You might be starting a tow truck business in Maryland, or maybe you have a business that’s been around for a few years now. Whatever your situation, you’ve got tow trucks, and you’re wondering how much tow truck insurance in Maryland costs. What should you expect to pay? Rates can be very different from business to business. We’ll go over some of the factors that can affect your tow truck insurance rates, and we’ll also discuss some ways you can save money on tow truck insurance in Maryland.
How much is tow truck insurance in Maryland?
Well, before we go any further in our discussion, we have to emphasize an important point: tow truck insurance in Maryland costs a different amount for each business. Insurance companies look at a lot of different details about your business before they set your rates, which means that there are a lot of factors that can affect your rates. Even similar businesses can have very different rates, no matter if they operate in the same area with the same number of trucks and drivers.
So, keep that in mind as you read the rest of this article. We’ll provide a loose ballpark of numbers for Maryland tow truck insurance, but this is only a rough range. Your business could fall within this range, it could fall outside of this range. Your rates might be at the lower end of this estimate or the upper end. Where you fall within this range depends on many different things, such as your drivers, where you’re located, and your loss history (among other details.)
Tow truck insurance in Maryland can cost anywhere from $5,000 – $14,500 per power unit per year. A business at the lower part of that range could be a rural business, whereas an urban business could be at the upper end. Likewise, a business with a clean loss history will probably get lower rates than a business with unsafe drivers or a history of claims.
What factors affect the cost of tow truck insurance in Maryland?
The following details about your business can play a part in determining your Maryland tow truck insurance rates.
- Your drivers’ MVRs
- Your claims/loss history
- Traffic tickets
- The year, make, and model of your tow trucks (can affect the cost of comprehensive and collision coverage)
- The size of your fleet
- What sort of towing you do (roadside assistance, repo, just towing, etc.)
- Where you’re located
- Your towing radius
The reason that these factors can affect your rates is that they give the insurance company an idea of how much of a risk your business would be to insure. If you present more risk, you’re likely to have higher rates. (That’s why a business with a history of accidents or claims will most likely have some higher rates.) The insurance company sees them as having a higher risk of having an accident or filing a claim.
When you’re thinking about tow truck insurance, it’s important to get an accurate idea of how much your insurance will cost – and that most likely means getting tow truck insurance quotes. If you go through the process of getting quotes, you’ll be able to get a better idea of how much you’ll be paying for tow truck insurance in Maryland. A ballpark estimate probably isn’t super accurate.
How to save money on tow truck insurance.
You might be a little worried about how much your Maryland tow truck insurance will cost. We’ve got some tips for keeping your rates down. (You’ll notice that a lot of these tips are about improving or emphasizing safety at your tow truck business. Safety can help your drivers avoid accidents and thus keep your rates down.)
- Try to avoid filing small claims.
- Have a thorough hiring process so that you know you’re hiring safe drivers.
- Create workplace safety policies for your business to outline safe behavior and your expectations.
- Have a pre-trip vehicle inspection procedure.
- Maintain your tow truck properly.
- Take advantage of tow truck insurance discounts.
- If you’re comfortable doing so, raise your deductible.
- Get multiple quotes for Maryland tow truck insurance.
So, that’s what you need to know about how much tow truck insurance in Maryland costs. Rates vary widely from business to business because there are many factors that affect premiums. And that’s why it’s important to get multiple quotes for your tow truck insurance.
And we can help you get quotes for Maryland tow truck insurance. We have an entire team of tow truck insurance experts who understand the risks you face and the coverages you need to protect yourself from them. Get started with your quotes by filling out our online quote form or giving us a call today.