If you’re in the towing world and you’re in Mississippi, you’re probably wondering something pretty important: how much is tow truck insurance in Mississippi? Whether you’re starting a tow truck business or you’ve got an established your business, it’s still a question that you’re very much interested in. You want to know how much you should plan to spend on your insurance, but the thing is that insurance rates can vary widely from business to business. We’re going to explain Mississippi tow truck insurance rates and give some tips for keeping your rates down.
How much is tow truck insurance in Mississippi?
Okay, before we carry on with our conversation about Mississippi tow truck insurance, we have to make an important point.
Tow truck insurance rates aren’t the same across the board. They vary widely, even within the same state.
Why? There are a ton of details that insurance companies look at when they set insurance rates, and these details can make a big difference. Even businesses with the same number of trucks and drivers that operate in the same area can see vastly different rates.
So, having put that out there, we can give an estimated range of numbers for tow truck insurance rates in Mississippi. However, this is just an estimate – your business could be at the lower end of this range, the upper end, or not in the range at all. (Again, a lot of factors affect your insurance rates.)
Tow truck businesses in Mississippi generally pay anywhere from $8,000 – $20,000 per power unit per year for their insurance. Businesses that operate in rural areas with clean loss records could be at the lower end of that range while businesses with tickets and accidents could be at the upper end. It all depends on your drivers, your claims, your tow trucks, your radius…
Yeah, let’s go ahead and take a look at some of the factors that affect tow truck insurance rates. That’ll help us make our point.
What affects the cost of tow truck insurance in Mississippi?
Here are some of the things that can play a part in your Mississippi tow truck insurance rates:
- Your drivers and their MVRs
- Your claims/Loss history
- Traffic tickets
- Your tow trucks (Year, make, model)
- How many trucks you have
- What kind of towing you do (roadside assistance, towing, repo, etc.)
- The kind of cars you usually transport
- Your location
- Your towing radius
The reason that these details are so important is that they indicate how much of a risk your business would be to insure. The higher the chances of your business filing a claim (the more risk you present), the higher your rates will likely be. That’s why a business with many accidents on their record will most likely see some pretty high rates. From the insurance company’s standpoint, that business has a higher chance of filing a claim.
If you want to get a truly accurate idea of how much your Mississippi tow truck insurance will cost, you should get tow truck insurance quotes. This will give you the best indication of how much you will spend on your insurance. Estimates are generally not the most accurate method for pricing insurance.
How to save money on tow truck insurance.
You might be a bit worried about how much your insurance will cost. We’ve got some ideas for how you can keep your rates down. (Many of our tips have to do with improving or emphasizing safety at your business so you can avoid claims – and therefore get lower insurance rates.)
- Have safety policies for your business that outline safe driver behavior and your expectations.
- Avoid filing small claims against your insurance.
- Have a thorough hiring process to make sure you’re hiring safe drivers.
- Have a pre-trip vehicle inspection protocol.
- Maintain your tow trucks properly.
- Don’t forget to ask about discounts you might qualify for.
- Consider raising your deductible if you can financially do so.
- Get multiple tow truck insurance quotes.
So, that’s what you need to know about Mississippi tow truck insurance rates. Premiums can vary from business to business because each tow truck company is different and insurance companies use a lot of different factors to set rates. That’s why it’s so important for you to get tow truck insurance quotes for your business.
We can help you get Mississippi tow truck insurance quotes for your business. Get started with tow truck insurance quotes today by filling out our online quote form or giving us a call today.