Im new here... but i ran across some older posts about horse trailer insurance... IF you have a Farm Bureau in your state, check with them. I have a 2003 alum 3 horse slant gooseneck that i have insured for $17,000.00 AND a 20ft gooseneck flatbed insured for $3500.00.. and I pay $80 a YEAR!!!!! Just some FYI.
Posted 2006-09-24 6:26 AM (#49018 - in reply to #49007) Subject: RE: Horse trailer insurance
Regular
Posts: 63
Location: Illinois
I'm an Illinois Farm Bureau member. The only insurance that I know of that is affiliated with them is Country Mutual, which I have. I've got a 1999 Cherokee Super Chief with LQ and I pay 205.00 per year for the insurance. I guess I need further clarification on the name of the insurance company that has insurance so cheep.
Posted 2006-09-24 9:05 AM (#49022 - in reply to #49007) Subject: RE: Horse trailer insurance
Expert
Posts: 2453
Location: Northern Utah
Farm Bureau is the insurance company. I've used them here in Utah.
LQ will always cost more than non LQ trailers. They are more expensive to repair and generally have a higher value. So I wouldn't think $200 per year is out of line for LQ insurance.
Posted 2006-09-24 9:09 AM (#49023 - in reply to #49007) Subject: RE: Horse trailer insurance
Expert
Posts: 1205
Location: Danielsville Georgia
Just did home and liabilty on rented pasture with horses on it with Farm Bureau.Fixing to swap autos over this week and going to inquire about rates on trailer/LQ etc.
Posted 2006-09-24 1:09 PM (#49037 - in reply to #49007) Subject: RE: Horse trailer insurance
Veteran
Posts: 192
Location: Kentucky
We have Farm Bureau insurance on all of our farm equipment, cars etc. I don't know exactly what I pay for the horse trailer but because it is on such an extensive policy that I think it is reasonable.
Posted 2006-09-24 7:28 PM (#49051 - in reply to #49037) Subject: RE: Horse trailer insurance
Expert
Posts: 1871
Location: NY
I have farm bureau insurance for car, home and trailer .The horse has a diffent compy. lieabley is with new york horse council . it is the best thing that I did for my self
Posted 2006-09-24 9:23 PM (#49061 - in reply to #49007) Subject: RE: Horse trailer insurance
Regular
Posts: 90
Location: louisiana
I have my new trailer (valued at $33,000 without living quarters yet) through my vehicle carrier which is State Farm. I pay I think $120 every six months and when I do the living quarters they said it would go up $40 because it is considered like a travel trailer/rv at that time.
Posted 2006-09-25 11:32 AM (#49087 - in reply to #49007) Subject: RE: Horse trailer insurance
Regular
Posts: 51
Location: Grundy Center, IA
Each state has their own Farm Bureau division, so farm bureau in state A will be different than in state B. It's not like State Farm where it's actually a national company. Also, every company has rates based on actual costs of doing business in a particular area, so even within the same company, rates will vary from state to state, and even within that state.
Posted 2006-09-26 10:45 AM (#49139 - in reply to #49007) Subject: RE: Horse trailer insurance
Extreme Veteran
Posts: 301
Location: Catoctin Mtn, Maryland
Just a question.........What do your insurance companies really cover? I had a heck of a run around with my insurance company because my trailer is used. I owe $28,000 on it. I have full coverage on it for $252 a year. However, if it got totaled, they said they wouldnt pay off the loan balance , only what the trailer was worth. They only would do the gap insurance if it was brand new. If an accident occurs I guess I better tell them " Oh it's not totaled",,,,FIX IT!
Posted 2006-09-26 5:23 PM (#49157 - in reply to #49007) Subject: RE: Horse trailer insurance
Location: Texas
I've been thinking about this some and I'm almost sure my insurance is over $800 a year on my LQ trailer. I insure all my stuff, house, vehicles, ranch trailers, ranch buildings, equipment, etc. with Texas Farm Bureau. I'll check on the exact amount whenever I get back home, but I'm sure it is more than $800. I may be getting screwed without enjoying it.
