Hazards aren’t unexpected in the towing industry. They may vary from inclement weather injury when towing a wrecked car to possibly getting struck on the side of the road. There may be more unique risks associated with vehicle towing services. That is to say, it is nearly impossible to operate or run a tow truck service without insurance. Here’s everything you need to know about getting affordable tow truck insurance.
Types of Tow Truck Insurance
- Physical damage
- Medical payments
- Underinsured motorist
- Umbrella liability
- On-hook towing
- Garage keepers liability
How to Get the Best Rates for Tow Truck Insurance
Once you know the type of tow truck insurance coverage you can buy, decide what you need or what suits you best. Remember that your goal is to find an affordable and quality policy.
Look for Online Reviews
Checking reviews online by the people who have used the policy is perhaps the easiest way to save your money and time. If the insurer you choose has received satisfactory reviews, the company may be a good choice for you. Reading up on companies is crucial to determine their customer service skills and the quality of their services.
Consult with a Financial Expert
You cannot underestimate the importance of seeking help from an expert when choosing the best tow truck insurance. Choose a person who specializes in auto insurance. They should be knowledgeable enough to guide you on the coverage that can work best for your specific scenario. We recommend you consult with the financial advisors of your business.
Compare Quotes from Multiple Insurers
Note that prices of insurance policies may vary, depending on specific tow truck policies. That is why it is best to compare the quotes from multiple commercial insurers to choose the best one. It’s an excellent way to ensure that you don’t overpay for your insurance. It’s a good rule of thumb to try to shop around at least once a year to make sure you’re receiving the lowest rates possible.
Don’t Hesitate to Ask About Discounts
Keep in mind that there are factors that can help you earn a discount. These may include buying insurance policies and a driver’s license from the same company. If possible, you should take advantage of these to save money. It never hurts to ask an agent about any available discounts they may have to offer you.
Choose a High Deductible
Opting for a high deductible is one way to get the lowest rate. However, if something happens, you might have to pay a huge amount to cover the deductible. So, make sure you choose an amount you would be willing to pay.
Maintain a Consistent and Impeccable Driving Record
Whether you drive your tow truck or you have drivers for the job, you need to ensure a clean driving record. Your driving record will directly affect the insurance prices that you get. You can do that by consistently practicing responsible driving to prevent crashes and accidents. Ensure your drivers actively stay up to date on laws and regulations in their state.
In a nutshell, saving on tow truck insurance requires you to be vigilant and follow the given steps. If you’re looking for affordable and quality insurance for your tow trucks fill out the quote form below. One of our agents will reach out to you and help you find the best rates from some of the nation’s top carriers in the industry.