Trailer Interchange Insurance

One of the last things anyone wants is to have to pay for trailers that aren’t there. However, if a trailer is attached to your truck, it needs to be insured. That way, you aren’t on the hook if it’s stolen or damaged. Even if you don’t own the trailer, your money (and indeed, your reputation) is on the line. Remember: this insurance is different than a written interchange agreement. You’ll need that in addition to this corresponding insurance. A good rule of thumb to keep in mind: you’re responsible for a trailer while it’s in your possession. Until you deliver it/hand it over/get it to where it’s supposed to go and give it to someone else, it’s your responsibility. So, this insurance keeps you covered in case something bad happens during your time in charge.

Whenever this insurance comes up, a lot of truck drivers tell us: “but I already have regular physical damage insurance!” To which we respond: “Yes, and that covers all the trucks and trailers that are your property.” This particular kind of insurance covers the trailers you don’t own. Otherwise, they won’t be covered. To simplify things, we can add this to your existing overall insurance plan. In the event of theft, vandalization, collision, fire damage or the like, this insurance will keep you and the cargo covered.

A few things to keep in mind about this kind of insurance: first off, you already need to have liability insurance. Certain vehicles won’t qualify. For instance, your business will need to have at least one pickup/truck as well as a trailer. You’ll find that this will increase the price of your overall insurance. Usually, it’s been one hundred to fifteen hundred a year. A lot can go into that, though! Our agents have been doing this for many years. So, we can find a way to make your loss history, driving record, equipment value and other factors come into play in your favor, so that you’re dealing with as little of a jump in price as possible.

Intrigued by this kind of insurance? There’s some work you can do even before we talk to make this process go as smoothly as possible. We’d love to work with you on this! Prepare a detailed evaluation of your trucks and trailers and bring it to us. You don’t have to, but that would make it easier. See, after deductibles have been paid by the insured, the compensation will be transferred. You have to pay the difference if the case costs go beyond your limits. So, you want to have as clear and thorough an evaluation as possible of your trucks long before you agree on any kind of limit. You’ll end up making additional payments in addition to the deductibles should you have expensive trucks and you set a low limit. By that same token, should the trucks or trailers cost less than your limit, you’ll end up paying a high deductible. This can get confusing quickly, so we’re here to explain it in simple, down to earth language that keeps you from having to pay too much.

The last thing anyone wants to deal with is paying for trailers that aren’t theirs. You can’t risk everything you have on trailers attached to your vehicle. They need insurance, because no matter how safe and conscientious a driver you are, you can’t keep your eyes on them 24/7. A good plan today beats a perfect plan tomorrow. We’re always up for a consultation on how you can best plan for your journey.