Trailer insurance in Canada covers any form & size of trailer that you might use to transport or tow supplies, vehicles, goods, and equipment. However, there are many types of trailers varying widely in value. Trailer insurance also covers different trailers, such as motorcycle trailers, horse trailers, ATV trailers, utility trailers, boat trailers, & other varieties.
The amount and type of trailer insurance depend upon its value and usage. To find out what kind of coverage you need for your trailer, contact CHES Special Risk professionals.
For more information, you can read our list of things about trailer insurance before you apply for the same:
1. There are three types of trailer insurance in Canada that cover your trailer, collision, comprehensive & liability. The way you use your trailer dictates the insurance coverage.
2. A collision policy pays to fix your trailer if it is damaged in an auto accident, regardless of fault in the crash.
3. The comprehensive insurance provides coverage for things like hail & storm damage, vandalism and theft. In either case, you must pay a deductible amount to receive compensation after filing a claim.
4. The risk of liability is often overlooked because you tow the trailer rather than drive. If you leave your trailer unhitched, it can cause extensive damage, and your auto liability may or may not cover damages.
5. If you use the trailer for business, you will need to cover the trailer as a part of your commercial policy, which is called commercial trailer insurance. Commercial trailer insurance cover includes auto hauliers, dump bodies, side dump trailers, and transfer boxes. It also covers concession trailers, flatbed trailers, dry freight trailers, livestock trailers, and logging trucks and trailers insurance.
6. Typically, you need to purchase a separate policy & list the trailer specification on the policy declaration page. You might also need to select the amount of coverage that applies to that trailer.
7. Sometimes, the trailer & the contents might be covered under an existing policy, such as your auto insurance. Unfortunately, many trailer owners assume that their truck insurance or auto policy covers the trailer towed behind the vehicle & ensure the damage.
8. If you have insurance coverage but your trailer is damaged, destroyed or stolen, you can file a claim on your trailer insurance to recover all your loss.
9. A personal umbrella policy is another option for trailer coverage. It covers your trailer’s loss beyond auto, watercraft or homeowner’s insurance limits.
10. For instance, if your trailer cause damage or injury in an auto accident beyond liability coverage, the other driver might sue you for the remaining expenses.
However, if you want to buy trailer insurance in Canada, approach the professionals of CHES Special Risk & get your trailer insured from the damage or loss.
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