Do you own a repo business? If not, are you thinking of starting one? A repo business can be quite lucrative. However, this line of work comes with a lot of risks. Every time you go on a job, you are at risk. There is the risk of driving and towing the vehicles safely. Also, there is the risk of angry vehicle owners damaging your tow truck.
tow truck insurance
Navigating tow truck insurance can be extremely complicated. There are tons of different coverages to sift through when shopping around. It’s your goal to find the specific type of insurance that best suits you. There are standard types of insurance that they all need like auto liability and on-hook coverage. However, there are other types of specialty coverage to consider depending on your business, including wrongful repo and driveaway insurance. It’s important to know which coverage fits your fleet and how you can be proactive in keeping your premiums low. Things like GPS tracking, preventative maintenance programs, and certain discounts play a role in your rates and how well you’re protected.
In these articles, we’ll go over all of these tow truck insurance topics – how to get it, which coverages to get, how you can save money, and how you can lower your rates before discounts.
How to get the lowest rates on tow truck insurance
If you tow disabled vehicles, then you need specialized tow truck insurance. Just having regular truck insurance is not enough. However, rates for tow truck insurance can be expensive. In fact, many insurance carriers have raised their rates as towing vehicles can be risky.
What does a garagekeepers policy cover?
Do you own a garage and operate a tow truck? If so, then you might need a garagekeepers policy. Garagekeepers insurance policies provide protection for a vehicle while it is in your garage. It protects the customer’s vehicle while it is parked or stored at your location. Covered events can include:
Who needs on-hook insurance for towing?
Tow truck operators are responsible for moving stalled, wrecked, or damaged vehicles from one place to another. What happens if the vehicle that you are towing is damaged while in your possession? You could be liable for repair or replacement costs. (And that’s why it’s so important to get the right tow truck insurance.)
For example, let’s say that you own a garage.
How to get tow truck insurance for your business
Do you earn your income by towing disabled vehicles? If you do, then you probably need specialized tow truck insurance. Whether your business has a fleet of tow trucks or just one, you need tow truck insurance. Here are the steps to finding the perfect tow truck insurance for your needs.
How To Get Insurance For Your Landscaping Trucks
If you own a small landscaping business, you probably try to save money every way that you can. In an effort to save, you might even insure your landscaping trucks and trailers on your personal auto policy. However, this is almost the same as not having any insurance at all. If you are in an accident or damage a customer’s lawn with your truck, this decision will come back to haunt you.
How Driveaway Insurance Can Save Your Towing Company Money
Driveaway insurance can save your tow truck company some serious money. It covers you when you drive a vehicle away from the scene rather than towing it. Would you be doing more driveaways if you knew you were protected?
What tow truck insurance coverages do I need to tow cars?
If you’re in the towing industry, you’re going to need specific towing insurance to protect your vehicles. Insuring a tow truck isn’t quite the same as insuring a car or a semi-truck.