If you’ve got a tow truck business in Virginia, you’re probably wondering what kind of insurance you need. And (also important) how much does tow truck insurance in Virginia cost? You want to get an idea of how much you’ll have to pay to insure your business and keep your towing operation running. Tow truck insurance rates are very different from business to business because there are a lot of factors that can affect premiums, so we’ll explain how all that works and give an estimated range for Virginia tow truck insurance.
How much is tow truck insurance in Virginia?
So, we’ve already mentioned this, but we need to make a very important point before we continue:
From business to business, tow truck insurance rates can be extremely different.
Insurance companies look at a lot of different details when they set premiums because they’re trying to figure out how much of a risk it would be to insure your business. They want to know how likely you would be to file a claim. That’s why two businesses that operate in the same area and look very similar on paper might have different insurance rates.
So. Moving along, we can give you an estimated range of premiums for Virginia tow truck insurance. However, remember that this is just a loose range. Your business might be at the lower end or the upper end of this range, or you might not fall within these numbers at all. (We’ll go over some of the factors that determine your premiums in a second.)
Tow truck insurance in Virginia generally costs between $6,000 and $16,000 per power unit per year. Where your business falls within this range depends on where you’re located in the state.
What factors affect the cost of tow truck insurance in Virginia?
As far as things that can play a part in your tow truck insurance rates, these are some of the factors that insurance companies look at:
- Your drivers
- Your loss history (your claims)
- Tickets – speeding, traffic violations, etc.
- Your tow truck (Year, make, model)
- The number of trucks in your fleet
- What kind of business you have
- What kind of cars you’re usually towing
- Your location
- Your radius of operation
The reason that the insurance company considers these details is that they want to find out how much of a risk your business would be to insure. The more of a risk that you present to them, the higher your rates will likely be. (It’s for this reason that businesses with tickets and accidents often see higher tow truck insurance premiums – to the insurance company, they have a higher risk of having another accident and filing a claim.)
So, you’re probably wanting to get an accurate idea of what you’ll pay for tow truck insurance in Virginia. The easiest way to do that is to go through the insurance quoting process. Getting quotes will allow you to see what you’re looking at in terms of a bill. Get started with your quotes by filling out our online form, messaging us on LiveChat, or calling us.
How to save money on tow truck insurance.
Maybe you’re a bit worried about what your tow truck insurance will end up costing – you’ve heard rumors that it can be expensive. There are a few things you can do to get lower tow truck insurance rates, and many of them are all about improving safety at your business so you can avoid accidents and claims.
- Try to avoid filing small claims against your insurance.
- Take care when you’re hiring drivers so that you hire safe drivers.
- Have a protocol for your tow truck insurance maintenance.
- Take advantage of insurance discounts and ask what discounts you could qualify for.
- If you’re comfortable doing so, raise your deductible.
- Have workplace safety policies to outline your expectations for safe driver behavior.
- Have a pre-trip vehicle inspection.
- Get multiple quotes for your tow truck insurance.
Anyways, that’s what you need to know about how much tow truck insurance costs in Virginia. Every business is different, so every business will see different rates for their tow truck insurance. Insurance companies look at a lot of details about your business when they set rates because they need to know how much of a risk you would be to insure.
And all of this is why it’s a good idea to get multiple tow truck insurance quotes. We can help you get great tow truck insurance at a great rate. Get in touch with our team of transportation insurance experts by filling out our online form, giving us a call, or sending us a message on LiveChat.
