Don't count on a hitch lock for theft protection. Back in the day I repossessed a number of TT's and 5'vers with hitch locks in place. All it took to snag most of the TT's was to back up to them and hook up the safety chains before driving off. For 5'vers, we backed the extended wheel lift stinger up to the landing legs, wrapped around them, lift and go. The tougher ones were the trailers that had chains through wheels and wrapped around the frame or axles. Those required sticking wheel dollys under the tires. And before anyone asks, we were not allowed to damage any personal property such as cutting locks or chains. The bank or finance company was responsible for getting them removed. My suggestion for both TT's and 5'vers is a good quality chain and lock through the wheels and around the frame or axle. The typical crook won't be equipped to handle that. A hitch lock will stop the opportunists, but not the more determined crooks.