own can be at risk.
What kind of insurance do I need?
That depends on what kind of boat you have. A canoe or kayak low value, no horsepower and little liability – can be easily added to your home insurance policy. But if you have a powerboat, or a larger sailboat you need a dedicated marine insurance policy. All risk policies cover you for most types of losses, but there are exceptions, so be sure to read the fine print.
Where should I buy my insurance?
What should I ask my broker?
Its great to be prepared, so heres what I would ask:
Why is liability insurance important?
When should I buy my insurance?
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So Do I Need Trailer Insurance
If youre involved in an accident while youre towing a trailer, your insurance carrier will probably extend liability coverage on your behalf.
In general, when answering the common questions, do I need trailer insurance? and does auto insurance cover trailers? it is always best to check with your insurance carrier for the details on your policy regarding this potential extended coverage.
You need to specify whether or not the owner of the trailer is the same owner on the insurance policy if the trailer is a rental, the type of trailer it is, and the states in which you will be towing the trailer in.
All of these different factors can be treated differently by auto insurance policies and so it is best to confirm your coverage with your auto insurance carrier.
In some cases, depending on if you are renting or own the trailer, the type of trailer you are towing, and where you are towing it you may need to purchase additional trailer coverage on top of your auto insurance policy.
Keep in mind that minimum required liability amounts vary in different states. So, if you are towing across state lines youll want to confirm with your auto insurance carrier that the policy will automatically increase your liability coverage to other states you drive in.
Hopefully, your auto insurance policy has most of you covered for most of your trailer pulling needs.
What Happens If My Trailer Is Robbed
How your contents are covered and valued depends on the type of claim youre filing.
If you dont have a trailer insurance policy and your valuables are stolen out of your trailer, you can make a claim against your home insurance policy.
The belongings will typically be valued based on replacement cost valuation. What does this mean? According to the National Association of Insurance Commissioners replacement cost is defined as:
the cost of replacing property without a reduction for depreciation due to normal wear and tear.
This means youll be reimbursed for the total cost of the items that were stolen. However, if you have specialty coverage, youll need to review your policy for limits and valuation methods.
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Do I Need Boat Or Jet Ski Insurance And Other Faqs
The weathers finally heating up after a long and drawn-out winter and most everybody is in the mood to celebrate that fact. If you have a boat, chances are that means youre getting her out of storage and hitting the lake, the bay, or even the ocean. That makes this spring the perfect time to discuss boating, jet ski, and other watercraft insurance.
The most common question we hear from boaters is: Do I need boat or jet ski insurance? While you dont legally need it, you DEFINITELY SHOULD have boat insurance. Were not just saying that because Unruh Insurance is an insurance agency, but because Unruh Insurance is owned by two boaters, Kent and Curt Unruh, both of whom have comprehensive boat insurance.
Kent Unruh keeps his boat at Raystown Lake, while Curt Unruh prefers taking his boat out on the Indian River every spring and summer. This makes Unruh Insurance double-qualified to answer all of your boat insurance questions.
Find out why you need boat or jet ski insurance as well as get the answers to your boat insurance FAQs.
Can I Buy Insurance Coverage For My Trailer
There may be times when its appropriate to carry coverage that includes weather damage and other physical damage for your trailer . If you feel its necessary, you can buy a specialty trailer insurance policy from a provider that covers recreational vehicles.
So what does travel trailer insurance cover? This type of policy will provide comprehensive coverage when the trailer is parked and collision coverage when its in tow . Like a personal auto policy, youll have deductibles that you must meet before the insurer will pay for a damage claim.
Losses covered under comprehensive and collision policies include:
- Glass breakage
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What Should I Do If Im In An Accident While Towing My Boat
- Document the accident. Gather as much information as possible, taking photos, recording the date and time of the occurrence, location and weather conditions, especially if weather caused the accident. If the accident involves another vehicle, exchange personal and insurance information.
- In most cases, youll need an official police report to file a claim with your insurance company. Call them and ask the officer to give you a copy of the report. Try to get the officers name and badge number if you can you may need it later.
- If youre injured during the accident call the medics. If another vehicle caused the accident, file a report. Otherwise, your personal medical insurance is responsible for your medical expenses.
- Contact the insurer. Theyll guide you through the procedure for filing a claim.
Does Homeowners Insurance Cover Stolen Boat Trailers
If your boat trailer is stolen while stored at home, your homeowners insurance policy’s personal property coverage can provide coverage. Homeowners insurance may also provide limited coverage for damages caused by other named perils such as lightning, storms, hail, and fire while the trailer is stored. Keep in mind that your policy may have a sub-limit for items like trailers.
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When Do I Need Insurance For A Trailer
Insurance coverage for trailers is often an overlooked item. Many people wrongly assume that the insurance carried on their vehicle automatically covers them in claims situations that are caused when their trailer collides with a 3rd party. In some cases, coverage may be in place, but it is important to understand the details within an auto policy to ensure that the correct insurance protection exists. Here is when you need insurance for a trailer:
What Kind Of Damage Does Boat Insurance Cover
Boat insurance often covers your boat from physical damage in the water or on the road. Sometimes it covers physical damage to your hauling trailer, either included with your policy or through trailer add-on coverage.
