Horse Trailer Insurance: Do You Really Need It?

The horse is a symbol of the American spirit and the western frontier.

As of 2012, approximately 1.75 million American households own an average of 2.7 horses. This adds up to millions of horses requiring safe transportation to shows, breeding facilities, tracks, parks, barns, sales, moves, and more.

As anyone who has spent even a small amount of time driving knows, accidents happen. Unfortunately, horse trailers are not immune to the dangers of the road. Every year, horses are injured and killed in traffic accidents. On top of the tragic loss of life, tens of thousands of dollars can be lost as well. Horse trailer insurance can offer protection for your trailer, equipment, and beloved horses.

What Does Horse Trailer Insurance Cover?

Exact coverage will depend on the company you use and the policy you select. When looking at plans, keep your needs in mind. Good insurance companies can usually work with you to find a plan that matches your situation.

Look for a plan that offers you the coverage you need to feel safe while transporting your four-legged-friends and your belongings. Here are a few core offerings of horse trailer insurance:

• Damage to the Trailer

The price tag on a horse trailer can have quite the range. While you might feel fine paying for the damage or replacing the trailer if it’s relatively inexpensive, you may want the peace of mind that comes with knowing you’re covered if you have a pricier model.

At the end of the day, it’s nice to not pull your hair out worrying about unexpected expenses, and this coverage is often fairly standard in different policies, though the amount of coverage, deductible, etc. will vary according to company and policy.

Your insurance can also often cover liability for damage you cause to other trailers as well.

• Theft

A lot of people think about accidents when they think about insurance for horse trailers, but it can also protect you against theft. Horses are expensive, and they come with a lot of expensive gear, which can attract thieves.

Also, thieves are usually not overly gentle when robbing someone; theft usually comes with a price tag beyond the stolen value—the damage that’s left behind. Horse trailer insurance can cover you for theft as well.

• Associated Expenses

If you get in an accident, the damage to the trailer and equipment isn’t all you have to consider. Your horse may be injured and require treatment, you might have to board your horse for a while and/or rent a trailer while yours is getting fixed, etc. Different insurance policies will often offer options to cover these additional expenses as well.

How Much Insurance Do I Need?

The amount of coverage you’ll need will depend on several factors. Just like auto insurance, factors such as the age, condition, and value of your trailer should be taken into consideration.

You’ll also want to consider what you’ll carry in the trailer such as the number of horses you’ll transport and their collective value as well as any equipment you plan to tow.

If your area is prone to natural disasters, theft, etc., you may want to make sure to get a plan that covers those factors as well.

Other factors to take into account include:

• How often you’ll tow the trailer.
• How far you’ll travel with the trailer.
• Who will be allowed to drive the trailer?
• Where you’ll store the trailer.

The core question you must ask yourself is this: how much are you willing and able to pay if an unexpected accident arises? Your answer to that question will determine how much insurance coverage you’ll need.

Can’t I Just Use My Auto Insurance?

While some auto insurance policies may cover trailers, some policies only offer liability coverage. Liability insurance covers the damage that your trailer might cause to another vehicle in the event of an accident, but it won’t cover damage to your property. Many auto policies won’t extend enough coverage to the trailer’s contents, which can make an accident particularly devastating both monetarily and, potentially, emotionally, if you get in an accident with your horse in tow. Additionally, liability policies usually won’t cover damage from theft, storms, or other damage-causing situations.

Your home insurance may offer some coverage of items carried in a trailer in the event of theft or an accident. It’s important to talk with your home insurance provider so you know what exactly is, and isn’t, covered by your policy.

Horse trailer insurance can help you worry less when you travel with your horses in tow. Whether you are traveling for a competition, hike, festival, or just for a fun ride, it’s nice to put some stress aside and just enjoy your beautiful horses.

Looking to finance a horse trailer? Get in touch with Southeast Financial today to learn more.