Insurance might feel like a headache. With all of the different types of coverage, limits of coverage, and details, things can get complicated. The cost of your tow truck insurance depends on lots of different factors, such as your drivers, your tow trucks, and the services you provide. That’s why an agent will have a few questions for you before they begin their quest for your tow truck insurance quotes. The questions they ask are all to help them get you the most accurate quote possible.
To help you know what to expect when you fill out that quote form and await a call from a helpful insurance agent, here are some of the questions the person on the other end of the phone might ask.
1. What’s the make, model, and year of your tow trucks?
The details about your tow trucks are important. The price of your insurance is impacted by how much it would cost to replace the trucks if they were destroyed.
2. How many drivers do you have?
Your drivers have a huge impact on your tow truck insurance rates. The number of drivers you have and their driving records (MVRs) helps the insurance company figure out how much of a risk they are. To get your quotes, your agent will ask for their drivers’ license numbers and dates of birth.
3. Any tickets or accidents recently?
Insurance companies see tickets and accidents as strong indicators of risk. If you have a driver with some tickets or accidents, that could become a problem. Usually, there’s a specific amount of time that the insurance company will look at, which your agent will specify.
4. How long have you been in business?
Insurance companies like to see that a company is established and has a pretty clean loss record. The more data they can analyze, the better, so that’s why they’ll ask about your business’s age. If you’re a new venture, however, not to worry – sometimes there are companies that like the clean loss records newer ventures have, so you’ll still be able to find some tow truck insurance. They might also ask what kind of company you have – LLC, sole proprietorship, incorporated.
5. Are you strictly towing?
The insurance agent is going to be interested in the type of work that you do and the services you offer. What they’re trying to find out is if you offer any roadside assistance, repo services, or if you do any type of hauling. The services that you provide for your customers can have an influence on your rates – for example, rates tend to increase a good deal if your company does repo work.
6. What’s your tow radius?
They’ll also want to know where you’re driving your tow trucks. The area in which you work can have an impact on your rates, which is why they ask. A tow truck company located in a rural area may have lower rates than one located in an urban area. They’ll also probably want to know if you ever cross state lines.
7. Do you have any towing contracts, maybe with cities or municipalities?
Towing contracts play into your tow truck insurance rates. Your contracts may affect the way an insurance company will classify your business, and that has an impact on your rates.
8. What are the VIN numbers on those tow trucks?
The Vehicle Identification Number, or VIN, helps the insurance agent know that the truck is registered properly. They’ll need that to get your policy bound and ready to go.
These are just a few of the questions that your tow truck insurance agent might ask you before they work on getting your quotes. They need to know the details about your company so that they can get you the most accurate tow truck insurance quote possible and determine what your coverage options are. This also gives them the chance to figure out what kind of coverage your business is going to need and what limits would be appropriate.
So, if it seems like there are quite a few questions, bear with the agent. They’re only asking because they want to make sure that you get the coverage that you need. The last thing you want is to have a gap in your coverage or to not have enough insurance to cover a claim.
If you want to get your three free tow truck insurance quotes, that’s great! All you have to do to get started with getting the insurance you need is fill out our quote form or give us a call today. We would be happy to help you.