Trailers & Declared Values: SGI Plate Registration
Coverage for trailers can be tricky to understand, especially when some terms are new to you. Trailer registration fees and insurance premiums are based on class and trailer type. However, it is up to you to advise on the trailer’s value for your registration. That’s why asking questions when registering and purchasing coverage for your trailer is essential. Here’s what you need to know about trailers and their declared value:
Round Up
When declaring the value for your registration, the value must be rounded up to the next thousand.
Premium
The amount you pay is based on what you set the value to and the type of trailer. The owner of certain types of trailers must declare the unit’s value. The declaration affects both coverage and premium amounts.
Value
The declared value should be set high enough to replace the trailer, including payment of taxes.
Total Loss
If the trailer suffers a total loss, the amount payable to the insured is the lesser value of:
- actual cash value (ACV) or;
- declared value
Under Insuring
When the value is declared too low, the owner may experience a shortfall in the payout amount in the event of a total loss.
To learn more and see SGI’s trailer registration classes and rates information page follow the link below:
Have questions you wish to discuss with a member of our team?
Posted in Auto on December 1, 2022 by Hope Prost
Share:
Tweet
