How to Choose the Best Tow Truck Insurance Company

Best Tow Truck Insurance Company

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.

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How to Get Cheap Tow Truck Insurance

cheap tow truck insurance

Reliable commercial auto insurance is often very costly; however, it would be detrimental to go without it. Tow truck insurance is vital for many reasons and not having it could land you in a great deal of trouble. Fortunately, there are a few ways to get cheap yet reliable tow truck insurance. This way your drivers and your business will be protected.

Here are some ways to save big on your tow truck insurance. Let’s get started.

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Actual Value vs Stated Value for Tow Trucks

Actual Value vs Stated Value for Tow Trucks

Unfortunately, as a towing business owner, you have to combat many risks. Even if you comply with regulations, follow protocol, and make sure your drivers maintain a clean record, the risk of an accident is always there. Therefore, understanding an insurance policy is crucial for the sake of getting adequate coverage.

Since your tow trucks are high-dollar pieces of equipment, you want to make sure they’re fully protected. Therefore, you’ll want to understand the difference between actual value and stated value. Failing to know the difference can possibly leave your tow trucks underinsured!

In this article, we’ll go over in-depth actual value vs stated cash value for tow trucks. This way you can fully understand your tow truck insurance policy and coverage options.

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The Benefits of Dash Cams for Tow Trucks

dash cams for tow trucks

According to the National Transportation Safety Board, fleets and towing businesses should consider installing a video monitoring system in their trucks. By doing so companies can protect their drivers against fraudulent claims and improve their driving skills.

Dash cams have become an essential device in both the trucking and towing world. As you know, operating a heavy-duty vehicle requires a lot of skill and there are a lot of risks involved. In fact, tow truck accidents can be very costly. This is where dash cams would prove to be very beneficial.

Dash cams give you the ability to monitor your surroundings and refer back when necessary. For example, say you’re parked and go inside for a snack, and when you come back out someone backed up into your tow truck. Without the help of a dash cam, you wouldn’t know who did it or have any proof. Therefore, you could be left footing your own repair bill!

The point is, dash cams can help towing companies save a significant amount of money. Then this money could be used towards improving fleet performance and safety.

In this article, we’ll discuss the many benefits of using a dash cam for tow trucks.

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How Much Does On-Hook Insurance Cost?

As a tow truck driver, you have to understand that the role comes with a lot of risks. Not only is it your job to safely transport the client’s vehicle, but you’re also responsible for protecting your towing business. In other words, you need insurance to protect your business from any unforeseen expenses due to an accident or other mishap.

Investing in on-hook insurance is one way to protect your business financially. You may be wondering what on-hook insurance is and how much it costs.

In this article, we’ll discuss on-hook insurance and how to find affordable coverage for your towing business.

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How the Drivers You Hire Affect Your Towing Insurance

drivers you hire affect your towing insurance

Operating a tow truck comes with more risk and exposure than driving a regular vehicle. Since the towing industry is such a high-risk sector, you’ll likely be paying more for your insurance. However, other factors can impact your insurance premiums.

For instance, the drivers you hire can dramatically affect your insurance costs in the long run. This is because their experience, driving history, and age are used by the insurance company to determine your business’s level of risk. As you know, insurance companies don’t particularly like risk.

Therefore, to avoid high insurance premiums, you need to know what red flags to look for when hiring drivers.

In this article, we’re going to discuss how the drivers you hire affect your towing insurance and what red flags to look out for.

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Guide to Understanding Tow Truck Insurance

Considering starting a towing company? Are you already operating a towing business and need options regarding tow truck insurance?

Whatever the situation is, there’s a ton of information owners of tow truck businesses need to know regarding insuring their trucks. In fact, it’s crucial to understand the risks associated with this lucrative business. Note that tow truck insurance is a specialized coverage. Therefore, not as many people will be familiar with it compared to a basic commercial insurance. You can only leverage the benefits if you know what protection it provides and how rates are determined.

Don’t worry if insurance confuses you, here’s a guide to understanding tow truck insurance.

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4 Types of Coverage You Need for Your Tow Truck

There’s some things you can’t predict or prevent. That’s why all drivers need roadside assistance from time to time. The increasing need for roadside assistance is what makes the tow truck industry so sustainable and lucrative.

However, there’s no denying the industry’s obvious risks. In fact, the towing sector is one of the riskiest businesses out there. From property damage to bodily injury, your fleet needs quality insurance coverage to avoid financial loss and to protect the business, clients, and drivers.

In this article, we will discuss four important insurance coverages you need for your tow truck.

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Common Mistakes When Purchasing Tow Truck Insurance

tow truck hauling wrecked vehicle

Insurance coverage is essential for larger vehicles and especially tow trucks. With so many options at your disposal, it can feel a little overwhelming. The insurance costs tend to be very high due to the risks involved in the towing industry. The injury and accident rate is quite high, to say the least. Here are a few mistakes that you should avoid when choosing your tow truck insurance.

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Ways to Save on Tow Truck Insurance

tower loading a car

Reducing your tow truck insurance is different from lowering your personal vehicle premium. After all, your personal car isn’t involved in risky activities like tow trucks are.

Put simply; tow truck insurance is typically higher compared to that of private cars and delivery vans. And because a tow truck comes in contact with other trucks by design, its liability is trickier. Towers have to operate large trucks hauling broken down vehicles; therefore, they’re responsible for transporting them safely to the desired location. Insuring the towing business can be risky and expensive due to accidents and rising claims.

Fortunately, you can rely on certain savings tips to reduce your tow truck insurance. Keep on reading to learn more.

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