Trailer Interchange Insurance Coverage

What is Trailer Interchange Insurance Coverage ?

Trailer Interchange Insurance Coverage may be required and is meant for to protect a carrier that is in possession of or transporting a container or trailer that they don’t own. In a situation like this, there would be a Trailer Interchange Agreement.

Trailer Interchange Insurance covers the costs of damages to the trailer in the following scenarios:

  • Theft
  • Vandalism
  • Accidental damage
  • Floods & fires
  • Loading freight, and
  • Unloading freight

Who needs Trailer Interchange Insurance Coverage?

Trailer Interchange Insurance Coverage is recommended, and may be required when you don’t own the trailer you are hauling, which most frequently happens with power-only trucking.

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Questions about this coverage or a policy?

If you have any questions about this coverage or you are unsure what kind of coverages you need for your business, please contact us.

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What are the requirements for Trailer Interchange Insurance Coverage?

The minimum limit for trailer interchange coverage should be at least enough to repair or replace a damaged trailer.

Trailer Interchange Insurance Coverage applies in certain situations and you must qualify for this coverage. To qualify:

  • Trailer needs to be in the insured’s possession at the time of coverage (Insured would have a Trailer Interchange Agreement)
  • Trailer owner must have a liability insurance policy to cover damage or theft of the cargo
  • Can only be available for tractors and pickups
  • There must be one trailer insured for each tractor or pickup
  • Note: Trailer interchange coverage is not currently valid in the state of Virginia (an additional insurance rider is recommended if going through this state)
Questions?

Trailer Interchange Insurance Coverage Example

Why do you need it?

You get a policy with a limit equal to $20,000 for the trailer value and a deductible of $1,000.

As you are using the trailer, you stop for the night and when you get up in the morning, you find that someone has stolen the trailer. In this case, you pay $1,000 toward replacing the trailer, and your insurance would pay up to $20,000 toward the replacement.

However, if the trailer was worth more than $20,000, you would be liable for the remaining amount. With no coverage, you would have to pay the full $20,000 or more.

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Holly Turner

Agency Supervisor

Holly can educate you on commercial truck insurance no matter what you are hauling. We assist long-haul and short-haul truckers, Hazmat Carriers, Fleets, etc.

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Account Manager

Zach is dedicated to serving all of his clients to the best of his ability. He will always shop his clients to maintain the lowest possible premiums with the best coverage.

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Erica LeBlanc

Renewal Specialist

Erica is our Renewal Specialist so there is a good chance that you will be speaking with her when your renewal comes up. She is professional, knowledgeable and fully capable of answering any questions you have.

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