Maybe you have a tow truck business in Iowa. Or maybe you’re interested in getting into towing and you’re going to start a tow truck business. Either way, you want to know how much tow truck insurance costs in Iowa. You know that a big part of running the business is making sure it’s properly insured, after all. The thing is that each tow truck business will have unique insurance rates because each business is different. We’re going to explain what affects your rates and give you some tips for saving money on your insurance.
How much is tow truck insurance in Iowa?
First of all, we have to tell you this:
Iowa tow truck insurance rates are very different from business to business because no two businesses are the same. Premiums vary a lot among towing businesses.
There are many details that insurance companies look at when they’re setting tow truck insurance rates because these details give them an idea of how risky your business would be to insure. Thus, a lot of different factors play a part in your premium. Even businesses with the same number of trucks and drivers and that operate in the same area can pay very different rates.
That being said, tow truck insurance in Iowa can cost anywhere from $6,000 to $16,000 per power unit per year. Rural businesses with clean loss records may be at the lower end of that range, while urban businesses or businesses with a not-so-clean loss record might be at the upper end of that range. Anyways, your business could be at the lower end…or the upper end…or not in this range at all.
What factors affect the cost of tow truck insurance in Iowa?
Many different details affect your Iowa tow truck insurance rates. For example, the following things can play a part in your premium:
- Your drivers and their MVRs
- Your claims and loss history
- Your tow truck (Year, make, and model)
- What kind of towing you do
- Your business’s location
- How many trucks are in your fleet
- Your towing radius
- Traffic tickets
These factors give the insurance company an idea of how risky your business would be to insure and how likely you are to end up filing a claim. If you present a higher risk, you’ll probably have higher rates – which is why businesses with a track record of traffic tickets, accidents, or claims will probably have some pretty pricey insurance rates. The insurance company sees them as being more likely to have another claim or loss in the future.
It’s important to get tow truck insurance quotes so that you can get the most accurate idea of how much your premiums will be. If you go through the quoting process, the insurance company will evaluate your business and your risks and give you a realistic expectation of how much you’ll pay for Iowa tow truck insurance. A rough estimate probably won’t give you a very accurate idea of your insurance rates.
How to save money on tow truck insurance.
So, we’ve talked about a rough estimate of how much Iowa tow truck insurance costs and some of the factors that can go into determining your insurance rates. But you’re probably wondering if you can get lower insurance rates. Here are a few tips to help you save money on your tow truck insurance rates. (Many of them are about improving safety at your business, which will help you avoid claims.)
- Try to avoid filing small claims.
- Raise your deductible if you can.
- Have a pre-trip vehicle inspection procedure.
- Make sure to keep up with tow truck maintenance.
- Don’t forget to ask about tow truck insurance discounts.
- Have workplace safety policies to outline safe driver behavior.
- Be thorough when hiring new tow truck drivers and hire safe drivers.
- Get multiple quotes for Iowa tow truck insurance.
And that’s what you need to know about how much tow truck insurance costs in Iowa. Every business has different tow truck insurance rates because each business presents different risks. Insurance companies look at a lot of different factors when they’re setting rates, so the best way to get an accurate idea of your tow truck insurance rates is to get quotes.
We have an entire team of tow truck insurance experts that can help you get tow truck insurance quotes. We’ve helped many towing businesses get great insurance at a great rate. Get started with your quotes by filling out our online form or giving us a call.
