Hey everybody, this is Mike with Local Impact. Meeting with Claude Singleton from Bray and Oakley today, Claude, if you don’t mind, just take a second to tell the people about Bray and Oakley, what you guys do and who you are.
Very good. Thanks, Mike Bray and Oakley Insurance Agency is an independent insurance agency, which means we represent several companies. We’re in Kentucky and West Virginia. We were founded in West Virginia back in 1920. What’s significant of that, to me is, we’ve been around for a good while. And it’s the same family passed down through four generations. So it is a wonderful company to deal with. We’re an independent agency, of course, representing several companies. We’re also a multi-line insurance agency, which means we do different kinds of insurance. We do auto and home and life insurance, as well as business insurance. So we do a lot of things. We have six different offices, three in West Virginia, three in Kentucky. And we, we do a good job with it. So give us a call. We’ll be glad to help you.
Awesome. Awesome. So Claude, I want to talk about trailers today, can you take a second and tell people what defines? Like, what’s the definition of a trailer?
Yes. And just to be clear, the trailer that we’re speaking of would be something that you would pull behind your car or your truck, that type of trailer, sure, this would be a utility trailer or something that you’re hauling your boat on, that type of thing. And I’ll also visit mostly about personal trailers, that is things that you’re pulling yourself for your own personal use. I will mention to the side, if you’ve got a business trailer you have a business, then there has to be a commercial exposure, there has to be a commercial type policy involved. I’d really recommend considering that. But today we’re going to, we’re going to focus on a personal trailer that she might have. And so that’s what I’ll be talking about.
Yeah, yeah. So is, do I have to have a separate policy for my trailer? Will my auto insurance cover the trailer? Can you tell the people? What’s the best way?
Oh, that’s a good question. Talk with us. And we’ll be glad to visit with you about this. In general, we add trailers on to the car policy, that’s what we do. And the liability, that you may cause damage with that trailer, if hitting someone else, while you’re on the road, the liability for that trailer of hitting someone else is actually covered by your vehicle. So we will not be adding an additional liability charge for that trailer onto your auto policy. If say, we say, okay, you’ve got this trailer, go and add this on to your auto policy, the liability part will not increase because of that. Because the liability of let’s just say you had a pickup truck and you pull it with that pickup truck, pull the trailer with that the liability is attached there. I’ll give you a terrible example. Let’s suppose that for some reason, it comes detached from the pickup truck and you’re going at speed and the trailer continues moving. And now it’s no longer controlled. Even though that’s not a guided missile. Now it’s an unguided missile, that liability is still covered by your trucks insurance or your car’s insurance. And that’d be for injuring someone else or hitting their property and her and hurting their property. And there’s no additional charge for that. It’s part of your auto policy. And that’s a good thing. Now the charge is for the trailer itself. If you wanted to insure the trailer physically, that’d be called comprehensive and collision coverages. And it’s physical damages to the vehicle, either things happening to it like nature happening to it, or hitting something that is coverage that does cost more for that trailer. And it’s a function of what value is on that trailer. So how old is it? And what all does, does it cost? And is it an enclosed trailer utility trailer? Or is it just an open trailer and open flatbed trailer with maybe a thing on the back that you can click close whatever was like a pickup truck back? All those things will go into it. And the cheaper it is? Well, the cheaper it is to insure the more expensive is, you know, the more expensive would be to insure, still no significant premium.
So what about the contents inside of say if I’m hauling, you know, if I’ve got tools or something in the back of my trailer and something happens, how is that covered?
