Maybe you’re starting a tow truck business in North Carolina. Maybe you’ve already got a tow truck business and you’ve been around for a while. Either way, you know that tow truck insurance is a big deal. But you’ve got a question – how much is tow truck insurance in North Carolina? We can help answer that question, and we’ll also explain why tow truck insurance rates differ so widely from business to business. (And we’ll throw in some tips about saving money on your tow truck insurance.)
How much is tow truck insurance in North Carolina?
We know that this is the burning question you have: how much is tow truck insurance in North Carolina? But before we go any further, we have to pause to make a really important point: tow truck insurance rates vary very widely from towing business to towing business.
Even businesses that are similar – same number of trucks and drivers, operating in the same area, and so on – can have wildly different rates. That’s because insurance companies look at a lot of factors when setting your rates. These factors play a big part in determining your rates.
We can give you a range of numbers to give you an idea of the cost of tow truck insurance in North Carolina, but this is just an estimate. Your premium might be within this range, or it might be outside of this range.
Tow truck insurance in North Carolina might be somewhere between $5,000 – $9,000 per power unit per year depending on where exactly you’re located within the state (for example if you’re in an urban or rural setting), your losses, and your drivers. The cost of insurance really depends on a lot of factors. Details about your business affect your rates.
Let’s take a look at some of the factors that affect tow truck insurance rates:
What factors affect the cost of tow truck insurance in North Carolina?
The cost of North Carolina tow truck insurance can be affected by…
- Your loss history/claims
- Tickets/Traffic violations
- Your drivers
- Your tow trucks and wreckers (Year, make, and model)
- The size of your fleet
- What kind of towing you do – roadside assistance, just towing disabled cars, repo, towing for an auto shop, towing for the police or a municipality
- What kind of cars you usually haul (new, used, junk)
- Where you’re located
- How far you go (your radius)
The insurance company looks at these details to determine how much of a risk your business is to insure. If you present a lot of risk, you’ll probably face higher rates. That’s why a business with a record of traffic tickets or accidents will most likely pay higher rates for their tow truck insurance. To the insurance company, they’re more likely to have an accident – and a claim.
To get an accurate idea of how much your North Carolina tow truck insurance will be, you would have to get a tow truck insurance. You’ll be able to get a rate that is based on your specific business and the risks that you face. If you’re only after a “ballpark estimate” and not getting a quote, that “ballpark” will probably not be very accurate.
The good news is that the tow truck insurance quoting process is easy when you work with our team!
Tips to save money on tow truck insurance.
You’re probably concerned about how expensive your tow truck insurance will cost. One way to keep your rates down is to improve safety at your towing business so you and your drivers can avoid accidents and claims, which can raise your rates.
That being said, here are some tips to save money on tow truck insurance:
- Try not to file small insurance claims.
- Create workplace safety policies to outline your expectations for safe driver behavior.
- Have a pre-trip vehicle inspection procedure.
- Have a maintenance program for your tow trucks.
- Ask your agent about discounts.
- Have a thorough hiring process to ensure you’re hiring only safe drivers.
- Check if raising your deductible will lower your premium (if you’re financially comfortable doing so)
- Shop for tow truck insurance rates.
So, that’s how much tow truck insurance costs in North Carolina, the factors that affect tow truck insurance rates, and some tips to improve safety so you can keep your rates down. Because tow truck insurance rates vary so much, we encourage you to get a tow truck insurance quote to get an accurate representation of your rates.
And our team of tow truck insurance experts would be happy to help you out with that. We’ve worked with many towing businesses, so we understand the risks you face and the coverages you need. You can compare coverage options and pricing by getting multiple quotes for North Carolina tow truck insurance. You can get started with your quotes by filling out our online form or giving us a call today.
