Acquiring insurance for your business, vehicle, or any other piece of property you own can seem like a daunting and confusing task. But the process can be made simpler when you are armed with the right information. If you are in the process of purchasing insurance for your tow trucks, take the time to ask yourself (and an insurance agent) these three questions:
- What Sort of Coverage Should I Get? This will depend on a number of factors, including what sort of business you operate. There are multiple coverage options to choose from and if you’re not sure what you need, you can always consult with an insurance agent. A few common insurance coverage options for tow trucks include auto liability insurance, bodily injury, property damage, physical damage insurance, collision coverage, and comprehensive coverage. Other options include wrongful repo, garage liability, and on-hook/in-tow. An insurance agent can walk you through everything and explain the purposes of each type.
- How Can I Get a Lower Insurance Rate? There are several things you can do to lower the rate of insurance for your tow truck. First, make sure you only hire excellent drivers committed to safety and routinely hold safety meetings with the drivers. You could also consider raising your deductible and always properly maintaining your tow trucks, making sure they are up to safety standards.
- How Do I Know That My Business Needs Insurance For My Tow Trucks? Multiple businesses either benefit from or are legally obligated to possess some sort of insurance for their tow trucks. If you are a roadside assistance company, you will definitely need insurance. If you’re an auto repair shop that also owns tow trucks, you’ll need insurance for those vehicles. And if you do repossessions, you’ll also need insurance.
Have additional questions on insurance for tow trucks? Contact us today!
