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Unless you're bothered by the idea of it getting covered in dust, rain and kicked up water, I don't see much need to cover it. I suppose if it's new and shiny, you might not want it to get messy...
Stretch-wrap and a plastic sheet(vapour barrier) would protect it better than a motorcycle carrier, and not flap in the wind. Would keep prying eyes off it fairly well too. You just have to figure out how to do it in such a way that you can still get it on to the carrier.
Lock that thing up well! I have motorcycle U-locks (like bike locks, just bigger) that I'd put one on each wheel and a cable through them to the trailer hitch. And a locking hitch pin too.
Good luck!
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