Trailer Insurance in Manitoba

Factors affecting the price of your trailer insurance premiums in Manitoba

When it comes to trailer insurance in Manitoba, there really isn't a one-size-fits-all solution or price tag. Your insurance rates will vary depending on several factors that will determine your overall risk profile. The higher your risk profile, the more expensive your pricing will be. Typically, insurers will look at the following factors:

Trailer type and use (RV vs enclosed cargo vs utility)

Not all trailers are built the same. Therefore, the type of trailer you have and how you use it matters. For example, a lightweight utility trailer that carries yard clippings a few times out of the year is far less risky to insure compared to a luxury fifth wheel RV with modifications and upgrades that's used year-round. Insurers will also look at length, security features, and more.

Value + age of trailer

The more your trailer model is worth, the more it will cost to insure it. For example, a brand-new cargo trailer that's valued at $15,000 will cost more to insure than a 10-year-old model that's worth $3,000, as it will cost more to replace in the event of a total loss. That said, older trailers aren't always cheaper to insure, given that parts may be harder and more expensive to secure, which can also increase your premiums.

Storage method (garage vs outdoor lot)

Where and how you store your trailer is also important when determining rates. For example, storing your trailer in a secure garage or storage facility is less risky than having it in your driveway or yard. Insurance companies, therefore, need to note where you park your trailer to determine how likely it is to experience things like theft, fire, weather, and other related damages.

Year-round use vs seasonal

Do you use your trailer only in the summer to visit one of the many national parks across Manitoba or the rest of Canada? Or are you actively using it throughout the year? Seasonal usage often qualifies drivers for lower premiums, while year-round drivers can anticipate paying more for their coverage

Contents stored inside

What's stored inside your trailer also matters. Most providers will ask about the contents of your trailer, as high-value items are more risky to insure than trailers that are empty. Additionally, adding content coverage to your trailer also increases your rates, as you're adding more protection to your plan.

Deductible and add-ons

Finally, your deductible and coverage add-ons will also play a big role in your insurance premiums. While higher deductibles can lower your premiums slightly, it will increase the amount you need to pay if you file a claim. Additionally, opting for optional policies will increase your premiums, but it offers your wheels more financial protection. The key is to balance costs and coverage.