3 Most Frequently Asked Questions About Tow Truck Insurance
A tow truck insurance policy often includes liability coverage for personal injury protection as well as property and personal damage. Additionally, tow truck insurance provides collision and comprehensive coverage like theft and fire. In this article, we aim to answer frequently asked questions about tow truck insurance to help you in the decision-making process.
What Is the Cost of Tow Truck Insurance?
The cost of tow truck insurance varies depending on your business. Different details about a business can impact tow truck insurance rates. Here are some things that your insurance carrier will look at when they want to provide a quote for your tow truck business.
- How long you have been in business
- Tow radius
- Your location
- The number of your trucks
- Type of tow trucks used (age, model, and make)
- Your risks (the type of business – roadside assistance, towing, or repo)
- Loss-runs (How many losses or claims you have had recently)
- Your drivers
- What you haul
How Can I Lower My Tow Truck Insurance Rates?
There are several ways you can lower your tow truck insurance costs. You can increase your deductible to lower the rates; typically, a larger deductible will reduce your premiums because you will be sharing the risk with your insurance company. The driving records of a towing crew also affect the rates, so check the motor vehicle record (MVR) of each driver before hiring them. Make sure you also regularly maintain your vehicles and provide continuous training to maintain an efficient team of drivers.
Why Should I Get Tow Truck Insurance?
Owners of towing companies face many risks, and they should get the correct protection. Getting tow truck insurance offers you auto-risk, which helps you spread the harms you are required to pay if one of your drivers cause harm in a collision or accidentally injures someone.
Are You Interested in Tow Truck Insurance?
When you make the decision of getting tow truck insurance, J.E.B. Insurance Services, LLC is the most reliable firm you can work with. We cover Nebraska, Iowa, Tennessee, Illinois, South Carolina, Texas, North Carolina, Florida, and Georgia.
If you have additional questions regarding tow truck insurance, please contact us.