What Is Trailer Interchange Coverage?

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trailer interchange coverageTrailer interchange coverage is a type of el seguro comercial para automóviles. It provides financial protection for trailers that are hauled under a trailer interchange agreement if a covered property damage event occurs. This type of coverage protects any non-owned trailers that you or your business are operating under a trailer interchange agreement with another company.
Find a local agent today to learn about trailer interchange coverage and how it can help your business. Our agents can work with you to understand your business’ unique needs and get you the right coverage. If you’re a small business owner and would rather start the process online, you can obtener una cotización online from our partner, Tivly.

What Does a Trailer Interchange Agreement Do?

It’s a common practice in the trucking industry for truckers to transport trailers that belong to another company. In these cases, the two trucking companies will create a written trailer interchange agreement. This is a type of contract that outlines how goods will be transferred in a trailer that’s owned by another company. A trailer interchange agreement can help distribute the liability if fire, theft, a collision or vandalism causes damage to the trailer. Trailer interchange insurance can help your business cover the costs of repairing or replacing the vehicle.

Who Needs Trailer Interchange Insurance?

If you’re a trucking company that works under a written trailer interchange agreement with another company, you’ll need trailer interchange insurance. In a trailer interchange agreement, usually the trucker in possession of the trailer is liable for paying any damages that happen while they operate the vehicle. But with trailer interchange insurance, your transport company is protected if something happens to the trailer while it’s being transferred from one trucker to another as part of a trailer interchange agreement. For example you won’t have to pay out-of-pocket if the trailer in your possession is damaged or stolen unexpectedly.

Coverage Limits and Cost

When you purchase a trailer interchange insurance policy, you will select a coverage limit and a deductible. The coverage limit describes how much your insurance company will pay if you need to use this insurance. Your deductible represents the amount that you will pay out-of-pocket towards repair or replacement costs.

Trailer Interchange Coverage Example

You’re hauling an exchanged trailer and have pulled over to rest and refuel. While you’re inside the rest stop, your trailer is struck by another truck causing physical damage to its structure.
Your company does not own the trailer you were hauling, so you won’t be able to get coverage under your regular commercial auto insurance policy. Instead, you will be covered under your trailer interchange insurance policy.
Say your selected coverage limit is $25,000 and your deductible is $1,500. You will be responsible for paying the first $1,500 toward repairing the trailer. Once you pay your deductible, your insurer will pay up to $25,000 to cover the repairs.
If the cost to repair or replace the truck is more than $25,000, you would be responsible for covering the difference. If the repair costs are less than $25,000, you’re covered for the full cost after your deductible.

Get a Fast and Free Quote for Trailer Interchange Coverage From The Hartford

We know that truckers face unique risks while out on the road. It’s crucial to make sure that your business and your drivers are protected for the long haul. Find a local agent today to learn how The Hartford can protect your business on the road. Or if you’re a small business owner and would rather start the process online, you can obtener una cotización through our partner, Tivly.
Last Updated: January 5, 2024
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