Nick from Red Ox Insurance Agency explains why non-owned trailer physical damage coverage is usually better than trailer interchange for truckers. Trailer interchange claims can be denied if you don't have a signed agreement on file, while non-owned coverage doesn't require one. He recommends non-owned unless you're doing intermodal work that requires an interchange agreement.
Hey gang. Nick with Red Ox Insurance Agency here today. This keeps coming up. I've done videos on this in the past, but I thought because it keeps coming up that I'd talk about it again. And that is the difference between trailer interchange and non own trailer physical damage coverage. Everybody wants to say trailer interchange, but in all honesty, it's very rare that you actually need trailer interchange. Usually if you're doing intermodal, you're gonna need trailer interchange, but for the most part, outside of that non own physical damage trailer, non owned trailer physical damage coverage is the proper coverage to have. Let me tell you why, when it comes to trailer interchange, you're required to have a signed trailer interchange agreement. So especially, you know, let's use Progressive, for example. They offer both trailer interchange unknown trailer physical damage coverage. Let's say your agent writes you a policy for trailer interchange. You're involved in an accident, trailer gets all banged up and the claims adjuster is working on the claim, gives you a call and says, hey, I need you to send me your trailer interchange agreement. And you can't produce the agreement because you don't have it. Therefore the claim is going to get denied and not be covered because you don't have a signed trailer interchange agreement. That's why non owned trailer physical damage coverage is the better coverage for you because essentially it covers the same thing. It covers any non owned trailer that you're using, but you're not required to have a signed trailer interchange agreement. So let's go back to that same scenario. You don't have trailer interchange, you have not known trailer physical damage coverage, accidents occurs, trailer gets banged up, claims adjuster is not going to question you about a trailer interchange agreement because it's not required. You have coverage. As long as you have non owned trailer physical damage coverage, you're going to have coverage for up to that limit. So that's why non owned trailer physical damage coverage is the better coverage to have. Unless you're required to have trailer interchange and you have a signed trailer interchange agreement, don't get trailer interchange. Okay? Hopefully you find this helpful. Man, I really just want to help truckers as best I can. If you've got any questions or concerns, feel free to reach out. Go to my website, redoxinsurance.com you can get a quote there, get some other information. But we're licensed in all lower 48 states. So if you need a quote, you feel like you're paying too much, we'll get you a quote, we'll get you multiple quotes. If you feel like your current agent is not giving you the service that you provide. We're going to provide you with some top notch customer service. All we do is trucking. We don't do anything else but trucking. So we're experts in that area. Love to help you. Www.redoxinsurance.com Go there today, get you a quote. Hopefully you find this helpful. We'll talk to you soon.
