Insuring your Trailer or Outfit
Ensuring you are adequately covered can be achieved in numerous ways.......
There are brokers who will insure either the trailer on its own or with the tow vehicle as a complete outfit. Ensuring you have the correct cover for your intended use of the outfit is critical. Underwriters have differing restrictions and requirements such as the number of days cover whilst abroad and the need for tracking devices etc.
It pays to shop around and look into policies and the small print.
Each underwriter has its own particular security requirements which varies with each policy.
Some insurers require trackers to be fitted to the trailer in addition to a hitch lock, alarm and wheel clamps.
There are also different types of trackers on the market. A simple basic tracker can be purchased and installed by yourself for around £160 which still uses the same GSM mobile phone network but doesn't have an annual subscription charge. You simply put a pay as you go SIM card in it and top that up when necessary. Once you have purchased the unit the only additional cost is topping up the PAYG SIM card.
The other alternative more expensive type of trackers have to be professionally installed at a cost of £400-£500 on top of which is an annual monitoring charge of around £100.
Before purchasing any form of tracker it is worthwhile making sure your unit doesn't already have one (if purchased second hand) and finding out which tracker your policy underwriter requires.
Old for new…?
Certain policies offer an old for new replacement on trailers upto 5 years old whilst others don't.
This is certainly a benefit in the event of a total loss due to theft, flooding or fire.
European Travel Cover
Insurance policies vary with the number of days you would be covered outside of the UK, therefore if you intend to take your outfit abroad it is worthwhile checking the maximum number of days your policy covers you for and if required extend the period of cover.
Complete outfit cover…
Policies are available to cover either just the trailer or the trailer and tow vehicle. A policy which covers the complete outfit can work out cheaper for some owners, however make sure the policy covers the correct use of the vehicle in terms of business cover and mileage etc.
Quick Insurance Check List
- Complete outfit cover or just trailer
- Which type of tracker is required?
- Hitch Lock required?
- Alarm Required?
- European Cover?