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The Complete Guide to Horse Trailer Insurance

The Complete Guide to Horse Trailer Insurance

Do you own, or are you planning to purchase, a horse trailer?  Have you given any thought to the type of insurance that will be required to ensure your trailer and the precious cargo you’ll be hauling with it remains protected against damages, theft and liability?  Many people assume that when buying a horse trailer it will somehow be covered by their existing home or automobile insurance, but sadly this is seldom the case—a fact that many horse trailer owners find out too late, after they have already incurred some type of damage.  In this article we will give you some tips for purchasing horse trailer insurance, including what will be covered by a standard policy and what type of coverage will, in most cases, cost you extra.

A Look at the Standard Horse Trailer Insurance Policy

Regardless if you’ll be financing your new horse trailer or buying it outright, it is always a good idea to carry at least the basic amount of insurance to protect your investment and yourself.  In fact, just as if you were buying a new car, if you’re planning to finance your horse trailer through a bank or other lending institution, you will almost always be required to carry insurance.  Here’s a look at what a standard horse trailer insurance policy will cover:

  • Liability Coverage.  Liability coverage is perhaps the most important type of insurance you can carry on your horse trailer.  This type of insurance will help pay for damages to another vehicle in the unlikely event your horse trailer is involved in a collision.  Moreover, liability coverage will help pay for things such as third-party medical costs and hospital bills should the other party become injured as the result of that accident.  Liability coverage can help protect you from being sued for money or other assets such as your home, vehicle or other private property.
  • Collision Coverage.  Collision coverage is the part of your policy that will help pay the damages to your horse trailer in the event of an accident or collision.
  • Comprehensive Coverage.  Comprehensive coverage is an umbrella term used to describe any damages incurred to your horse trailer that were non collision-related.  This can include theft, fire, vandalism, or adverse weather conditions such as hail and ice.

Horse Trailer Insurance:  Non-Standard Coverage

There are a number of options that can be added to your horse trailer insurance policy for an extra cost.  Some of these include:

  • Uninsured or Underinsured Motorist.  This type of coverage helps protect you in the event you are involved in an accident with someone who is uninsured or underinsured.
  • Property.  Property coverage includes anything that will be hauled in the horse trailer, including, of course, horses, as well as any equipment you are carrying with you.
  • Towing.  Towing is a type of coverage we seldom think about until it’s too late, but if for some reason your horse trailer becomes non-operational, this type of coverage will cover the costs (in some cases several hundred dollars) of getting your horse trailer safely home.

Owning a horse trailer, much like owning a home or a car, can be very rewarding, but sometimes accidents happen that you didn’t plan for, which is why it makes good financial sense to protect your investment with a comprehensive horse trailer insurance policy.

Photo courtesy of bugeaters.

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