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Leaving Tow Hitch cover off - any concerns about water getting in there?

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A step is vey different from lets say a bike rack that extends up to a good 3 feet out plus they need to take into account the impact loading when you hit a huge pothole. Plus having the load several feet away it is acting like a pry bar. That weigh limit is very conservative to say the least, can you imagine having 3 bikes on the back that rip off after hitting a pothole? Like I said, they are more than well protected by using a very low limit. Not saying you should go over this limit for a trailer or rack however like I mentioned earlier, using a step into the hitch will easily take 3 times or more load than the limit suggests.
 
A step is vey different from lets say a bike rack that extends up to a good 3 feet out plus they need to take into account the impact loading when you hit a huge pothole. Plus having the load several feet away it is acting like a pry bar. That weigh limit is very conservative to say the least, can you imagine having 3 bikes on the back that rip off after hitting a pothole? Like I said, they are more than well protected by using a very low limit. Not saying you should go over this limit for a trailer or rack however like I mentioned earlier, using a step into the hitch will easily take 3 times or more load than the limit suggests.

Maybe - Again do you, but I'm an overly cautious and to the specs type of person. I don't see the value of a step or bumper guard compared to risk of damaging a 60k+ expense.

Beyond the hitch only being rated for (as documented) a 160lb vertical weight load you also need to consider that if you do experience an impact at the hitch mounted step/bumper guard you're now directing that force to the car chassis as opposed to the as designed and far cheaper to repair body crumple zones.