That’s a real good question. And particularly with tools is a concern. And often it does involve your homeowner’s policy. Again, we’re going to emphasizing mostly personal use vehicles, personal use vehicles, not business use vehicles. Often your homeowner’s policy can cover under your contents for that of things that you have in side, your your trailer, your personal trailer.Just an example, you’re pulling the trailer with you to carry your luggage, let’s just say on vacation, all that is your personal stuff, there’s no business whatsoever in there, you will find it most likely, most likely, you’ll find that your homeowner’s policy will do a good job for you with those contents. Specifically regarding tools, there may be limits on your policies, how much tools will be covered on your policy on your homeowners. So we would have to look into that. And also, just as a reminder, the business use of items changes how things are insured. And so if you need a business policy, you would need a business policy, it will maybe excluded on your on your personal home policy, if it’s a business use of the vehicle. Let’s go ahead and go and step further into business use. Let’s say that you determined that you can really do a good job with mowing yards and you determine that I’m going to use my zero turn radius mower which I’ve been using while I’m at home. I will do this on the side and get extra money. At that point, you loaded on your trailer that you’ve got, that may become a business use vehicle, that may become a business use trailer. And so with that said, talk with us about business use insurance, business type insurance, because there can be limitations and problems for you. And we want to make sure that we help you before those problems happen. I’ll share something with you. Bray and Oakley has got the concept that there will be a claim, there will be an incident. We’re not writing policies, just to write a policy and give you a certificate that way you can get on the road or what with it just to prove I’ve got coverage or whatever the case may be. But in all of our kinds of insurance, auto, home and business insurance, we’re assuming we will be talking with you about a claim at some point. And so that’s how we prepare. So we will give you the just in case type of circumstance. It’s a big deal. And so, it’s a very good to me, it’s a very healthy concept to have. That’s what we do.
Great. That’s great. You can help. You can help just residential, as well as businesses or anything like that. Awesome. So what happens if you have your trailer loaded down with, you’re going on vacation with your family or something and someone decides to steal your trailer? Does insurance cover a stolen trailer?
Well, that’s a good question. And normally if there’s no comprehensive or collision on your, on your vehicle on your auto insurance, lets just say for that trailer, you would have to go toward your homeowners policy. And that’s where they may be limited. So it’s possible for your trailer not to be covered. It’s possible, all premises hauling it down the road. But if it had comprehensive and collision on your auto policy, that’s where it would be covered. Comprehensive and collision on that trailer on that auto policy, it would be covered for the theft. Your contents, your suitcases were taken, they may be able to come under your homeowner’s policy, because it’s still personal belongings and all; not a business use, that type of thing. But you bring up some questions there that we will discuss in detail with you. And if you have circumstances, we’d like to deal with those circumstances and let you know exactly what will your company specifically do in these circumstances for you? Part of our part of our conversation.
Sure. Awesome. So it’s I know with auto insurance and things is a trailer insurance policy actually required?
It would not be required, as far as it’s an old vehicle. It’s an old excuse me, an old trailer that you’re just attaching to pickup truck and to haul whatever you’re gonna be doing. I’ve got brush at home, I’m gonna be, you don’t have to add additional coverage for that. Sure. Going back to what I said earlier about the liability. If that causes damage, that trailer causes damage or towing and hit somebody or it’s something, then that’s because of the vehicle you’re towing it with. That’s where the coverage would come anyway. So it doesn’t have to be insured. Were would have been introduced if there’s a bank loan and all that. Sure. Let me throw one more thing at you. Your brother in law’s real good guy, real good guy, real good driver and all that stuff. He has his own truck. And he borrows your trailer and does personal items. It’s not business items and all that stuff. And he has a wreck with your trailer. Where’s that liability? Just a question? What do you think? Where’s that liability insurance going to come from? From his vehicle. He has a vehicle so it’s attached to his vehicle. It’s attached to him. Although he does not own that trailer. That’s where it will happen. That’s where it will be covered. So just interesting aside.
Yeah. Okay, awesome. That’s very helpful. So what determines the price for trailer insurance?
That’d be the value of the trailer. That would be if you do need comprehensive and collision coverage for either your choice of that, or because the banks requiring because you have a loan on it, the more expensive that trailer is, then the more expensive the insurance would be. But it’s still not a significant premium. It is a very fair premium.
Great, and it sounds like you’ve answered this question a couple of times through what you’ve said, but trailer insurance? Is trailer insurance separate from an auto policy. And it sounds like it can be either one or the same, correct?
In general, we would attach it to the auto policy. That’s where we would attach it. But we’ll discuss that and determine, do you want to have other coverages added to that, attached to that auto policy?
Sure. Claude, if somebody’s got more questions, you have any advice for anybody that either owns a trailer or thinking about buying one, any advice you would give them just in general?
Give us a call. Each of our offices has trained people like me, and we will be glad to talk with you or you can give a call and ask for me. I’ll be glad to visit with you. But we will handle things on an individual basis. When we have this type of presentation, It’s all general and we can’t get too specific. We’ll get very specific with you and help you make that decision. Sure will, so give us a call.
Awesome. Awesome, Claude. I really appreciate you taking some time out of your schedule to talk about these things. Really important stuff. So thank you, sir.
Thank you, Mike.
Yeah, have a good day.