Maybe your tow truck business in Illinois is well-established and you’ve been around for years. Or maybe you’re just starting out in the towing world and are launching a new towing business. The thing that you’re wondering is this – how much is tow truck insurance in Illinois? You want to know about how much you should expect to spend on tow truck insurance for your business. Premiums for insurance differ greatly from business to business, and there are a lot of details about your business that go into determining your rates. We’ll explain these factors, explain how much tow truck insurance costs in Illinois, and give you some tips for saving money on your tow truck insurance.
How much is tow truck insurance in Illinois?
Before we go any further, we have to make an important point: tow truck insurance rates are very different for each tow truck business.
As we mentioned above, there are a lot of factors that affect your tow truck insurance rates – insurance companies look at a lot of details about each company before they set the rates. Even businesses that are similar – maybe they operate in the same area with the same number of trucks and drivers – can have very, very different premiums.
So, keep that in mind as we give you this loose range of possible rates for Illinois tow truck insurance. Your business may fall within this range, it may not. It might be at the lower end, it might be at the upper end. It depends on things like your location, your loss record, your drivers and their MVRs, the coverages you choose, and how long you’ve been in business.
Anyways, that being said, tow truck businesses in Illinois could pay anywhere from $6,000 – $13,000 per power unit per year. Depending, like we said, on the factors above. To find out how much your tow truck insurance will cost, we can help you get tow truck insurance quotes. Just fill out our online quote form or give us a call today.
What factors affect the cost of tow truck insurance in Illinois?
We mentioned out a few of the factors that can make a difference to your tow truck insurance, but here’s a list:
- Your drivers and their MVRs (Motor Vehicle Records)
- Your loss history (Claims)
- Speeding tickets
- The year, make, and model of your tow trucks
- How many trucks are in the fleet
- Your location
- How long you’ve been in business
- What kind of towing you do (roadside assistance, strictly towing, repo)
- The kind of cars you usually transport
- Your towing radius
The reasons these details can affect your tow truck insurance rates is that they give the insurance company an idea of how much risk your business would be to insure. If your business presents a high level of risk, your rates are probably going to be higher (which is why a business with tickets and accidents could pay higher rates than a business with a clean loss record.)
Getting an accurate idea of how much your tow truck insurance will cost most likely requires getting multiple insurance quotes. That’s the best way to find out how much tow truck insurance in Illinois will cost. A ballpark estimate might not give you the best idea of how much your insurance will cost.
How to save money on tow truck insurance
You might be worried at just how expensive your Illinois tow truck insurance will be. These are some tips for keeping your premium down and managing your rates. (Many of these tips are about placing an emphasis on safety at your tow truck business in order to avoid claims.)
- Avoid filing small claims on your tow truck insurance.
- Make sure that you’re hiring safe drivers for your business.
- Have a thorough hiring process so that you hire safe drivers.
- Have a pre-trip vehicle inspection procedure.
- Don’t forget to ask about tow truck insurance discounts.
- Have safety policies at your workplace to outline safe driver behavior and give your expectations.
- Consider raising your deductible if you’re financially comfortable doing so.
- Get multiple tow truck insurance quotes.
That’s what you need to know about how much tow truck insurance costs in Illinois. Rates can vary widely from business to business, what with all of the factors that can affect rates. This is why it’s so important to get multiple quotes for Illinois tow truck insurance.
And we can help you out with that. Our team of tow truck insurance experts can assist you with shopping for your insurance. We understand the risks you face and the coverages that towing businesses need because we’ve worked with a lot of tow truck businesses on their insurance. Get started today by filling out our online quote form or giving us a call today.