Towing coverage may be included in your boat insurance policy. While not required, boat insurance is usually a good idea for large or valuable boats that would be expensive to cover out of pocket.
Boat insurance covers your boat from:
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Coverage For The People On Your Boat
Guys weekend! Youve agreed to take them out fishing in your new boat. Youre excited to show her off, if it wasnt for your buddy Joe. Joe isnt exactly known for his grace. In fact hes a bit of a klutz.
If there is something to spill, he spills it. If theres something to get hurt with, he hurts himself. If theres someone to go overboard, Joe will be it.
Unfortunately, Joe isnt only a klutz hes also a dare-devil. He already mentioned that he borrowed some water-skiing gear, and will bring it along. Hed always wanted to try it out.
You swallow and let it be, hoping that just this once, nobody will get hurt, and nothing will break.
Saturday comes around and the guys are heading out. Sure enough, Joe wants to water-ski, and you dont want to spoil the fun. So you tow him along. But youve never done this before, and need to find your groove as much as Joe needs to find his behind you.
Next thing you know, Joe hollers and goes under. You stop and turn around, and when you and your friends fish him out of the water, hes broken his ankle due to your close encounter with a buoy.
A boat insurance policy will provide liability and medical payment coverage for the people that are aboard your boat, or that you are towing on water-skis, as long as you arent participating in a competition.
How Can I Find Out How Much An Insurer May Charge To Insure My Boat
When you shop for boat insurance, premium quotations are a useful tool for comparing different companies’ products. However, when you ask for price quotations, it is important that you give the same information to each producer or company.
To give you an accurate quote, the producer or company will usually ask for the following:
- A description of your boat
- If you have security devices
- A picture of your boat
- The coverages and limits you want and
- Any prior property or liability losses.
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What Is Core Coverage
Minimum liability coverage, collision coverage, comprehensive coverage, and full coverage are all part of core coverage. Since we already discussed liability coverage, well take a moment to define the other forms of core coverage below.
Collision coverage provides protection in the event you are in a collision with another vehicle or object . This video explains the collision coverage basics.
Comprehensive coverage, by contrast, provides protection for other than collision incidents including theft, vandalism, and weather damage. Take a look at this video to learn more.
Full coverage is a combination of liability, collision, and comprehensive coverage.
Are There Speed Limits On The Water
Yes there are speed restrictions when operating a boat in Alberta.
Canada’s Vessel Operation Restriction Regulations – jointly administered with some provinces and municipalities set out the restrictions for the operation of small boats on specific bodies of water in Canada, such as speed limits, power limitations, or when and where certain activities, such as waterskiing, are permitted.
When boating in Alberta you must observe a speed limit of 10 km/h within 30 metres of the shore. This limit applies on all waters within these Alberta, except where other limits are posted. These provisions do not apply in rivers less than 100 metres in width, canals and buoyed channels, nor in the case of waterskiing, where the towboat launches and drops off skiers by heading directly away from or into the shore.
Where can I get more information on Boating rules in Alberta?
You can find more information on a number of government websites:
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What Does Boat Insurance Not Cover
Boat insurance generally won’t cover maintenance or general wear and tear, including gradual weathering and deterioration, insect damage, mold, or damage from animals or marine life.
With Sign & Glide® On-Water Towing, Progressive will pay for on-water towing, jump starts, soft un-groundings, and fuel delivery if your boat is disabled on the water. or contact our dispatch center by calling , and we’ll make sure the tow operator is completely paid for and on their way to help.
Discounts For Your Boat Insurance
You bought your boat, and now youre shopping for insurance. There are sure a lot of Boat Insurance companies out there! Price is a factor but you also want to make sure you get the right protection for your boat. And what else is there to know?
Well, a great way to start is to call your insurance agent at McClain Insurance. We specialize in all your personal insurance needs, and that includes boat insurance!
We may not win a fishing derby, but we sure know how to catch you all the discounts you deserve on your boat insurance!
There are a variety of ways to lower your boat insurance rates:
- Make a good choice on the type of boat that you are going to buy. Choosing safety over performance will keep your rates lower.
- Also, the value of the boat will make a difference. The higher the boats value, the higher the premium.
- Many companies will offer a discount if you take and complete a boating safety course. This will help you make the right call in a critical situation.
- Most companies also offer new hull discounts and claim free discounts.
If youre looking to buy a boat or if you already own one, stay afloat with boat insurance from your team at McClain Insurance Services.
Well track down every available discount to assure that you receive the best value for your boat insurance investment. Give us a call today, or click here for an instant rate quote.
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What If I Already Have Boat Insurance
Whether your trailer is covered under your boat policy depends on many factors. Insurance coverage varies by state and by individual policy, so its important to check the fine print on your boat insurance.
Some boat policies extend to the trailer as long as a boat is on the trailer sometimes not. If you want your trailer covered, but its not specifically covered in the policy, youll likely have to pay a little extra to extend your coverage.