When a tow truck owner operator considers tow truck insurance, there are two all important questions the need to be considered: First, who needs tow truck insurance and, second, what kind of tow truck insurance is needed?
Tow truck insurance is not just essential for trucking companies that provide towing or repair services to disabled vehicles. It is also essential for a wide variety of other companies. So which companies should have tow truck insurance?
- Providers of roadside service
- Auto club contractors
- Auto body shops
- Auto mechanical repair facilities
- Full service stations
- Auto salvage and auction haulers
- Companies involved in vehicle repossession
Which type of tow truck insurance should be purchased? Depending on the type of business the tow truck owner operator is involved in, several (or all) of the types listed below should be considered. Standard insurance options in most states include:
Liability Insurance
There are two types of liability insurance for tow trucks. The first is bodily damage liability insurance, which covers injury to other drivers in the event of a collision or accident. The second is property damage liability, which covers damage to other drivers’ vehicles or property.
Medical Payments Insurance
This covers the tow truck owner operator and/or any passengers in the event of a physical injury.
Physical Damage Coverage
Physical damage coverage pays for three types of damage: Collision (damage caused by a motor vehicle accident), comprehensive (damage caused by such factors as weather and tree limb damage) and fire and theft.
Uninsured Motorist
Uninsured/underinsured motorist insurance covers costs in the event that the other driver involved in an accident either lacks insurance or does not have enough insurance.
Two other types of insurance specifically designed for tow truck owner/operators are:
Garagekeepers Legal Liability
This insurance protects vehicles at the site where they have been towed to by a tow truck from various types of damage, including theft.
On-Hook Towing Insurance
This insurance protects vehicles while they are in the process of being towed by the tow truck.
Every tow truck owner operator needs the right tow truck insurance in their state to protect their livelihood, whether they own a single rig or an entire fleet. For more information about which tow truck insurance is right for your business, contact us. We specialize in tow truck and rig insurance in the following states: Florida, Georgia, North Caroline, South Carolina, Tennessee, and Texas.
