Oklahoma is a state full of outdoor activities. From boating, camping and fishing to hiking, hunting and off-roading, there is something for everyone here. While trailers are the perfect solution for hauling items, they also carry added risk when on the road, and in case of an accident, you need to make sure you have trailer insurance to protect your cargo.
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Towing Can Be Risky in Oklahoma
- In the state of Oklahoma, when towing a trailer, you must have license plate lights, working taillights/reflectors on trailers, a safety chain and a breakaway switch.
It's very important to remain cautious when pulling a trailer as it's easy to lose control, especially in a windy state like Oklahoma. If you've never towed a trailer before, you may want to take a trailer safety course to learn about basic maneuvers, securing a load, and hooking up and unhooking a trailer.
If you took out a loan for your trailer, insurance may be required. It's important to contact your lender to see if insurance is necessary.
Should You Get Trailer Insurance?
You can get insurance on any type of trailer. If you have the following types of trailer, rest assured there is a policy out there for you:
- Enclosed trailer
- Utility trailer
- Livestock trailer
- PWC trailer
- Boat trailer
- Auto trailer
- Camping trailer
- Commercial trailer
While state law does not require you to have insurance on your trailer, if you haul valuable items, trailer insurance may be a wise investment. Some insurance policies may only cover the trailer with liability insurance while you have it attached to the vehicle. When your trailer is detached from its host vehicle, the trailer has no insurance coverage, meaning that it could fall victim to fire, vandalism or theft, and you'd be paying out of pocket for a new trailer, including the contents. Worse, it could be particularly costly if that trailer struck an oncoming car and people got hurt - which is again why having liability insurance coverage on the trailer can give you serious peace of mind.
What Does Trailer Insurance Coverage Include in Oklahoma?
There are many types of trailer policies available; what may be perfect for your neighbor's trailer may not work for you. The right policy depends on your particular circumstances. An independent agent can evaluate your situation and explain the various coverage options available. The following types of coverage are typically available:
- Liability: This portion of the policy covers damage to others for which you may be legally liable, including bodily injury or property damage. Trailers sometimes have coverage under the boat, auto or homeowners liability policy, but coverage may not be adequate to protect you after an accident.
- Comprehensive coverage: This portion of the policy reimburses you for loss associated with events such as fire, smoke, hail, theft and vandalism.
- Total loss replacement: When you choose your policy, you choose your reimbursement method. The “Actual cash value” (ACV) method typically costs less than “replacement cost” because ACV accounts for depreciation. Your other option is total loss replacement, which means the insurer will provide full replacement cost if they determine your trailer to be a total loss within five years. After that time, you get reimbursement for the original price.
- Contents coverage: While your trailer may have trailer insurance, the contents may not. If you tow expensive items, you may want them insured while they are on the trailer, by opting for contents coverage.
- Emergency expenses and roadside assistance: Breakdowns happen. This coverage can provide assistance if you get a flat tire, have hitch problems or need a locksmith.
Planning for Costs: Quotes
There is no specific cost for trailer insurance, but typically, policies are under $100 a year. If, however, you use your trailer for work or commercial purposes, you should get a commercial policy to cover your exposures.
There are things you should have ready before contacting your insurance agent to make the process of getting quotes quicker. Be ready to answer a few questions, such as these:
- What type of trailer it is and what it's used for
- Size and age of the trailer
- How often it will be used
- Any drivers that will be towing the trailer
- Whether you will be lending the trailer to others
- Any safety features the trailer comes equipped with
- Your driving record
- What the contents will typically be, along with their value
- Where it will be stored
Also keep in mind that your quotes will take into account your financial background, as well. Your credit score actually has quite a bit of influence over the cost of your premiums; statistically, people with lower credit scores have a higher likelihood of filing claims.
How Much Trailer Insurance Do You Need?
While considering how much trailer insurance you need, it's essential to know what your trailer is worth. If you have a custom-made trailer or an expensive trailer, you may want the total cost of the trailer to be included in the policy. If you're opting to include contents coverage, be sure to list all the items that will be on the trailer, along with their monetary worth, to get a good overall estimate as to how much you should get in contents coverage.
How to Obtain Trailer Insurance in Oklahoma
Whether you want coverage on a brand new trailer or just want to update your coverage, it's important to have the right trailer coverage for your personal situation. A knowledgeable Trusted Choice® agent can help you find the best insurance quotes for your trailer and your cargo.
Contact a Trusted Choice agent for the best price on your trailer insurance policy.