You’ve got a question on your mind: how much is tow truck insurance in South Carolina? You might be starting a tow truck business in South Carolina, or you might have an established business that you’ve been running for a few years. You’re wondering how much you should expect to pay for tow truck insurance in South Carolina. Rates can vary greatly from towing business to towing business, but we’ll explain the factors that go into your rates and give you some helpful hints for saving money on your tow truck insurance.
How much is tow truck insurance in South Carolina?
We’ve got to go over an important point before we go over how much tow truck insurance costs in South Carolina.
Tow truck insurance rates are very different for each towing business.
That’s because there are a lot of details about your business that insurance companies look at as they’re calculating rates. Many factors can affect your tow truck insurance rates. Similar businesses that have the same number of trucks and drivers and operate in the same area can still have very different rates.
So, now we’ve established that, we can give a loose range of numbers for South Carolina tow truck insurance rates. But this is a loose range – where your business falls in this range or out of this range depends on your drivers, your location, and your losses (and a lot of other things.)
Tow truck businesses in South Carolina could pay anywhere from $7,000 to $15,000 per power unit per year. A business at the lower end of that range is probably a rural business with a clean loss record, while an urban business could be at the upper end of that range.
But as we said, a lot of factors affect tow truck insurance rates. Let’s take a look.
What factors affect the cost of tow truck insurance in South Carolina?
The following are factors that play a part in determining your South Carolina tow truck insurance rates:
- Your claims/Loss history
- Traffic tickets
- The year, make, and model of your tow trucks
- How many trucks are in your fleet
- What sort of business you have (roadside assistance, towing, repo, etc.)
- What kind of cars you usually transport (used, new, disabled, junk)
- Where you’re located
- Your towing radius
These details tell the insurance company how much risk your business presents and how much of a risk it is for them to insure you. If you present more risk, your rates will probably be higher. This is why a business with a record of traffic tickets or accidents is most likely going to have some pretty high insurance rates. To the insurance company, that business is at a high risk of having another claim or accident.
To get an accurate idea of how much your South Carolina tow truck insurance will cost, you would have to get a tow truck insurance quote. By going through the quoting process, you’ll be able to see just how much your premium will be. If you’re just going by a ballpark, that estimate probably won’t be accurate.
How to save money on tow truck insurance.
You’re probably a little anxious about how much your tow truck insurance is. Here are some tips for keeping your rates down. (A lot of them are about emphasizing safety at your towing business, which can help you and your drivers avoid accidents – and lower your tow truck insurance premium.)
- Create safety policies for your workplace to outline safe driver behavior and explain your expectations.
- Try not to file small claims.
- Have a thorough hiring process so you hire safe drivers.
- Establish a pre-trip vehicle inspection routine.
- Keep up with tow truck maintenance.
- Ask about discounts.
- Raise your deductible if it will lower your premium and you’re financially comfortable doing so.
- Shop for tow truck insurance quotes.
So, that’s the deal with the cost of South Carolina tow truck insurance. Rates can be very different from business to business because of all the details that insurance companies look at when setting rates. And that’s why it’s so important to get multiple tow truck insurance quotes.
Our team of tow truck insurance experts can help you there. We’ve worked with many towing businesses, so we understand the risks you face and the coverages you need to protect your business. You can get started with your quotes by filling out our online form or giving us a call today.