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If you have a tow truck business or provide towing services, you need to carry tow truck insurance by law. At a minimum, tow truck owners are required by the state to carry liability insurance. Whether you have a boom-truck, wheel-lift, or flat-bed tow truck, a special set of insurance coverage is required.
One unique type of coverage usually found on a tow truck insurance policy is “On Hook Coverage.”
If you’re searching for the cheapest tow truck insurance, you’ve found the right source. Insured ASAP provides quality insurance coverage for tow truck drivers and businesses. And of course, it costs you absolutely nothing to get a free insurance quote.
On-Hook Insurance For Tow Trucks
On-Hook Towing insurance will cover, repair or replace vehicles damaged by a collision, fire, theft, explosion or vandalism while you are towing or hauling them. Simply stated, on-hook coverage for tow trucks offers coverage for damages to vehicles being towed.
Garage Keepers Insurance
Garage keeper’s liability insurance protects your pocketbook from any damages done to your customer’s vehicles while they’re parked no your property.
Commercial Towing Insurance Program
Liability insurance for tow trucks is a very common coverage found in a policy. Liability will provide coverage for bodily injury and property damage to any third-party. Another common coverage option is comprehensive coverage and collision. Think of comprehensive and collision as full coverage tow truck insurance.
A tow truck insurance policy will also normally include liability coverage for personal and property damage and personal injury protection. In addition, the tow truck insurance will also provide collision and comprehensive coverage such as fire and theft.
Tow Truck Certificate of Insurance
When renewing or applying for tow truck registration, most states will require an insurance policy that indicates certain limits of insurance coverage. These limits vary from state-to-state but typically require liability and on-hook coverage.
Evidence, or proof, of insurance is requested in the form of a certificate of insurance for tow trucks. A certificate of insurance is a single page document that outlines coverages found on a policy. The state will usually request to be listed as certificate holder. Below is an example of an Illinois Certificate of Liability Insurance from the Illinois Secretary of State.
In the state of Illinois, minimum limits of insurance for tow trucks are:
- Automobile liability — $500,000 combined single limit
- Garage liability — $500,000 combined single
- On-hook coverages — $25,000
- Garagekeepers — $25,000
Tow Truck Insurance Costs
There are many factors that exist when an insurance company determines a the cost of tow truck insurance premiums. Usually, rates are determined by state and specific territory. Other factors that make up your tow truck insurance quote include:
- Type of tow trucks. There are many types of tow trucks an insurance company will insure such as wheel-lift, wrecker, rollback, flat bed, auto transporter, etc. The higher the value, for example, the higher collision and comprehensive coverage will cost.
- Nature of operations. A tow truck company that specializes in repo or repossession work is more susceptible to risk and will pay a higher premium than others.
- Driver details. Not unlike personal car insurance, your driving record, age, and MVR will impact your rates. Tow truck drivers with a bad driving record still qualify for tow truck insurance, just at slightly higher rates.
- Loss runs. Think of loss runs as an insurance history record for a business. Any prior losses, usually from 3-5 years, will show on a tow truck company’s loss runs.
Get Cheap Tow Truck Insurance
Don’t think you have to sacrifice coverage to save money on tow truck insurance. There are a handful of easy ways to save money on your tow truck insurance costs. Read more about that here: Your Guide to Get Cheap Tow Truck Insurance
How to Compare Illinois Tow Truck Insurance Quotes
Finding an affordable, yet adequate tow truck insurance quote is not as difficult as you may think. Our agents understand the towing industry and are knowledgeable in local, state and federal insurance requirements.
Insured ASAP is a leading provider of tow truck insurance in Illinois, Indiana, Minnesota, Missouri, Iowa, Kansas, Oklahoma, Colorado and Texas. Same day quotes are available over the phone at (800) 641-7488 or online. https://youtu.be/E0-sX0bRW88
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