Trailer insurance

[Jeffrey Abrams]

I was wondering what the laws are regarding insurance for pulling a utility trailer ? I thought the trailer was covered by your regular auto insurance.
Now I,m being told I need insurance for the trailer. It's not cheap either. I know the laws may be different in each state ( I'm in New Jersey) but I would still any input.

 

[One Call Power]

Insurance

Maryland law does not require insurance for the trailer. Although, more than likely, it will not cover the contents if you were in a major accident. Either way, if you can afford it, go with insurance on the trailer also. Include contents dollar amount.

 

[oneness]

I was wondering what the laws are regarding insurance for pulling a utility trailer ? I thought the trailer was covered by your regular auto insurance.
Now I,m being told I need insurance for the trailer. It's not cheap either. I know the laws may be different in each state ( I'm in New Jersey) but I would still any input.

In Florida, it isn't required to have insurance for the trailer, but if you're in an accident, the value of the trailer isn't covered unless it is insured. I have mine insured, and it costs about $100.00/year. The value of the contents is covered by the "inland marine" portion of my business liability insurance...That will protect the equipment and trailer against theft, and will protect the equipment against damage in an accident.

 

[Justin]

I beg to differ with the three of you. I don't believe that you can pull a trailer in a business and not be required to have it FULLY insured.

Check into this because every state I have had trailers and plates in, you are required to have insurance on a trailer when it's being used commercially. Matter of fact, anything you use commercially in the process of producing an income for your business, must be insured under the business name and insured properly.

Now if you are just be-bopping around with a trailer you are using, not for the purpose of generating income with, then you may not need insurance. But if it's your business, I'd certainly have the thing insured.

And yes, it's expensive to insure things. Why do you people think we have to average $70.00 per hour or more in order to make it in a legit business. There are a lot of costs involved. None are as expensive as not having your equipment insured and getting into a major accident.

Insurance is however all a racket. Insure it today, get into an accident, then they either raise your rates or they cancel your insurance. There's no winning with insurance and the insurance companies know it. My two cents.

 

[oneness]

Insurance is however all a racket. Insure it today, get into an accident, then they either raise your rates or they cancel your insurance. There's no winning with insurance and the insurance companies know it. My two cents.

I think every state is different, and it would be wise to check into the law where you live to see what's required. Regardless, it is crazy not to have it insured fully...If you're in a bad wreck and your equipment and/or trailer isn't covered, you could find yourself basically starting over...Not a pleasant thought.

I can understand an insurance company cancelling you if they deem you a high risk...That's business. Would you continue to do work for someone who was running their mouth around town about how lousy your work is? That's costing you money. Better to let the customer go and find one who is beneficial to your company.

Not all insurance companies cancel you just because you have an accident. We just settled a case where I ran into a lady while in a rental car in Washington state on vacation...Cost Allstate $17k (she was suing for $90k) plus all the attorney's fees etc. That wasn't the first accident we've had with them in the 15 years or so we've had that policy. That accident was 4 years ago, and they haven't cancelled us. Sure, our rates went up, but that's to be expected...I'm showing them by my accident that I'm a higher risk to them.

The one thing that gripes me is insurance companies using your credit score to determine whether to insure you, and to determine what your rates will be.