Posted 2012-02-14 12:39 PM (#140935) Subject: Insuring the horse trailer
Member
Posts: 33 Location: Ohio
I'm getting mixed messages on this. When I bought my horse trailer, we simply called our current insurance carrier (covered both our home and vehicles) and got proof of insurance for it. I do not think we actually ended up paying anything additional for it, if we did, it was such a slight amount I didn't notice it.
I am going through a divorce, moved to a different state, and now have a different insurance carrier. I want to make sure my LQ trailer has appropriate insurance as I have a loan on it. However, when I talked to GEIKO (my current auto insurance agent) about it, they quoted me over 1200/6 months. That is more than my auto insurance!
My ex checked into it (trailer and loan in both our names) and according to his agent, while the trailer is being towed, it is covered under the insurance for the two vehicle. I would just need a comprehensive insurance policy which should only be a few dollars per month (which is what I had originally expected).
Can some of the dealers here help me out, and perhaps direct me to some insurance companies who know what the heck they are doing when dealing with horse trailers?
Posted 2012-02-14 12:55 PM (#140938 - in reply to #140935) Subject: RE: Insuring the horse trailer
Extreme Veteran
Posts: 534 Location: Zionsville, Indiana
Your towing vehicle covers the liability for damages your trailer may do if it comes loose, hits something, or damages property. You need a separate policy to cover the value of the trailer in case it is stolen or damaged. This type of insurance is quite inexpensive because there is no liability involved. You should have no problem obtaining this policy from the agent or company that handles your other insurance needs.
Do be sure to get the insurance. I can tell you many sad stories about customers who found out the hard way that their truck insurance would not repair or replace their trailer.
Posted 2012-02-14 3:49 PM (#140953 - in reply to #140935) Subject: RE: Insuring the horse trailer
Veteran
Posts: 155 Location: North Salem, IN
The coverage for comprehensive is not expensive at all. I have Farm Bureau insurance and I think I pay around $90 for the entire year. Coverage is well worth it as last year my dressing room door was ripped off its hinges by a wind storm and they covered it with no hassels what so ever.
Posted 2012-02-14 4:26 PM (#140957 - in reply to #140935) Subject: RE: Insuring the horse trailer
Member
Posts: 33 Location: Ohio
Thanks everyone...that is exactly what I thought. Tow vehicle insurance covers while towing, an inexpensive comprehensive for other stuff that can happen when it's not being towed. I'm going to call back my agent and if they can't offer me what I'm looking for I'll change agencies. I almost puked when they gave me that initial quote!
Posted 2012-02-14 4:36 PM (#140958 - in reply to #140935) Subject: RE: Insuring the horse trailer
Regular
Posts: 80 Location: Central WI
Based on the value of your trailer you will probably want to purchase 'collision' and 'other than collision' (comprehensive) coverage. Each will have a separate deductible. For comparison purpose, we insure an Elite 3hr GN LQ for $96 every 6 months and a Cimarron 3hr BP that costs $32 every six months with $500 deductibles. During the winter when we do not use our trailers we remove the collision coverage which does save us some premium. Once spring arrives we contact our insurance carrier and add the collision coverage BEFORE hooking the trailer to our truck. It pays to shop around and usually you will get the best price if you can find a carrier that can handle all your auto, trailer, home and other misc. insurance needs.
Posted 2012-02-14 4:50 PM (#140960 - in reply to #140935) Subject: RE: Insuring the horse trailer
Elite Veteran
Posts: 714 Location: Minnesota
Be careful! I was in the insurance industry for over 15 years as both a claims adjuster and independent agent. The comprehensive policy will only covers the trailer and nothing in it. I'm not sure what you have for a LQ, but contents could include refrig, bed, tv, etc. Anything that was not a part of the trailer by the original manufacturer. The ideal policy is a Recreational Vehicle or camper policy and preferably insured by the same company you have your Homeowners policy with so there would be no gaps in coverage and only one deductible if there is a loss, which most companies offer. An example of that would be if a tree fell on the trailer smashing it, rain coming in ruining bedding, clothes, saddles, etc. These are all considered personal property and would NOT be covered under a comprehensive policy.
Posted 2012-02-14 5:17 PM (#140961 - in reply to #140935) Subject: RE: Insuring the horse trailer
Regular
Posts: 70 Location: PA
Just to amplify, the trailer is covered for Liability only by the tow vehicle since, in itself, it is not a "motorized" unit and this covers any damage the trailer might do if it becomes detached from the tow vehicle but does not cover damage to the trailer itself (that would be under your collision coverage) So you still should have Comprehensive and Collsion (Physical Damage) coverage when towing. If another vehicle hits your trailer and they do not have insurance to pay for the damage to your trailer, you could collect under your Collision coverage (less the deductible) and your insurance company will go after the other party to recoup their money & your deductible. This happened to a friend of mine. However, when he called his agent to insure his trailer, he was told it was "covered by the tow vehicle", only to find the agent never covered it for Comprehensive & Collision. It was a brand new trailer but their was no lien, otherwise the bank would have wanted to see evidence of Physical Damage insurance to protect their investment. So the agent wound up paying the claim out of his pocked since he did not properly inform his client. If you have a loan, I would think the bank would want evidence of coverage. However, as dkhunter said, you could take off the Collision over the winter months to save $$$. Collision coverage is basically collision with another object. Comprehensive includes Fire, Theft, Vandalism, Falling Objects & also collision with an animal. We have an 06 K/B 10' LQ 3 horse valued at approximately $40K & our insurance runs about $200 a year covered on a standard Personal Auto Policy which will put RV's on the same policy & also has a provision to include Personal Effects. Don't be afraid to shop around for quotes. Not all companies are willing to write RV's on the same policy with your autos.
Posted 2012-02-14 8:39 PM (#140977 - in reply to #140935) Subject: RE: Insuring the horse trailer
Extreme Veteran
Posts: 379 Location: Missouri
For reference purposes, we have Farm Bureau Insurance as well. For our trailer valued at $60,000 full coverage that includes everything a home policy would cover (fire, flood, storm) is $400 a year.Those damn Geiko people wanted $2000 to insure our GMC Topkick because it was a commercial policy in their eyes.
Posted 2012-02-15 12:26 PM (#141008 - in reply to #140977) Subject: RE: Insuring the horse trailer
Regular
Posts: 96 Location: Grapeland, Texas
When I went back to Farm Bureau I asked about coverage on my trailer. It is valued at 45,000. I am paying 625.00 now with a different company and Farm Bureaus quote was higher. I couldn't believe it, so I just stayed with who I had. I guess I need to start checking around again.
Posted 2012-02-15 7:46 PM (#141029 - in reply to #140935) Subject: RE: Insuring the horse trailer
Extreme Veteran
Posts: 373 Location: Texas
Since ours is paid for, and only a $10,000 value, I had not thought about it, but dosen't the lender require insurance to cover it if something happened and it was totaled?
Posted 2012-02-16 5:43 AM (#141048 - in reply to #140935) Subject: RE: Insuring the horse trailer
Extreme Veteran
Posts: 379 Location: Missouri
I have yet to see a lending agency not require proof of full coverage insurance. I've even read in the loan paper work a statement that says if you don't provide full coverage, the bank will and bill you for it.
Posted 2012-02-16 6:00 AM (#141049 - in reply to #140935) Subject: RE: Insuring the horse trailer
Veteran
Posts: 236 Location: Little town in Pa
When you are buying the insurance, don't forget to tell them that it is an RV, that makes a difference and you want to make sure you are covered for it.
Sorry for the divorce, but with such a nice trailer I am sure you won't be lonely long.
Insuring the horse trailer
