If you’re running a tow truck business in Wisconsin (or if you’re thinking about starting one) you might be wondering about your insurance. How much is tow truck insurance in Wisconsin? You just want to know how much you should be prepared to pay for your coverage – however painful it might be. The thing is that rates vary widely from business to business. There are many details about your business that play a part in how much you pay for insurance, and we’ll explain how much tow truck insurance in Wisconsin costs.
How much is tow truck insurance in Wisconsin?
As we said, tow truck insurance rates vary a lot for each tow truck business. Insurance companies use a lot of factors to determine how much a business will have to pay for their coverage, which is why businesses that look really similar might end up having very different insurance rates. Even if you have the same number of drivers and trucks as the business down the road from you, you’ll probably have different rates than they do.
Now that we’ve explained that whole thing, we’ll give an estimated range of Wisconsin tow truck insurance rates. However, note that we say estimated – your business might not be in this range. Or maybe you are, but you’re towards the lower end. Or maybe you’re at the upper end.
Tow truck insurance in Wisconsin could cost anywhere from $5,250-15,000 per power unit per year. Businesses at the lower end of that range might be ones that operate in more rural areas, while at the upper end of that range could be urban businesses or businesses with tickets and accidents. Rates also depend on your drivers, your losses, and how long you’ve been in business.
However, many, many things affect tow truck insurance rates. We’ll explain what some of those things are.
What factors affect the cost of tow truck insurance in Wisconsin?
These are some of the details that can have an impact on your tow truck insurance rates.
- Your loss history – claims
- How long you’ve been in business
- Traffic/speeding tickets
- The tow trucks (Year, make, and model)
- The number of trucks in your fleet
- Your drivers and their driving records
- What kind of business you have (roadside assistance, towing, repo, and so on)
- Your location
- Your radius of operation
- The kind of cars you normally transport
The reason why these things all matter to your tow truck insurance rates is because they give the insurance company an idea of how much risk it would be to insure you. You will most likely have higher rates if you present more risk. (And this is the reason why a business with tickets and accidents could have some pretty high tow truck insurance rates. An insurance company typically sees that as a higher risk of the business having a claim.)
For a truly accurate portrayal of your Wisconsin tow truck insurance rates, it’s best to get tow truck insurance quotes. You’ll get the best idea of what your premium would be by going through the quoting process.
How to save money on Wisconsin tow truck insurance.
You might still be a little bit concerned at how much your insurance will end up costing. To hopefully put your mind at ease, we have some tips for managing your rates and getting lower premiums. (Many of these things are about emphasizing safety at your towing business. Safety can help your drivers prevent accidents, which can lead to lower tow truck insurance rates.)
- Have workplace policies to outline safety expectations for your drivers.
- Avoid filing claims for minor things.
- Hire safe drivers and have a thorough hiring process.
- Implement a pre-trip vehicle inspection routine.
- Have a maintenance schedule and program for your tow trucks.
- Don’t forget to ask about tow truck insurance discounts.
- If you’re financially comfortable doing so, raise your deductible.
- Get multiple quotes for tow truck insurance.
So, that’s what you need to know about tow truck insurance rates in Wisconsin. Each business is unique, so premiums vary a lot for each towing company. Insurance companies look at a lot of different details about a business when they set tow truck insurance rates. And that’s why it’s a good idea to shop for your tow truck insurance and get multiple quotes.
We have a team of transportation and tow truck insurance experts who can help you get quotes. Our agents can help you get great Wisconsin tow truck insurance at a great rate. And the best part? Getting quotes is easy when you work with our team. All you have to do is fill out our online form, send us a LiveChat, or give us a call.
