You’ve got a question – how much is tow truck insurance in Arkansas? You might be starting up a towing business. Or maybe you’ve been around a while and your business is well-established. At any rate, you’re wondering how much you’ll have to pay for tow truck insurance. The truth is that there are a lot of factors that affect the cost of insurance for a towing business, and your rates depend on many details about your business. We’ll explain how much Arkansas tow truck insurance costs, what affects your premium, and how you can manage your rates.
How much is tow truck insurance in Arkansas?
Tow truck insurance rates are really different from business to business. There’s no “one-size-fits-all” premium for towing businesses. This is because insurance carriers evaluate many different factors about a business before deciding whether or not to insure them and how much to charge for towing insurance. Your business might be a lot like another business in your area (you might have the same number of trucks and drivers) but your rates could be vastly different than theirs.
So, remember that as we continue talking about how much tow truck insurance in Arkansas costs. Your business might be within the range we’ll mention, but it might not. You could be at the lower end of the range, or you might be at the upper end. It all depends on your business – your location, your losses and claims, your drivers, your trucks, and so on.
Arkansas tow truck insurance can cost between $6,000 and $14,000 per power unit per year. Your rates depend on many different details about your business, such as whether you’re located in a rural or urban area and your loss history.
What factors affect Arkansas tow truck insurance rates?
The following factors can play a part in determining your tow truck insurance rates:
- The drivers who work for you
- Your tow trucks/wreckers
- Your loss history (accidents, claims, etc.)
- Your location
- The size of your towing fleet
- Your radius of operations
- The kind of towing work that you do (transporting disabled cars, repo, roadside assistance, etc.)
- The kind of cars you tow (Scrap, new, used, disabled)
Insurance companies look at these details because it helps them get an idea of how much of a risk your business would be to insure. If you’re less likely to have a claim, you’re less of a risk. If you’re more likely to have a claim, you’re more of a risk for them to cover. So, that’s why businesses that present more of a risk can end up paying more for their insurance. (For example, a business that has a record of accidents and tickets could have way higher rates than a business with a clean loss record.)
If you want to get a truly accurate idea of how much your Arkansas tow truck insurance will cost, it’s a good move to get a tow truck insurance quote. This will give you a number that’s way more accurate than a rough estimate, a ballpark, or a range.
We can help you with getting quotes so you can compare coverages and pricing. If you fill out our quote form or give us a call, you can talk with one of our tow truck insurance experts, who can help you get the coverage you need for your business.
How to save money on your tow truck insurance in Arkansas.
You might be concerned about the price tag of the insurance you need for your business. We’ve put together some tips to help you manage your insurance costs and save money on towing insurance. Many of these tips are related to safety and preventing loses.
- Have a maintenance program for your tow trucks and wreckers.
- Don’t forget to ask about insurance discounts.
- Make sure to have a system for pre-trip vehicle inspections
- Create and establish workplace safety policies for your towing business.
- Consider raising your deductible if you’re financially comfortable doing so.
- Take care to hire drivers who are committed to safety.
- Try not to file small claims against your tow truck insurance.
- Shop for multiple tow truck insurance quotes.
And that’s what you need to know about how much tow truck insurance costs in Arkansas. Insurance rates differ greatly from business to business, which is why it’s important to get multiple quotes so you know you’re getting great coverage at a great rate. Our team would be happy to assist with your insurance needs. You can reach out to us and get in touch with a towing insurance expert by filling out our online quote form or giving us a call today.
