If you’ve got a business that has anything to do with tow trucks, you’re probably wondering how to go about insuring your vehicles – whether you have rollbacks or wreckers. It might seem like tow truck insurance is a little overwhelming, and you might have a lot of questions, and you might need the answer to a tow truck insurance FAQ or two. We’ve put together a list of 5 questions about tow truck insurance that might help you with your quest of getting insurance for tow trucks.
Tow Truck Insurance FAQ #1. What kind of businesses need tow truck insurance?
Well, as we said, if you have anything to do with tow trucks, you’re probably going to need some tow truck insurance.
Here are some examples of businesses that might consider tow truck insurance:
- Businesses that tow disabled cars
- Roadside assistance businesses
- Auto body shops that own tow trucks
- Businesses that do repossessions
But, of course, these aren’t the only businesses out there that might need insurance for tow trucks. Just a few.
Tow Truck Insurance FAQ #2. What coverages do I need?
There are many coverages that you can consider for your tow trucks – as we said, there are a lot of risks out there. Here are some of the common coverages that tow truck businesses get:
- Auto liability insurance – Helps you cover your legal obligation to the other driver if you’re in an accident. Auto liability can help you cover your legal expenses if they choose to sue.
- Bodily injury – Can cover the other driver’s medical bills and a portion of their lost wages.
- Property damage – Can cover the costs of repairing or replacing property that you damage with your tow truck (i.e. the other driver’s car if you’re in an accident.)
- Physical damage insurance – Helps you get your truck back on the road ASAP if it’s damaged.
- Collision coverage can help you repair or replace your truck if it’s damaged in an accident or in another collision.
- Comprehensive coverage can help you repair or replace your truck if it’s damaged by something other than an accident, such as fire, vandalism, and falling objects (think trees.) It can also cover theft.
- On-hook/In-tow – Protects the client’s car while you’re towing it.
- Garagekeepers – Protects your client’s cars if you ever keep them in your care, custody, or control (for example, storing them on your property.) Can cover losses such as vandalism and fire.
- Garage liability – Can cover liability-related claims of bodily injury or property damage that arise from the day-to-day operation of your business or the services your business provides.
- Wrongful repo – If you do repossessions, this is a coverage to consider.
Tow Truck Insurance FAQ #3. How can I get a lower rate on tow truck insurance?
You’re probably wondering how you can save money on your tow truck insurance. There are a few things you can do to lower your insurance premiums. Many of them are related to reducing risks, improving safety, and lowering your number of claims.
- Have written safety policies for your towing business.
- Hire drivers who are committed to safety.
- Consider raising your deductible if you’re comfortable doing so.
- Ask about discounts.
- Make sure to maintain your tow trucks properly.
- Conduct safety meetings with your drivers.
- Have a protocol for pre-trip vehicle inspections.
- Avoid using insurance for minor claims.
- Get multiple tow truck insurance quotes.
Tow Truck Insurance FAQ #4. What affects the cost of tow truck insurance?
There are a lot of factors that affect the cost of tow truck insurance. Insurance companies look at many details about towing businesses when setting rates because they want to find out how much of a risk it would be to insure that particular business. If you present more of a risk, you’ll most likely have higher rates.
Here are some of the details about your business that can affect your rates:
- Your drivers and their MVRs (Motor Vehicle Records)
- Your location
- Your towing radius
- The tow truck or wrecker
- How many trucks you have
- What kind of towing you do
- The type of cars that you tow
- Your loss history (Claims, accidents, etc.)
- Speeding tickets/Traffic violations
Tow Truck Insurance FAQ #5. How do I get tow truck insurance quotes?
Getting tow truck insurance might seem like a monumental task. But our team of agents makes it easy. It’s important to be able to compare coverage options and pricing, and that’s why it’s a good idea to shop around for tow truck insurance. We can help with that.
Here’s how it works:
- You give us a call or fill out our online quote form.
- One of our tow truck insurance experts talks to you about your business. You’ll discuss coverage needs and the agent will ask some questions to get the information they need to get your quotes.
- We go shopping!
- We go over your quotes with you and discuss the different options. You make your choice and we help you finalize your coverage.
- We’re here for you to assist with any of your insurance needs, answer any questions, and deliver top-notch customer service.
Get started with your quotes today! Our team is ready to help with your insurance needs. We’re tow truck insurance experts, and we’re only a quote form or a phone call away!
