Trailers are a substantial investment and hence an adequate insurance coverage is a quintessential requirement. You should protect your trailer against theft, damage and other untoward developments. There is no simple or straight answer to how much does travel trailer insurance cost. The annual cost or premium can be a couple hundred dollars or you may have to pay tens of thousands. The type of trailer you own, including its size and shape, the weight and the various components it has, its value at the present point in time and the kind of coverage you want will determine the annual cost of travel trailer insurance.
Travel trailer insurance is not the same as normal auto insurance. This type of policy is specifically for your travel, the exact journey you have planned, where you are heading and for how long, what all you would have with you and the risks you or your trailer would be vulnerable to during the trip. You can embark on an online quest to know more about travel trailer insurance cost, you can speak with an expert or you can call up an insurer you have a policy with to find out if they have relevant policies for your trailer. It is usually easier and also better to check out travel trailer insurance cost online as you can completely customize your search, use all relevant filters and then get a specific quote. Telephonic conversations are often simplified and generalized. You may get a ballpark from an insurer or one of their executives but not the exact amount you would have to pay. You must also prepare to deal with a range of cost unless you get specific with all the details.
The Retail Value of Trailers
The actual value of your trailer will be a decisive factor. Utility trailers are priced anywhere between two hundred and eight thousand dollars right now. Snowmobile trailers cost around five hundred up to a hundred thousand dollars. Personal watercraft or boat trailers can cost seven hundred to five thousand dollars. Motorcycle trailers are priced from eight hundred to fifteen thousand. Horse trailers would cost around five thousand to a hundred thousand. Toy haulers are priced from six thousand to a hundred thousand. Just to give you an idea, the effective cost for a 2017 Rockwood Mini Lite 2504S is $24,500 after factoring in the taxes, fees, and title among other expenses.
There are two ways this retail price of your trailer would impact the travel trailer insurance cost. The price is basically the value of your trailer so if you happen to lose it or it is stolen, then you would be compensated accordingly by the insurer. If your trailer is stolen a year or three down the line, then you would be compensated according to the prevailing value. The value of your trailer will depreciate in a year to three years. Some insurers would offer a coverage equivalent to the then value of your trailer. Some insurers would offer you enough money to buy a similar trailer. The exact terms the policy will determine how you get compensated.
Other Influencing Factors
Trailer insurance cost will be determined by the scope of the policy and hence the coverage. Small and light trailers that are not very costly can easily be insured with an add-on in the policy you have as a homeowner or renter. You may also go for this add-on in your auto insurance policy. The most inexpensive trailers can be added on without any extra charge or an increased premium. Expensive trailers must be insured separately, especially if they are large and can increase your liability if they come unhitched and cause damage to property and injury to fellow commuters or pedestrians. You will need a comprehensive insurance policy covering theft, damage, collision, total or wreck and other mishaps. The trailer insurance cost will depend on the size including length, width, and height, the shape and design, the way you use the trailer, the frequency of use and the time it spends on the road or away from your home. These factors effectively influence the risks for the owner and hence the insurer. The insurance cost will be worked out accordingly.
The Range of Travel Trailer Insurance Cost
With over fifteen million light trailers on the roads across the country, you should expect a vast range of travel trailer insurance cost. There are many insurers too and hence there are diverse policies influencing the specific ways of calculating travel trailer insurance cost. The specific type of trailer, its purpose, and frequency of use will cause massive changes in cost. A very small and light utility trailer that is relatively inexpensive would cost nothing to insure in most cases. A costly and heavy trailer, say a toy hauler worth ninety thousand dollars, will easily cost around five hundred per year to insure.
Travel trailer insurance cost is also dependent on various options you choose. For instance, trailer insurance coverage may be applicable only when the trailer is hitched to your vehicle and not otherwise. You need to choose a policy that will provide coverage even when your trailer is stored or parked. There should be comprehensive coverage against theft, whether or not the trailer is hitched to the vehicle. Some policies will assure coverage for the personal items, affects or cargo you carry in the trailer. Some policies will not cover such goods. You need to delve into such details. Do not just be content with the travel trailer insurance cost if it is lower than what you have found in other quotes. There may be a lot of exemptions in the policy and hence the coverage may prove to be futile.
Compare Travel Trailer Insurance Costs
You will need to compare travel trailer insurance costs vis-à-vis the types of coverage. You should also be sure that the insurer is reliable and make it simple for you to file claims. Some insurers are rather rigid and unfavorable with how they go about settling claims. Let us take the aforementioned 2017 Rockwood Mini Lite 2504S worth $24,500 as a case study to compare travel trailer insurance cost.
Good Sam’s Insurance quotes an annual premium of $376 with a deductible ranging from $250 to $500. There are replacement plans but it is unclear if the insurer would value the trailer at the time of theft or damage while ascertaining the coverage. Progressive has a policy via USAA. The annual travel trailer insurance cost with Progressive ranges from $179 to $383 depending on the coverage amount. For the 2017 Rockwood Mini Lite 2504S worth $24,500, Progressive quotes $289 a year. Anyone who already has a home insurance policy or auto insurance with or via USAA would get a deduction on travel trailer insurance with Progressive or a third party insurer working through the bank.
You can get quotes from both Good Sam’s and Progressive among other insurers online and over the phone. Go online to select every relevant detail so your quote is specific to your needs. A telephonic conversation would focus on the broader aspects and the quote may be completely futile as it would not factor in the specific needs you have given the type of trailer you have, how you operate it and what purpose it serves. All insurers will have exemptions in certain policies and some apparently all-inclusive coverage. You would need to choose the types of coverage you want and the kinds you do not need. You can always exclude the latter and bring the travel trailer insurance cost down.
Always prioritize replacement cost when you choose travel trailer insurance. You need to know if you get the complete replacement cost given the coverage. You should know how this value would be calculated now, a year down the line, two years or three years in the future. You would need sufficient financial coverage if your trailer is wrecked, stolen or damaged due to some reason four years later. The replacement cost may not be much at the time as it is now so choosing a policy that secures your interest.
You should also prioritize bodily injury while choosing travel trailer insurance. You can add bodily injury to the policy for an additional cost. You can go for two hundred and fifty thousand dollars coverage or you may choose half a million. Scaling up from a quarter of a million to half a million often does not cost much but the leap can be a lifesaver in a crisis. Get roadside assistance if you want. It can cost twenty-five bucks or so more every year. It is worthwhile to have some help when you need it the most. You must also get adequate coverage for your personal effects or items.
You may consider travel trailer insurance of Farmers, Progressive, Geico or Good Sam and others. Geico is not very forthcoming with its approach online. You would not get a quote after answering a zillion questions and you would be called by their relentless salespeople. You can always get actual quotes pertaining to your needs and then compare to make an informed decision.