Many New Mexico residents who tow things on a regular basis are in search of a trailer insurance policy that can provide them with suitable coverage. Whether they have large trailers that they use to transport show horses to the New Mexico State Fair or smaller trailers that they use to take their ATVs to and from the Robledo Mountains Trail System, a suitable trailer insurance policy can help these New Mexico residents keep finances secure. This insurance coverage is not mandatory, but it may be worth your while to collect a variety of trailer insurance quotes and give consideration to purchasing a policy.
Trailer Types You May See on New Mexico Streets
- Auto hauler trailers: These low-riding flat-bed trailers are most commonly used to tow race cars but can be used for any automobile
- Boat trailers: Designed specifically for transporting boats, these trailers are used to tow watercraft to and from the water.
- Cargo trailers: These enclosed trailers are used to carry all kinds of materials from luggage to equipment.
- Dump trailers: These specialized utility trailers are typically used for industrial or farming purposes. The trailer portion raises hydraulically like a dump truck to enable the operator to easily unload its contents.
- Livestock trailers: These large enclosed trailers are designed specifically for safe transport of horses, cattle and other livestock
- Travel trailers: These include pop-up style campers and fold-down trailer tents
- Utility trailers: These open-top trailers may be used by lawn care companies to haul equipment around or by individuals who need to tow ATVs, motorcycles or other large, heavy items.
Why New Mexico Residents May Need Trailer Insurance
There are a number of ways that your trailer may cause property damage or injuries to others. Your trailer could come loose and separate from your towing vehicle resulting in a runaway trailer which can cause a great deal of damage to other cars on the road. Another instance might occur if you miscalculate the length of your trailer and strike another vehicle while changing lanes or strike a pedestrian with your trailer while making a sharp turn in a residential area.
Liability coverage can protect you from the ensuing expenses in such cases. This type of coverage is often included under your vehicle insurance policy but it may be limited. Furthermore, some larger trailers, such as horse trailers, may require an additional endorsement in order to have liability coverage. Be aware that liability insurance only covers damages done to third-parties. If you have spent a lot on your trailer and want to have coverage in the event that it or the contents within it are lost or damaged, you will need to get complete coverage through the purchase of a trailer insurance policy.
What Does Trailer Insurance Cover in New Mexico?
Trailer insurance, whether included as part of your auto, ATV, boat or business insurance policy or purchased as an entirely separate policy, will probably include a few different types of coverage options. These may include:
- Liability coverage: As stated above, you may have some liability protection through your vehicle’s insurance policy, but this coverage is often limited. Trailer insurance will enable you to purchase extra liability coverage in the event that your trailer causes major damages or injuries.
- Comprehensive coverage: Some trailers can be very expensive. This type of coverage will protect your investment by providing you with compensation for damages to your trailer if it is damaged in a non-collision related accident. This can include damage caused by falling objects, severe weather events, fire, theft or even vandalism.
- Collision coverage: This will provide compensation for damages to your trailer that are caused by a traffic accident. This can include collisions with both moving vehicles and stationary objects.
- Contents coverage: This is extremely important coverage if you carry valuable things on or inside your trailer and they are not otherwise insured. For example, if you own a boat but prefer not to carry boat insurance, contents coverage will cover your boat while you are hauling it to and from the water. If you are transporting livestock, this coverage will compensate you for losses if your animals are injured or killed by an accident while they are in the trailer.
- Roadside assistance coverage: Your trailer may get stuck in the mud or blow a tire or experience a host of other problems while on the road. Specialized emergency roadside assistance can be a necessity, particularly if your trailer is very large. Most tow-trucks are not equipped to handle larger trailers and those that are carrying large boats or animals may need distinct towing services that can be quite expensive. Roadside assistance coverage will shield you from these additional costs.
What Are Average Trailer Insurance Rate Quotes?
If you own a small trailer, there is a good chance that you already have sufficient coverage through your auto insurance policy, though some providers may require you to purchase an additional endorsement for a nominal fee. Larger trailers, such as horse trailers, on the other hand, will need specialized insurance if you wish to have coverage for them. The cost of trailer insurance can vary notably according to the type of trailer you have and the amount of coverage you need. Some other factors that may influence quotes include:
- What you will be using your trailer to tow
- The size of the trailer, including its length and width
- The trailer’s make, model, year and value
- Where and how you store your trailer when not in use
- Whether you will be using the trailer for personal or commercial purposes, or both
- Your personal driving record, claims history and credit score
Need a Guide? Find an Agent
If you are currently shopping for a trailer insurance policy, you may find yourself with questions about what coverage you already have, what coverage you need, and which policy options are right for your particular situation. Independent agents in our network can provide answers. These agents can work with several different insurance providers to help you get the policy you need at a competitive rate. Our agents have offices throughout New Mexico, so it should be easy to find one near you.
Contact a local agent now to get more information and start comparing trailer insurance policies and quotes.