Insurance

There are a lot of different types of tow truck and wrecker coverage out there. In this section of the blog, you’ll find various articles that deal with different topics relating to the insurance aspect of running a towing business. Our goal is to help decode all of the tow truck insurance-speak that’s out there so that you can make sure your business is getting the coverage that you need. There are a lot of risks for tow truck businesses, and we want to help you stay protected from them.

From garagekeepers insurance to wrongful repo, to garage liability, to physical damage, to auto liability, to on-hook/in-tow coverage, we can help answer any questions you might have about the coverage that you need to protect your tow truck business. Check out the articles below for some handy information about tow truck insurance. And feel free to call us to discuss your specific business and the coverage you need – we’re here to help!

How much does a tow truck cost?

August 3, 2022July 25, 2022 by Baily Sandage

Tow truck cost depends on what kind of tow truck and customization you choose.

You might be thinking about starting a tow truck business. Maybe you’ve been thinking about it for a while now, but you’ve got this question on your mind: how much do tow trucks cost? That’s a great question. The cost of a tow truck depends on the options that you choose for your truck. Most towing equipment is customized to suit the needs and convenience of the end user, and the choices that you make influence the tow truck cost. Depending on the options you choose, the cost of a typical tow truck can be anywhere between $58,000 and $850,000.

Anyways, that’s our disclaimer. Below we have some typical pricing for different types of tow trucks.

Workers Compensation for Towing Businesses: Why You Need It

July 15, 2022 by Baily Sandage

Workers compensation is required in most states for businesses that have one or more employees. However, the requirements vary from state to state. The purpose of this insurance is to compensate employees who are injured on the job and no longer able to work.

Therefore, businesses that entail a high level of risk should be more inclined to protect themselves and their workers. So, if you run a towing business you’ll definitely fall into this category! It’s important to note that this insurance coverage doesn’t come cheap, and as a towing company, it would be wise to shop around for a pocket-friendly insurance policy.

Let’s discuss further the importance of workers compensation for towing businesses.

What Is Garagekeepers Liability Coverage?

July 8, 2022 by Baily Sandage

Companies in the business of storing customer vehicles need to be protected. For example, tow truck drivers who are called to tow a car in the middle of the night frequently must store the cars in their shops for the night. If a few hours later, someone breaks into the shop and vandalizes the customer’s vehicle, the driver can be held liable. So, in instances like these, you’ll want garagekeepers liability coverage.

In this article, we’ll discuss the importance of this insurance, as well as who needs it and what isn’t covered. Let’s get started.

How to Choose the Best Tow Truck Insurance Company

June 21, 2022May 27, 2022 by Baily Sandage

As the population grows, so does the number of cars on the road. That means there’s a growing demand for towing services and tow truck drivers. To combat the risks on the road, businesses need tow truck insurance.

Due to the size of tow trucks, they have an increased chance of getting into a collision. Also, due to the nature of their job, they’re more likely to sustain life-threatening injuries. Therefore, to protect your towing business and drivers, you need quality tow truck insurance.

We understand commercial auto insurance isn’t cheap; therefore, it’s our mission to help you find the best coverage.

How to Get Cheap Tow Truck Insurance

August 3, 2022May 18, 2022 by Baily Sandage

Reliable commercial auto insurance is often very costly; however, it would be detrimental to go without it. Tow truck insurance is vital for many reasons and not having it could land you in a great deal of trouble. Fortunately, there are a few ways to get cheap yet reliable tow truck insurance. This way your drivers and your business will be protected.

Here are some ways to save big on your tow truck insurance. Let’s get started.

Actual Value vs Stated Value for Tow Trucks

August 3, 2022May 5, 2022 by Baily Sandage

Unfortunately, as a towing business owner, you have to combat many risks. Even if you comply with regulations, follow protocol, and make sure your drivers maintain a clean record, the risk of an accident is always there. Therefore, understanding an insurance policy is crucial for the sake of getting adequate coverage.

Since your tow trucks are high-dollar pieces of equipment, you want to make sure they’re fully protected. Therefore, you’ll want to understand the difference between actual value and stated value. Failing to know the difference can possibly leave your tow trucks underinsured!

In this article, we’ll go over in-depth actual value vs stated cash value for tow trucks. This way you can fully understand your tow truck insurance policy and coverage options.

The Benefits of Dash Cams for Tow Trucks

April 13, 2022 by Tow Truck Insurance Rates

According to the National Transportation Safety Board, fleets and towing businesses should consider installing a video monitoring system in their trucks. By doing so companies can protect their drivers against fraudulent claims and improve their driving skills.

Dash cams have become an essential device in both the trucking and towing world. As you know, operating a heavy-duty vehicle requires a lot of skill and there are a lot of risks involved. In fact, tow truck accidents can be very costly. This is where dash cams would prove to be very beneficial.

Dash cams give you the ability to monitor your surroundings and refer back when necessary. For example, say you’re parked and go inside for a snack, and when you come back out someone backed up into your tow truck. Without the help of a dash cam, you wouldn’t know who did it or have any proof. Therefore, you could be left footing your own repair bill!

The point is, dash cams can help towing companies save a significant amount of money. Then this money could be used towards improving fleet performance and safety.

In this article, we’ll discuss the many benefits of using a dash cam for tow trucks.

How Much Does On-Hook Insurance Cost?

June 21, 2022March 3, 2022 by Baily Sandage

As a tow truck driver, you have to understand that the role comes with a lot of risks. Not only is it your job to safely transport the client’s vehicle, but you’re also responsible for protecting your towing business. In other words, you need insurance to protect your business from any unforeseen expenses due to an accident or other mishap.

Investing in on-hook insurance is one way to protect your business financially. You may be wondering what on-hook insurance is and how much it costs.

In this article, we’ll discuss on-hook insurance and how to find affordable coverage for your towing business.

How the Drivers You Hire Affect Your Towing Insurance

August 3, 2022February 24, 2022 by Baily Sandage

Operating a tow truck comes with more risk and exposure than driving a regular vehicle. Since the towing industry is such a high-risk sector, you’ll likely be paying more for your insurance. However, other factors can impact your insurance premiums.

For instance, the drivers you hire can dramatically affect your insurance costs in the long run. This is because their experience, driving history, and age are used by the insurance company to determine your business’s level of risk. As you know, insurance companies don’t particularly like risk.

Therefore, to avoid high insurance premiums, you need to know what red flags to look for when hiring drivers.

In this article, we’re going to discuss how the drivers you hire affect your towing insurance and what red flags to look out for.

Guide to Understanding Tow Truck Insurance

November 23, 2021 by Baily Sandage

Considering starting a towing company? Are you already operating a towing business and need options regarding tow truck insurance?

Whatever the situation is, there’s a ton of information owners of tow truck businesses need to know regarding insuring their trucks. In fact, it’s crucial to understand the risks associated with this lucrative business. Note that tow truck insurance is a specialized coverage. Therefore, not as many people will be familiar with it compared to a basic commercial insurance. You can only leverage the benefits if you know what protection it provides and how rates are determined.

Don’t worry if insurance confuses you, here’s a guide to understanding tow truck insurance.