Don't think its the cover, mine hangs permanently on the wall.
Towed 5000k's to Airlie Beach & back last year and no temp issues.
I would guess the thermostat, the bottom hose that connects to the water pump has a wire coil inside it to stop it collapsing but the top hose doesn't, the fact it was sucked in means on blockage in the radiator
it collapsed due to the negative pressure created by the water pump trying to draw water through the radiator with the thermostat closed.
Had it happen to a Bommodore I had on the 80's.