How much is tow truck insurance in Ohio?

Maybe you’re thinking about getting into towing in Ohio and starting a tow truck business, or maybe you’ve already got a tow truck business. Either way, you’ve got a really important question: how much is tow truck insurance in Ohio? What should you expect to pay for your tow truck insurance? There are a lot of factors that affect the cost of tow truck insurance, but we’ll explain what they are and give you an idea of how much tow truck insurance costs in Ohio.

How much is tow truck insurance in Ohio?

Yes, this is the question at hand. But before we offer an answer, we have to take a second to say something really important:

The cost of tow truck insurance is going to be very different from business to business.

Like we said, insurance companies look at many, many details about your business before they set your rates. These details affect the price you pay for your tow truck insurance. Even a business that’s similar to yours – maybe they operate in the same area with the same number of trucks and drivers – can pay a really different amount for their tow truck insurance than you will.

Now that we’ve made that point, we’ll give you a range of numbers for Ohio tow truck insurance. But remember that this is just a loose idea – your business may fall within this range, it may not. It depends on things like your drivers, your location, your loss history, and more – we’ll explain later on.

Tow truck insurance in Ohio could be between $4000 and $15000 per power unit per year. The lower end of that range could be a rural business with a clean loss record, while a business with tickets and accidents or an urban business could be at the other end of that range. Like we said, lots of factors play a part in your tow truck insurance rates.

We can help you save on your tow truck insurance.

What factors affect the cost of tow truck insurance in Ohio?

Many details can affect your Ohio tow truck insurance rates. Insurance carriers might look at the following as they’re setting your premium.

  • Your drivers
  • Your loss history/Claims
  • Traffic tickets/Violations
  • What kind of towing work you do (strictly towing, roadside assistance, repo, etc.)
  • What kind of cars you’re towing (used, new, disabled, etc.)
  • Your location
  • Your radius of towing
  • Your tow trucks – year, make, and model
  • The number of trucks in your fleet

All of these factors show how much of a risk your business is for an insurance company to insure. If you’re more of a risk for them to cover, your rates will most likely be higher. And if you present less of a risk, you could get lower rates. That’s why a towing business with a history of accidents will probably have high insurance rates while a business with a clean loss record will probably have lower rates. The insurance company sees the business with losses as more of a risk to insure and more likely to have another claim.

The best way to truly find out how much Ohio tow truck insurance will cost for your business is to get a tow truck insurance quote. When you go through the quoting process, you’ll get a more accurate idea of how much your rates will be. A “ballpark” estimate most likely won’t give you a true idea of your premium.

(Our team can help you with getting quotes. When you work with our tow truck insurance professionals, it’s easy to get quotes. Get started by filling out our online form or giving us a call today.)

How to save money on Ohio tow truck insurance.

You might be a little nervous about how much your tow truck insurance is going to cost. The following are some tips to help you keep your rates down. (Many of them are about prioritizing safety at your business. Avoiding accidents can help you manage your tow truck insurance rates.)

  1. Make sure you have a thorough hiring process for drives so you’re hiring safe drivers.
  2. Follow a pre-trip vehicle inspection protocol.
  3. Maintain your vehicles.
  4. Try to avoid filing small insurance claims.
  5. Don’t forget to ask about any potential discounts.
  6. Find out if raising your deductible can help you lower your premium (if you’re financially comfortable with raising your deductible.)
  7. Have safety policies for the workplace to explain what safe driver behavior looks like and to outline your expectations.
  8. Shop around for tow truck insurance quotes.

And that’s what you need to know about Ohio tow truck insurance rates. Tow truck insurance premiums can vary quite a bit from business to business. Every business is different. So, it’s important to get multiple quotes for tow truck insurance so you can compare coverage options and pricing for your specific business.

We can help you save on your tow truck insurance.

And our tow truck insurance professionals can help with that. We’ve worked with a lot of towing businesses, and we understand the coverages you need to protect your business from the many risks you face on a daily basis. Get started with your quotes by giving us a call or filling out our online quote form.

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