If you’re in the towing world in Oklahoma, you’ve probably got this question: how much is tow truck insurance in Oklahoma? Maybe your business is established and you’ve been around for a few years, or maybe you’re just starting a towing business. And now you want to know how much you should be prepared to pay for your insurance. The thing is that tow truck insurance premiums can be super different from business to business. We’ll explain what affects Oklahoma tow truck insurance rates, and we’ll give you some tips for lowering your rates.
How much is tow truck insurance in Oklahoma?
Okay, so we have to make sure to clarify something important before we go any further in discussing Oklahoma tow truck insurance rates:
Tow truck insurance rates vary widely among different businesses.
There are many, many factors that affect your tow truck insurance rates, and insurance companies look at a lot of details before setting your rates. Premiums can be very different even between two businesses that look very similar (maybe they have the same number of trucks and drivers and operate in the same area.)
Now that that’s been said, we’ll give a range of potential rates for Oklahoma tow truck insurance. However, keep in mind that this is only an idea of rates of tow truck insurance in Oklahoma. Your business might be in this range, but it might not. You might be at the upper end of this range or the lower end. Like we said, tow truck insurance premiums depend on a lot of different factors.
Oklahoma tow truck insurance rates could be between $8,500 – $16,000 per power unit per year. Businesses at the lower end of that range could be rural businesses, and the upper end of that range could be an urban business or a business with tickets and accidents. We’re going to look at some of the different factors that can affect tow truck insurance premiums.
What factors affect the cost of tow truck insurance in Oklahoma?
Oklahoma tow truck insurance rates can be affected by the following details about your business:
- Tickets
- Accidents/Claims
- Your drivers and their MVRs
- Your tow trucks – year, make, model
- Your fleet – how many trucks you have
- The kind of cars that you usually haul (new, used, junk, disabled)
- Your towing radius of operation
- Your location
- The kind of towing you usually do (roadside assistance, repo, towing disabled cars, etc.)
The insurance companies look at these details to see how much of a risk your business would be to insure. The riskier you are to insure, the higher your rates will likely be. That’s why a business with a record of tickets or accidents is probably going to pay a lot more for their tow truck insurance than a business with a clean loss record. The insurance company sees riskier businesses as more likely to have an accident or claim.
However, getting a tow truck insurance quote is probably the best way to get an accurate idea of how much you’ll pay for your Oklahoma tow truck insurance. A ballpark estimate probably won’t be too accurate as to how much your insurance will cost. You can get started with some quotes by filling out our online form or giving us a call.
How to get lower tow truck insurance quotes.
Insurance can get pricey, so you might be wondering about how you can save money on tow truck insurance rates. The following tips can help you manage your rates (and a lot of them are about improving safety at your business so you can avoid claims and accidents.) Here we go:
- Try to avoid filing minor claims against your tow truck insurance.
- Hire safe drivers by establishing a thorough hiring process.
- Have a pre-trip vehicle inspection protocol for your drivers.
- Don’t forget to ask your agent about discounts.
- Consider taking a higher deductible if you’re financially comfortable doing so.
- Have safety policies for your business that outline your expectations for safe driver behavior.
- Be sure to maintain your tow trucks properly.
- Get multiple tow truck insurance quotes.
And there you have it – that’s Oklahoma tow truck insurance rates in a nutshell. Premiums can be extremely different from business to business because a lot of different factors affect insurance rates. So, it’s a good idea to get multiple tow truck insurance quotes.
And we can help you out with that. We understand the risks that you face as a tow truck business and we can help you get the coverages you need to protect yourself from them. To get started with your quotes, fill out our online quote form or give us a call today.
