Trailer Interchange
WHAT IS TRAILER INTERCHANGE COVERAGE?
Trailer Interchange insurance provides essential coverage for non-owned trailers utilized under a trailer interchange agreement. This type of policy safeguards motor carriers against any physical damage incurred by the trailer while it’s under their possession. It encompasses various scenarios such as collision damage, theft, fire, and vandalism. Many shippers and motor carriers mandate trailer interchange insurance as a prerequisite for conducting business. By ensuring comprehensive coverage for trailers in transit, this insurance offers peace of mind and financial protection to motor carriers operating under interchange agreements.
HOW MUCH DOES TRAILER INTERCHANGE COST?
Trailer interchange coverage generally increases annual insurance costs by an additional $100 to $1,500. On average, this coverage ranges from $20,000 to $30,000, with a standard deductible of $1,000. These figures may vary depending on factors such as the insurer, the specific terms of the policy, and the level of coverage required.
IS A TRAILER INTERCHANGE AGREEMENT NECESSARY?
Trailer interchange agreements have become less common compared to the past. Nowadays, more informal arrangements are often made when a trucker needs to haul someone else’s trailer and goods. In such cases, a Non-Owned Trailer Physical Damage policy is necessary to ensure coverage for any damage to the trailer while it is in the trucker’s possession.
FINDING THE BEST TRAILER INTERCHANGE INSURANCE
Choosing the appropriate limit and policy for your trailer interchange insurance can be challenging. It’s essential not to over or under-insure the trailer to avoid wasting money or risking insufficient coverage. Take your time to explore different options and obtain multiple quotes to ensure you find the policy that best suits your needs. As an independent insurance agency, we have access to a wide range of carriers, allowing us to help you find the perfect fit for your trailer interchange insurance needs.