Getting tow truck insurance at an affordable rate can seem like mission impossible. Tow truck insurance rates have been rising, and many tow truck businesses are looking to get lower rates on their insurance. But the question is…how to get cheap tow truck insurance quotes? If your wrecker insurance rates are too high, don’t lose hope – there are a few things you can do to save money on your tow truck insurance rates. We’ve got some tips to help you get cheap tow truck insurance quotes.
1. Keep a clean loss history.
When you’re getting a tow truck insurance quote, the agent will most likely want to see a loss-run report, which is basically a list of all of your business’s claims and losses. The more accidents and claims you have on your record, chances are your quote will be significantly higher. By committing to safety at your tow truck business, creating safety policies, holding training and safety meetings, and hiring responsible, experienced drivers, you can avoid accidents and keep your tow truck insurance rates down. Fewer claims mean that you’re less of a risk to an insurance company – and that’s good for your premiums.
Pro tip: Avoiding filing minor claims can help you save money on your tow truck insurance. If the loss is small enough, you may want to cover it yourself instead of filing a claim with your insurance company.
2. Ask about any discounts you could qualify for when you’re getting tow truck insurance quotes.
Insurance companies sometimes offer discounts if you meet certain criteria. When you’re getting tow truck insurance quotes, be sure to ask the agent assisting you if there are any discounts that you might be eligible for.
3. Ask about different payment plans.
Many insurance companies offer payment plans to help you get wrecker insurance without breaking your budget. Ask what options are available and figure out what works best for your business. (However, some insurance companies offer a discount if you pay for your entire policy in one go, so you may want to ask if that’s the case.)
4. See if making any safety-related changes to your business could qualify you for discounts.
It never hurts to ask if there’s anything you can do to make your business safer and get some insurance savings because of it. The agent you’re working with may have some insight as to how you can make your tow truck business safer and head off claims before they happen.
5. Review your coverage every year.
Make sure to examine your insurance policies every year. Things may have changed since the last time you got insurance, and you may not need the same level of coverage as before. You don’t want to be paying for insurance you don’t actually need. (And reviewing your insurance coverage may reveal gaps in your plan that you need to fill.) Take any changes to your business into account as you review your insurance and see if they may have impacted your rates.
6. Choose a higher deductible.
Your deductible is the amount you agree to pay if you have a claim before the insurance company will cover the rest of the damage. If you set a higher deductible, you may get lower premiums. However, that also means you’ll have to pay more out-of-pocket if you have a claim, so you have to think about what’s best for your business and how much you can comfortably afford to pay in the event of a loss or claim. Find the balance between deductible and premiums.
7. Shop around.
Each insurance company interprets risk differently, so you’ll get different quotes from various carriers. You have to do some price comparison to make sure that you’re getting the best coverage at the best price. Insurance is just like any other major purchase – you have to compare products and prices. Shop for tow truck insurance quotes to see if you can get a better price for your coverage – but don’t sacrifice coverage for the sake of getting a lower price.
Speaking of shopping around for affordable tow truck insurance, we can help you get multiple tow truck insurance quotes. Our goal is to help tow truck and wrecker businesses like yours save money on their insurance. We’re tow truck insurance professionals and we’re ready to help you find the coverage you need at the best possible rate.