Is Commercial Trailer Insurance Required by Law?
Commercial trailer insurance requirements vary by state. Most states require you to register and license any commercial trailers that your company may use on state roads. In order to legally register your commercial trailers, you may need to carry insurance.
All states require that you have commercial vehicle insurance on your business vehicles, covering your company’s liability if you or drivers in your company cause an accident involving your commercial vehicle or truck. You may be able to extend your commercial vehicle coverage to your trailers as well. However, you likely will not have full coverage without purchasing a separate policy. It is important to understand what is and is not covered in your commercial truck insurance. For example, if you add your flatbed trailer to your policy, will your insurance pay for it to be replaced if it is stolen or totaled in an accident?
Whether or not insurance is required, it is a good idea to purchase property coverage to cover the costs of your trailer’s repair or replacement following an accident. You especially want to have coverage if the trailer has significant value, and if you owe money on it. Otherwise, your business may be stuck paying the remaining amount due out of pocket. Contact a local independent agent in the Trusted Choice® network for quotes and assistance.
What Kinds of Commercial Trailers Can Be Insured?
You can find insurance for just about any type of commercial trailer, including:
- Dry van trailers
- Flatbed trailers
- Dump trailers
- Refrigerated trailers
- Concession trailers
- Freight trailers
- Logging trailers
- Agricultural trailers, such as grain trailers
- Tank trailers
- Auto hauler trailers
- Oil field trailers
- Extension trailers
- Transfer trailers
Depending upon the commercial truck insurance company you work with, some types of trailers may be excluded, or some types of coverage for those trailers may not be available. For example, some insurance companies will not insure specific types of cargo or cargo requiring hazardous material signs, such as oxygen, gasoline, or flammable placards.
The benefit of working with an independent agent in the Trusted Choice network is that your agent can review many different insurance company options to find the right policy and specific coverage for your needs.
What Does Commercial Trailer Insurance Cost?
Commercial trailer insurance rates vary considerably from one insurance company to another, and will depend on your company’s needs. For example, the cost of flatbed trailer insurance is likely to be different from the cost of enclosed trailer insurance. If you have a commercial vehicle fleet and are adding coverage for one or more trailers, your costs will differ from those of a one-person operation with a dump trailer. Your commercial trailer costs will also depend on whether you are insuring your cargo.
To get several competitive quotes to choose from, work with an independent agent who specializes in commercial insurance. Your agent will be able to look for the right coverage for you at the best value. You can be sure you are covered and that you’re not buying more insurance than you need.
There are a number of ways to save on your commercial trailer costs, and your independent agent can advise you on how to optimize your insurance investment. For example, many insurance companies offer discounted rates for drivers over the age of 25, and for people with a valid commercial driver's license and an excellent driving record.
You may be able to reduce the cost of your commercial trailer insurance further by taking certain measures:
- Employ drivers with an excellent history of driving commercial vehicles
- Maintain a good driving record and require your drivers to do the same
- Require drivers to attend a safe driving course
- Write a safety policy that all drivers must follow
- Comply with safety checks and audits
Get Advice About Your Commercial Trailer Insurance
A local Trusted Choice member agent who specializes in commercial insurance will be able to help you get the right trailer coverage at a price you can afford. These agents work with many different insurance companies and can gather several commercial trailer insurance quotes for you to compare.
Your commercial insurance agent will be able to handle all of your business insurance needs out of one office, with a single point of contact. Contact an independent member agent in the Trusted Choice network today to get started.