As the population grows, so does the number of cars on the road. That means there’s a growing demand for towing services and tow truck drivers. To combat the risks on the road, businesses need tow truck insurance.
Due to the size of tow trucks, they have an increased chance of getting into a collision. Also, due to the nature of their job, they’re more likely to sustain life-threatening injuries. Therefore, to protect your towing business and drivers, you need quality tow truck insurance.
We understand commercial auto insurance isn’t cheap; therefore, it’s our mission to help you find the best coverage.
Tips for Choosing the Best Tow Truck Insurance Company
It’s crucial that you select an insurer that offers quality and affordable tow truck insurance coverage. As we all know, this can be rather difficult when you’re shopping for commercial auto insurance.
Here are some tips for picking the best company:
Start Your Search Early
Choosing the right insurance carrier is not a decision to be taken lightly. Therefore, it’s best to start your search early to avoid being stuck in an undesirable situation. If you’re currently insured, you’ll want to start looking well before your policy’s expiration date. Chances are this may be coming up soon!
It’s best to start the process around two months in advance. This will give you sufficient time to skim through your options and read online reviews. This way you can feel confident when you make your decision.
Another benefit to starting your search early is you have time to reassess your insurance needs. As we all know, businesses are constantly changing and evolving. Some insurers may provide better coverage options at the same rate you’re paying now.
Many agencies have strong relationships with a variety of carriers. Therefore, they can shop around and compare quotes from several insurers. However, not every agency will have access to every quality tow truck insurance carrier. So, it’s in your best interest to seek assistance from several agencies. This way you’ll have a better chance of acquiring good quality coverage at the lowest possible rate.
It’s important to note, many insurance companies have online quote forms located on their website for easy access. The best part is that these services are free in most cases and can make the process much easier for towing businesses.
Figure Out What Coverage You Need
While finding the right coverage matters a lot, there are several things you need to ensure on your end. Start by assessing the number of tow trucks you own. Most commercial auto insurers may charge you more depending on how many vehicles you have at your towing business.
You should also categorize your vehicles based on their size and value. It’s likely the more heavy-duty your tow trucks are, the higher their replacement value. This can make you risky to ensure so your rates will likely reflect this. Also, your business hours, number of drivers, safety training, and so on can affect your rates.
Therefore, to get the most accurate quote you’ll need to share all your business’s details with your agent. Failing to do so can result in you being underinsured and lacking the coverage you need. Insurance companies want to know what they’re up against to assess your risk!
Finding the best tow truck insurance company requires starting your search in advance, contacting multiple carriers, and being open with your agent. These simple tips can make it easier for tow truck owners to find a suitable insurance company.