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Do you need tow truck insurance?

Operating a tow truck comes with a lot of risks. Having the right insurance is critical in making sure your business is protected, but where do you start? With more of us on the streets and highways everyday, accidents have increased and therefore tow truck insurance rates have had to go up. So trying to find tow truck insurance that is cheap and affordable might seem like a big deal, but we’re here to help.

MyTowTruckInsurance.Online was formed with that thought in mind: helping you save money on your tow truck insurance.

Tow trucks go by many names:

A tow truck is really just about any vehicle that can be used to move cars that are disabled. This means that  whether they’ve been involved in an accident or have just decided to quit running, they all serve the same purpose. A lot of towing operators use their tow trucks to provide roadside assistance to help stranded drivers. Illegally parked vehicles, and vehicles that unfortunately need to be repossessed are also other uses.

  • Wrecker
  • Rollback
  • Flatbed
  • Breakdown Truck
  • Wheel-Lift
  • Rotator

What kind of insurance do I need for a tow-truck?

Every business is different, so you need a unique insurance plan to fully protect you from all the risks you face. Here are some of the common coverages that business owners purchase for their tow truck business.

Auto Liability

Liability insurance protects your business by covering the costs you are legally obligated to pay if you cause an accident and someone gets hurt or you damage their property.

On-hook / In-tow

On-hook or in-tow coverage helps protect your client’s car when you are towing it. If something happens to the vehicle while it’s being towed, on-hook can help.

Garage Keepers

If you keep clients’ cars in your possession while you work on them you might need Garagekeepers insurance. This can help protect your business while you have clients’ cars in your care, custody, and control. It covers losses like fire, vandalism, and theft. For example, if you store a client’s car on your business’s property while you wait for their mechanic’s shop to open, or an insurance adjuster to arrive and something happens, garagekeepers can cover it.

Physical Damage Coverage

Collision Coverage: Collision coverage helps you get your tow truck back in service ASAP if it’s damaged in an accident or by a collision with some other object.

Comprehensive Coverage: Comprehensive can help you get your tow truck repaired if its damaged by something other than a vehicle accident. Usually this covers things like theft, fires, vandalism, and objects falling out of the sky (like storms or falling trees)

Garage Liability

Garage liability covers your legal liability for the different services your business offers. If something happens and causes bodily harm or property damage to someone, garage liability can help you cover the expenses you’re legally obligated to pay.

Wrongful Repo

If you do repossessions, but do something wrong, like repossess a car that you’re not supposed to, or you improperly repossess a car, you could get in trouble. Wrongful repo insurance protects your tow truck business if you do repossessions. 

How much does tow truck insurance cost?

Many things go into deciding how much an insurance company will charge you for insurance on your tow trucks. First they will want to look into various aspects of your business before deciding whether to insure you. Some of the factors that affect the cost of tow truck insurance cost are:

  • Your drivers (accidents, driving records, etc.)
  • Your trucks – make, model, and year
  • Your claims history
  • How many trucks you have
  • What kind of towing you do (type of business)
  • Types of vehicles you haul
  • Do you do repossessions?
  • Your location
  • Your tow radius
  • How long you’ve been in business
  • If you keep clients’ cars on your premises

Get a quote for tow truck insurance.

The only way to really know what your tow truck insurance will cost for your business is to get a quote. Our team of agents will start by asking you some questions about your business and then will get you multiple tow truck insurance quotes. All you have to do is fill out our online quote form or just pick up the phone and give us a call today.