Not Taking Chances with Unowned Trailers? Sign Up for Our Trailer Interchange Insurance
The trucking industry has so many aspects business owners like you have to take into account. We both know it’s not only about driving a truck from one point to another. One of the things we all need to keep an eye on is trailer interchange. This refers to trucks and trailers that are being transported but are not owned by you.
In these cases, you should have a written interchange agreement and a corresponding Arizona trailer interchange coverage.
Typically, the driver or motor carrier that is in the hold of the trailer is also responsible for it. So, until the trailer is handed over to the next driver or company, you need to make sure it stays safe or is insured in case of unplanned incidents.
It Adds Physical Damage Protection to Your Plan
If you have a regular physical damage insurance, it will cover all the trucks and trailers that are your property. All others that you use but don't own will remain out of coverage.
Our Arizona trailer interchange insurance adds this protection to your overall insurance plan. In case the trailers you're hauling are damaged by collision or fire, vandalized, or stolen, you or the owner will be eligible for a compensation.
Before you sign the agreement
Our team of experienced insurance agents is ready to explain the processes and the details, but before we start crafting and signing agreements, you should know that a lot will depend on your limits and deductibles
Generally, your overall insurance costs will jump anywhere from $100 to $1500 annually. Contact us to determine the exact cost for you. Factors that will be in play include equipment value, driving record, and loss history.
Remember that compensation will always be transferred after deductibles have been paid by the insured. In case costs exceed your limits, the difference will be paid by you. This is why it is important that you evaluate your trucks before agreeing on a limit. You will pay high deductibles if the trucks or trailers cost less than your limit. Likewise, if you set a low limit but your trucks cost more, you will end up making additional payments, apart from the deductibles. The average limit is $20,000-$30,000. Interested to talk in examples? Bring over the evaluation of your trucks and trailers, and our agents will customize an insurance plan that works for your business.
Remember that you also need to have a liability insurance, before you can apply for a trailer interchange coverage. Your business also needs to have at least one truck or pickup and a trailer, other types of vehicles do not qualify.
Are you ready to get insured?
No one wants to pay for trailers they don't own. Whether stolen or damaged, trailers that are attached to your trucks need insurance. Instead of risking financial assets and your business reputation, start the new quarter by smart planning. There's so much to discuss, give us a call today for a consultation on obtaining trailer interchange insurance.