It’s getting harder and harder to find good tow truck insurance. Not only are trucking companies in general facing a limited number of options, many insurance companies balk at the increased number of claims and suits by third parties whose cars have been towed. If you are struggling to find tow truck insurance for your company or you’re looking for a better provider, here are some considerations to keep in mind:
- Insurance companies look at what types of tow trucks you have. Wheel-lift tow trucks and hook and chain trucks have an increased risk of damaging the towed vehicle: not only is the suspension weight all on one central point on a car, the actual equipment can damage it. More than that, tow trucks that leave a towed vehicle partially on the road have an increased likelihood of damaging that vehicle or other cars on the road in the event of a collision. Flatbed and integrated tow trucks are safer for all involved, and insurance companies take that into consideration.
- Towing companies often come with associated risks and liabilities. Towing the wrong car, navigating through repossession documents, and calmly dealing with angry individuals are daily challenges, and for many companies they aren’t worth the risk they represent. But if you have a record with minimal incidents, documented employee training programs, and procedures for verifying towing and repossession jobs, then you are less risky than your competitors.
Reducing all of the risks in a business where you regularly handle and transport other people’s property, especially without their consent, can be impossible. Find an insurance expert who understands the risks inherent in your industry by going to J.E.B. Insurance Services, LLC here. We provide commercial truck insurance in the following states: Florida, Georgia, Texas, North Caroline, South Carolina, Tennessee, Illinois, Iowa & Nebraska.