Tow truck insurance comes with many insurance-related terms that you need to know. Liability. Exclusions. Claim. Premium. One of those words is deductible. Now, your deductible is an important part of your tow truck insurance. We’ll give you the definition of deductible and explain how it affects your tow truck insurance – it might seem like just a random number, but it’s much more than that.
deductible
The word deductible is thrown around often in discussions regarding tow truck insurance. But what exactly is it? Also, what does it mean for your tow truck business’s insurance?
When you have a claim, it is the amount you agree to pay before your insurance covers the rest. For example, you have a physical damage claim of $10,000 on your tow truck and your deductible is $1,000. That means you would pay $1,000 out of your business’s pocket before your insurance would kick in to cover the remaining $9,000. However, you will need to keep in mind that your policy has a limit that you should be aware of.
The article below talks about filing minor claims on your insurance and how your deductible plays a role in your decision to file a claim or not.
When should I file an insurance claim on one of my tow trucks?
To claim or not to claim, that is the question. If you drive tow trucks for a living, you’ve seen your fair share of crazy situations. At this point, you’re pretty convinced that you’ve seen everything that life can throw at you. Anything can happen when you’re in charge of transporting broken cars to where they need to go.
Anything includes, well, anything. Frustrating things that leave your tow truck damaged might leave you asking if the universe is out to get you. To fix the problem, you might be tempted to claim it on your insurance.
