While talking about insurance can be a “dry” topic, it is important to have all you t’s crossed and i’s dotted. Calling multiple insurance companies, getting quotes, and shopping your quotes around can be a fun filled afternoon.
And doing it every year?
Not the way I like spending my free-time.
(Tip: I did most of the heavy lifting for you below)
Let’s get on with it.
My progressive policy reads: “Trailer- a non motorized trailer designed to be towed on public roads by a motorcycle is considered an accessory and is covered under the accessory coverage for no additional charge.” The standard $3,000 accessory coverage in this case, which a can be increased to cover custom trailers and campers.
When I store the bike for the winter, (which sucks by the way) the trailer is covered under my homeowners policy in the out-building it is in. I recently checked to make sure that the ceiling on my policy was high enough to cover all the junk that is out there. (hint: you should too.)
Obviously laws and definitions differ from state to state. Insurance companies who must comply with the laws of the state they are operating in, also differ by state. When considering a motorcycle trailer there are several important questions to ask your carrier:
- Do I need trailer Insurance?
- How much coverage do you offer?
- Will the comprehensive coverage apply to a stored Trailer?
- What if a friend wants to borrow the trailer, do they need their own policy?
- What about theft coverage for the the trailer and its contents? At home, and while traveling?
- What about homemade trailers? How is the value determined?
- I want to make a trip across the US. Does this policy information differ from state to state?
- What States am I covered in? Canada? Mexico?
Sounds like fun calling multiple insurance companies? It’s not, I did it for you, and this is what I got.
First up Progressive. Flo always gives it to me straight.
Next Geico, the gecko. This one was quick.
Full disclosure; progressive is my insurance company and my preferred choice. That does makes me a little biased, but with good reason. If you take away anything from above, make sure it is to do a little research on the different companies out there before you need to. A small time investment can really ad up in savings. For me, I discovered the one company really frowned upon towing or hauling anything behind my bike, homemade or not. They did not come out right and say it, but the rates, customer service, and run-around to the questions I asked did all the talking. Back on the subject of trailers and what to do if one of your friends or family asks to “borrow” it.
Friends asking to borrow a moto trailer is just like loaning out any other type of trailer. If you want to borrow it, you have to cover it. Which is easy in MI because once it is hooked up, it is covered (with my carrier). This is not the case in every state, and could be an “easy out” if you are not comfortable loaning out your stuff to wreck-it Ralph. Most of the time it is a non-issue, but there is no need to put it to the test. When in doubt, send them here to find out how to build there own.
I hope this helps clear up any misconceptions about insuring your own cargo trailer. If you are going to shell out some cash to buy one, you probably should make sure you have enough coverage to replace it.
Same goes with the homemade versions. You are investing more time than money, make sure to cover your a$$ and your trailer.
Check out these Popular Posts:
- Part 1. You need Trailer Insurance?
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