How much is tow truck insurance in Florida?

You might have a Florida tow truck business and you’ve been operating for a few years. Or you might just be starting a tow truck business. But either way, you’re wondering about the insurance side of things. Specifically, about Florida tow truck insurance rates. You want to know … how much is tow truck insurance in Florida? We’ll answer that question and we’ll also explain why rates can be so different from business to business. We’ll also give you some tips to lower your tow truck insurance rates.

How much is tow truck insurance in Florida?

Before we dive into that question, we have to explain something really important.  Tow truck insurance rates vary widely from business to business. There’s no magic number that you’ll pay for Florida tow truck insurance.

That’s because insurance companies evaluate many different details about your business when they set your rates. There are a lot of factors that affect your rates. So, even if two businesses look quite similar – they operate in the same area with the same number of trucks and drivers – they can pay a very different amount for their insurance.

We can give you an estimated range of pricing to give you a loose idea of how much Florida tow truck insurance costs, but this is just an estimate. Your rates may fall within this range or they may not.

Tow truck insurance in Florida can be anywhere from $10K – $18K per power unit per year. A rural business with a clean loss record could fall at the lower end of that range, and an urban business or a business with tickets and accidents could be at the upper end of that range. But there are a lot of details that determine where you could fall within (or outside of) that range.

We can help you save on your tow truck insurance.

What details affect the cost of tow truck insurance in Florida?

Like we said, tow truck insurance rates depend on many factors, including:

  • Drivers
  • Tickets
  • Accidents/claims
  • The tow trucks – year, make, and model
  • How many tow trucks or wreckers you have
  • The type of towing you do
  • What kind of cars you usually haul
  • Where you’re located
  • Your radius

Insurance companies look at these details because they help them to determine how risky your business would be to insure and how likely you are to have a claim. If you’re more likely to have an accident, your rates could be higher. That’s why a business with tickets and accidents could end up paying more for their tow truck insurance rates. To the insurance company, they’re more likely to have a claim.

To get an accurate idea of how much your Florida tow truck insurance could cost, you would need to get a tow truck insurance quote. By getting a quote, you’ll get a rate that’s based on your specific business and the risks you face. “Ballpark estimates” are probably not going to be terribly accurate.

How to save money on tow truck insurance

You might be concerned about how much you’re paying for tow truck insurance. Here are some tips to help you save money on your rates. (A lot of these tips have to do with improving safety at your business – this helps you avoid accidents and keep your rates down.)

  1. Avoid filing small insurance claims.
  2. Create a procedure for pre-trip vehicle inspections.
  3. Have a preventive maintenance program for your trucks.
  4. Ask about discounts.
  5. Establish workplace safety policies to outline your expectations for safe driving and behavior.
  6. Raise your deductible if you’re able to do so.
  7. Have a thorough hiring process so you hire safe drivers.
  8. Shop for multiple tow truck insurance quotes.

So, that answers the question of how much is tow truck insurance in Florida. As we said, rates vary a lot from business to business due to many factors. And that’s why it’s important to get tow truck insurance quotes – so you can find out exactly how much your tow truck insurance will cost.

We can help you save on your tow truck insurance.

And if you want some help shopping for multiple quotes, our team would be happy to lend a hand. We’ve worked with many tow truck businesses, so we understand the coverages you need and the risks that you face out there on the road. Getting multiple quotes allows you to compare pricing and coverage options. You can get started with your quotes by filling out our online form or giving us a call today.

Leave a Comment