If you’re starting a tow truck business in Kentucky or if you already have a towing business, you probably have this question – how much is tow truck insurance in Kentucky? You want to know how much you should expect to pay for Kentucky tow truck insurance. The thing is that it’s not such an easy question to answer – there are a lot of different factors that influence tow truck insurance rates, and premiums differ from business to business. We’ll explain what affects your tow truck insurance rates and give you some tips for lowering your rates.
How much is tow truck insurance in Kentucky?
First of all, we have to tell you that the cost of tow truck insurance varies a lot from business to business.
Why do rates vary so much?
Because there’s a lot that goes into determining tow truck insurance rates.
Insurance companies look at many, many details about your business before they set insurance rates to find out how much of a risk your business is to insure. Even if your business is really similar to another one in your area – the same number of trucks, same tow radius, same number of drivers – you can pay a really different rate for your Kentucky tow truck insurance.
So, keep that in mind as you look at this range of possible prices. Your business may fall within the range we’re going to give, or it might not. You could be on the lower end or you could be at the upper end. The cost of Kentucky tow truck insurance depends on things like your loss history, your drivers, and your location (and a lot of other factors.)
Tow truck insurance in Kentucky could cost between $5,000 and $15,000 per power unit per year depending on how long you’ve been in business and whether you’re located in an urban or rural area. (Urban areas have more vehicles and more traffic, which increases your odds of getting into an accident. That means you could have higher insurance rates.) However, there are lots of things that affect your tow truck insurance rates. We’ll go over some of them.
What factors affect the cost of tow truck insurance in Kentucky?
The cost of your Kentucky tow truck insurance could be affected by the following factors:
- The tow trucks or wreckers (year, make, and model)
- Tickets for traffic violations
- Your drivers
- How many tow trucks you have
- What kind of towing you do – roadside assistance, towing disabled cars, repo
- What kind of cars you typically tow – new cars, used cars, disabled cars, etc.
- Your location
- Your tow radius
All of these details about your business give the insurance company an idea of how risky you are to insure. If your business is seen as having a higher risk of a claim, your rates will likely be higher. If your business has a lower risk of having a claim, your rates will likely be lower. (That’s why a business with tickets and accidents will probably see pretty high insurance rates – to the insurance company, that business has a higher chance of having an accident and thus filing a claim.)
The best way to figure out how much your Kentucky tow truck insurance will cost is to get a tow truck insurance quote. That will give you the most accurate idea of pricing. A ballpark estimate may not be the most accurate estimate of your rates.
(And when you work with our team, getting a tow truck insurance quote is easy. All you have to do to get started is fill out our online quote form or give us a call today.)
How to save money on your Kentucky tow truck insurance.
Maybe you’re a little worried about how much your insurance will cost. We’ve got some tips for managing your rates. It’s a good idea to emphasize safety in your business. Safety can help you and your drivers prevent accidents – and avoiding accidents can help you keep your tow truck insurance rates down.)
- Avoid filing small claims against your tow truck insurance.
- Hire safe tow truck drivers and have a thorough hiring process.
- Ask the agent getting your quotes about discounts.
- Have a pre-trip vehicle inspection routine.
- Maintain your tow trucks.
- Have safety policies for your business to give some guidelines for safe driver behavior and outline your expectations.
- Raise your deductible if you’re financially comfortable with doing so.
- Get multiple tow truck insurance quotes.
So, that’s the scoop on how much tow truck insurance costs in Kentucky. Tow truck insurance rates vary widely from business to business, which is why it’s important to get multiple tow truck insurance quotes so you can compare coverages and pricing. And we can help you with that – our team of tow truck insurance experts can shop your rates and get you the coverage you need. Get started with your tow truck insurance quotes by filling out our quick online quote form or giving us a call today.