“Non-owned trailer insurance and trailer interchange insurance are very similar, but they do have a few key distinctions. A truck driver will want to carry one of these coverages but won’t need to purchase both.
Trailer interchange insurance is used when a trailer interchange agreement exists between two more truckers or delivery companies. A trailer interchange agreement is when a shipment of goods or merchandise is being transferred from one trucker to another in order to complete the delivery.
When this happens, truckers end up hauling trailers they don’t own. Trailer interchange insurance allows the drivers to insure and protect the non-owned trailer.
Non-owned trailer insurance provides the same type of coverage but stipulates that the trailer must be attached to the power unit (head of the truck) at the time of the loss. Trailer interchange insurance provides coverage whether the trailer is connected to the truck or not.
The other main difference is that non-owned trailer insurance does not require a trailer interchange agreement. The coverage would extend automatically.
Commercial insurance is a very complex world and we recommend working closely with an experienced agent to make sure you and your rig are appropriately covered.”