Insure trailer when rented out

[High Country]

I own an open flatbed type trailer that I use to haul motorcycles etc... Is there a product I can offer to individuals, so they can “get the insurance” when they rent my trailer for the day/week?

 

[fed up]

No, because they dont own it. And your own insurance policy might deny coverage if they find out you are renting your trailer.
Damage caused to someone's property would be covered under their policy when the trailer is attached to an insured vehicle.

 

[adjusterjack]

your own insurance policy might deny coverage if they find out you are renting your trailer.

No "might" about it.

Loss to, or caused by, a rented out trailer is excluded.

Is there a product I can offer to individuals, so they can “get the insurance” when they rent my trailer for the day/week?

You would need a commercial auto insurance policy similar to what a rent-a-car company buys. I seriously doubt that any insurance company is going to take this on a day or week basis.

If you are doing this at all, you need to stop right now, lest you get sued into the poorhouse.

 

[marindependent]

Yikes.

 

[High Country]

Sorry... Just trying to learn here... that's why I'm in the consumer section

How do companies like Twisted Roads and Rider's Share allow you to rent your personal motorcycle to someone else and have insurance coverage?
And if it's because it's not a towed vehicle, how do companies like RV Share and outdoorsy allow individuals to rent their travel trailers?

 

[marindependent]

I really do not know. My guess is that they sit down with numerous large insurers and guarantee them huge amounts of premimums to consider the risk.

And even after they 'claim' the insurance is in place for everyone - there probably are all sorts of holes with it.

 

[adjusterjack]

My guess is that they sit down with numerous large insurers and guarantee them huge amounts of premiums to consider the risk.

That's pretty much how it works.

And even after they 'claim' the insurance is in place for everyone - there probably are all sorts of holes with it.

Could be.

 

[Markthebroker]

As far as the people renting the trailer, yes there are large peer-to-peer renting platforms that provide some sort of insurance. Ultimately, it may make the most sense for you to leverage their system.

Call ARRC about getting a policy for renting out your trailer. I worked with them before, and this is what they do, and yes they will work with somebody with only one rental. If that doesn't work, find a capable agent that can access Colombia through RPS, they will consider it, I've worked with them as well.

If people are renting something, yes they can get coverage for it. So, yes somebody can get coverage to rent your trailer for just a few days or so. The best bet, is probably an internet car rental website like Progressive or Geico, where they can just purchase the insurance, and cancel a couple days later. You can buy insurance on house, boat, car, or jet ski that you are leasing or renting, so I don't see why someone can't get insurance on a trailer they're renting, once they are renting it, they have an insurable interest. Once again, I've dealt with this situation too, though in a slightly different scenario.

 

[High Country]

Thanks Markthebroker, I appreciate the input. I will look into that.