While you may assume that the trailer you tow behind your vehicle is automatically covered by the vehicle’s insurance, that coverage may be very limited. It is a good idea to make sure your trailer and its contents are properly protected with Minnesota trailer insurance. This includes coverage for your own property against damage and theft, as well as damages or injuries others may experience as a result of an accident involving your trailer.
To make sure your trailer and its contents are covered, get in touch with a local independent agent in the Trusted Choice® network. One of these agents can compare Minnesota trailer insurance quotes for you from multiple insurance companies, and help you find the right policy at the right price. Contact a local agent today for all of your insurance needs.
- Registered commercial trailers, 2000: 171,922
- Registered light trailers, 2000: 667,660
- Registered house trailers, 2000: 98,691
There are nearly a million private and commercial trailers registered in the state, making these a highly popular method of transporting everything from rubbish to livestock, farm vehicles, construction vehicles, motorcycles, off-road vehicles and boats. Some trailers may be covered by the policies of the vehicles that pull them, but others may need their own coverage.
It is important to discuss your specific trailer with a knowledgeable agent, as your insurance needs will depend on your trailer’s value, what you are hauling, whether you use it for commercial or personal purposes and whether other drivers may borrow or rent it. A local agent in the Trusted Choice network can answer your Minnesota trailer insurance questions and help you find proper coverage.
What Does Minnesota Trailer Insurance Cover?
Because trailers are as unique as the number and variety of items they haul, the specific coverage you need will vary as well. Some trailers, like a boat trailer, are designed to carry items of value while other trailers are in fact highly valuable items themselves.
In addition, different people may use their trailers in different ways. A rural farmer or rancher may need to use a horse or livestock trailer for daily operations. An urban Twin Cities resident may only take a boat trailer out of storage a few times a year for a fun weekend at the lake. How you use your trailer will have an impact on the type and amount of insurance you need.
Your Minnesota trailer insurance policy may include some or all of the following:
- Liability: Your vehicle’s liability insurance policy may provide some liability protection for your trailer use, but maybe not to the extent you need. Ask your agent about various risks and scenarios. For example, find out how much coverage you would need in the event of a trailer hitch failure, if your trailer beaks away and causes injuries or property damage.
- Comprehensive: This coverage reimburses you for damages other than those caused by collision, such as weather damage.
- Total loss replacement: This has to do with the replacement value of your trailer. You may get reimbursed for the “actual value” or the “replacement value.” This is an important point to discuss with an agent. If your trailer is only covered for the actual value, for instance, you most likely won’t receive enough compensation to buy a trailer of the same type and value.
- Contents coverage: This may not be automatically included in a policy but could be the most valuable part of your coverage if you carry expensive things on or inside your trailer. The items you haul in a boat trailer, camper, or horse trailer could be worth as much or more than the trailer itself.
- Roadside assistance: If your trailer gets stuck in a snowdrift, has a flat tire or develops electrical problems that prevent the brake lights from working, it may be helpful to have emergency assistance included in your policy.
How Much Does Minnesota Trailer Insurance Cost?
The type of trailer you own and the coverage options you select will affect your premium. For example, if you have a horse trailer, you may want coverage for your tack and other equipment. And what if you are transporting someone else’s horses? You will need additional insurance to make sure they are covered in the event of an accident. In general, your trailer insurance will likely cost anywhere from about $75 to $400 a year, depending upon how valuable your trailer is, and whether you are buying optional add-on coverage.
Your premium cost will also be affected by your past claims history, the way you use your trailer, and several other factors. It is best to consult with a local agent to get the information you need to make an informed decision on trailer insurance. You may also be able to combine or bundle your Minnesota trailer insurance with other policies to simplify your coverage and save money.
Compare Minnesota Trailer Insurance Quotes
An independent agent in the Trusted Choice network can compare options and quotes from several Minnesota trailer insurance companies to help you find the best plan at the right price. Because these agents are independent of any single insurer, they can gather multiple quotes and help you find the right solution. Contact a Trusted Choice member agent to get your questions answered, find the right policy for your needs, and save money on your premiums.