Posted 2006-09-26 11:05 PM (#49179 - in reply to #49007) Subject: RE: Horse trailer insurance
Regular
Posts: 90
Location: louisiana
State Farm told me when I insured that it would pay to replace with comparable trailer if mine got totaled(wreck, fire, tree falling, stolen, etc). If able to be fixed, they would pay to have it fixed. Dont know if it would be the same if financed because I paid in full for it when I bought it. Also not exactly sure about how they set value on an older trailer. But, I think they actually call the manufacture for a value. When buying my new trailer, I traded in a 89 4star and they called 4star to get a value. I think they have people that monitor resale values in different areas on older trailers or something like that.
Posted 2006-09-27 10:37 AM (#49211 - in reply to #49007) Subject: RE: Horse trailer insurance
Veteran
Posts: 192
Location: Kentucky
I did check with my local Farm Bureau and I have my trailer insured for $40,000. They did say that it was like a car and there would be depreciation but she didn't know how they would figure it.
She couldn't break the cost of the insurance down easily. She said it was on our farm policy which is slightly over $1 million and she thought the trailer came out to about $275 a year.
I don't know if this is helpful to anyone but I thought I would pass it on.
Posted 2006-09-28 4:49 AM (#49266 - in reply to #49211) Subject: RE: Horse trailer insurance
Extreme Veteran
Posts: 301
Location: Catoctin Mtn, Maryland
That's kinda what my insurance company told me too. It's treated like a vehicle like you stated. I wish I could find an insurance company that would insure the "loan" amount balance if the trailer is totaled..........but then,people in hell want ice water too......
Posted 2006-09-28 6:30 AM (#49272 - in reply to #49266) Subject: RE: Horse trailer insurance
Elite Veteran
Posts: 954
Location: Hagerstown, MD
windwalker, the people that are financing your LQ trailer should be able to offer a policy that will pay off your loan under several different scenarios.
By example; one spouse dies, loss of income due to illness, and the normal fire, theft, vandalism, acts of God and so on. The first thing people say is, "but I already have a policy, why do I need another policy?" We have home owners insurance on our home. We also have a policy with our mortgage company that pays off the mortgage if one of us is deceased. We also have a "$1M rider/umbrella" that takes over if one of our regular policies is exhausted.
One other scenario that can play into this is the "prime mover" clause with your insurance company. As long as the trailer is hooked to the truck, the truck policy has to kick in to pay for damages to the trailer. Up to a specific value. That's why I carry a small liability policy on my big GN trailers, in case they come unhooked, or roll down a hill while parked and not hooked to the truck.
Worst case scenario; I pull a big GN flatbed trailer with building materials on it. It comes unhooked and wipes out a school bus. That would exhaust my regular policy pretty quickly, but the $1M rider/umbrella would take over until all liability was satisfied or until it was exhausted. Whichever comes first.
By the way, all our personal stuff is insured with State Farm and I have a business insurance provider to take care of all our contracting business insurance needs. I keep them separate for a lot reasons. The $1M rider/umbrella is over top of everything since it's a personal policy to my wife and me.
Posted 2006-09-28 9:31 AM (#49291 - in reply to #49007) Subject: RE: Horse trailer insurance
Extreme Veteran
Posts: 500
Location: West TN
I worked in insurance claims for three years and there is no easy way to handle a claim on a horse trailer. It is especially hard to get a book value on these. In most cases a book value does not exist. Normally, I would contact the dealer to get a value on the trailer. This would serve as the easiest way to get a value when you needed to depreciate and get the actual value.
Posted 2006-09-28 9:46 AM (#49292 - in reply to #49007) Subject: RE: Horse trailer insurance
Veteran
Posts: 192
Location: Kentucky
So, that would be an insurance on the mortgage for the horse trailer rather than on the trailer itself. Like a pay-off insurance on your house mortagage.
My insurance person at Farm Bureau did tell me that the most difficult part was determining what the trailer is worth.