Maryland residents use trailers for a variety of reasons. Some use small utility trailers to help their children move to college in Baltimore. Others use large livestock trailers to haul their prized horses from the countryside to Annapolis. Whether you have just purchased your first trailer, or you are looking for a new provider, trailers insurance is a must-have before hitting the streets and highways. Before you search for trailer insurance quotes, however, there are several factors to consider.
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Maryland Accident Statistics
According to the National Highway Traffic Safety Commission:
- More than 500 people were killed in traffic accidents on MD streets and highways during previous years.
- More than 50 percent of those accidents involved passenger vehicles.
- More than 30 percent of those crashes involved light trucks.
Trailers can increase risks in traffic accidents due to the following hazards:
- Trailers can become unhitched from the towing vehicle.
- Trailers are subject to swaying from strong winds and passing trucks.
- Malfunctioning trailer lights and signals can lead to driver miscommunication and collision.
What is Trailer Insurance?
Trailer insurance covers any shape and size of trailer that you might use to tow and transport supplies, goods, vehicles, equipment, or animals behind your vehicle. Trailer insurance covers livestock trailers, motorcycle trailers, ATV trailers, boat trailers, utility trailers, and many other varieties.
The amount and type of insurance you need for a trailer depends upon its use and its value, as trailers range anywhere from a few hundred dollars to $100,000. It's important to speak with an experienced insurance agent to determine the type of trailer insurance that fits your needs best. A knowledgeable insurance agent will also be able to determine if your specific trailer could be covered under your vehicle insurance policy or if a separate policy is best for you.
Am I Required to Carry Trailer Insurance in Maryland?
Though not required by MD law, trailer insurance is one of those forms of protection that you can never appreciate until you need it following an accident. The state does require some trailers to be inspected and tagged, however. Be sure to contact your local DMV to find out if you need to schedule an inspection and whether or not you need to pay registration tax on your trailer.
What Does Trailer Insurance Cover?
Most insurance companies offer the following types of coverage options for trailer insurance:
- Liability: This coverage may help pay for any damages or injuries you cause another motorist or pedestrian while using your trailer. Your vehicle insurance policy may extend liability coverage to your trailer, but usually little else. Be sure to review your current insurance policies to determine what types of coverage options are best.
- Collision: This coverage can help pay for costs associated with an accident. Should your trailer be damaged, this coverage can help make swift repairs or replace your trailer if it is totaled.
- Comprehensive: This coverage helps protect your trailer against damages from severe weather events, fire, theft, and vandalism.
Commercial trailer insurance: If you use your trailer for business, you will need to cover the trailer as part of a commercial policy. This type of coverage would include the following:
- Auto haulers
- Side dump trailers
- Dump body and transfer boxes
- Concession trailers
- Dry freight trailers, flatbed trailers
- Gooseneck trailers
- Livestock trailers
- Logging trailers
- Any other trailer used for business
What Will My Trailer Insurance Quote Look Like?
Insurance providers use several factors when calculating a trailer insurance quote. Be sure to have the following information available when you seek coverage quotes for your trailer:
- The size of your trailer
- The value of your trailer
- The types of items you haul with your trailer
- How often you use your trailer
You may be able to insure a small utility trailer you use only once in a while under your vehicle insurance policy at no additional cost. On the other hand, a $100,000 livestock trailer that is used regularly may see quotes around $500 per year in premiums.
Where Can I Find Trailer Insurance Quotes?
No matter how you use your trailer and no matter its size, securing an insurance policy to protect you, your trailer, and its contents could save you from costly damages or repairs. Knowledgeable, independent agents in our network are always available to answer any questions, suggest coverage options, and even assist you in filing a claim. These agents have years of experience working with Maryland insurance providers, enabling them to find a number of quotes at the most affordable rates.
Contact an agent near you to find out how you can hit the road protected with a trailer insurance policy that meets your needs and budget.