Dos And Don’ts While Purchasing A Tow Truck Insurance

Providing unfailing road assistance, helping other truckers at the time of need, and handling and moving stationary or totaled vehicles. If all these business activities are part of your daily commercial errands then you must get inclusive tow truck insurance for yourself. Tow truck insurance is a type of commercial truck insurance that protects your as well as other person’s investment from several likely risks on and off the road. However, when it comes to purchasing the right commercial truck insurance, even the most experienced truckers get puzzled. This is because buying the right coverage might seem easy but it is not.  

As there are a lot of coverages that can be added to your commercial truck insurance, finding the most suitable is more than essential. People either end up taking unnecessary coverages or stick to only the state minimum requirement that doesn’t pay off at the time of need. There are several things you need to consider while purchasing truck insurance. This post will introduce you to some dos and don’ts that a tow truck insurance buyer should consider. We help you out in getting the right coverage and best protection for your money spent.

Dos And Don’ts That Needs To Be Considered When Buying Tow Truck Insurance

No matter where you reside if your business encompasses towing, and maintaining vehicles then you need insurance coverage for your tow trucks. But before moving forward with the purchase, you need to consider a few dos and don’ts that come with tow truck insurance. Let’s get started!

Dos Of Tow Truck Insurance

• Do choose the right coverage: You should pick the right insurance coverage for your tow truck business. If your existing policy is just covering you against third-party damages or physical injury, consider increasing the limit by opting for:

Physical damage: It will pay for the damages that you suffer after an incident, no matter which party was at fault.

Comprehensive: This coverage will protect you against the damages that arise in the event of fire, vandalism, theft, natural disaster, etc.

Medical payment: This insurance will get you covered for the medical expenses of your tow truck driver and passengers who suffered physical injuries in an accident.

On-hook towing coverage: The vehicle you tow also gets exposed to various possibilities on the road. On-hook towing coverage pays for the towed vehicle damages occurring out of the fire, explosion, theft, vandalism, etc. during the towing session.

Underinsured or uninsured motorist: This coverage pays for your bodily injury or property damages done by another driver having no or inadequate liability insurance.

Rental reimbursement: This coverage will pay for the rental truck you use while your own tow truck is gone for repair after an accident. Rental reimbursement saves your business from a potential halt that arises out of an incident.

• Be honest: Consider providing honest information while filing the insurance form. Providing invalid or dishonest data to reduce the cost of truck insurance might lead to fraud or rejection of claims in the event of accidents.
• Do your part of the research: You should shop around and get the best deal for your money spent. But for this, you need to do thorough research to save a thousand bucks on your coverage.
• Do opt for garage liability insurance: This coverage is optional but if you store or repair the towed vehicles in your service station then you should get this insurance unfailingly. Garage liability insurance pays for the damages to the customer’s vehicle while servicing or repairing it in your custody.
• Do ask for discounts: Getting discounts on your insurance is a great way to lower its overall yearly cost. As every insurer works differently, so you might get the best-discounted rate with one of them.

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Don’ts Of Tow Truck Insurance

• Don’t rush: You should never settle for any insurance coverage without exploring options. Avoid rushing or picking the very first coverage offered.
• Don’t stick to minimum state requirements: Adhering to rules and regulations is great but when it comes to protecting your tow truck then just sticking to minimum state requirements won’t help. To secure your heavy investment from various possibilities on the road, you need to think beyond the mandatory coverage.
• Don’t drive with elapsed insurance: It is a serious mistake that leads to hefty fines, imprisonment, or both. We know that truck insurance doesn’t come cheap but driving with expired insurance can drown you financially even more. This illegitimate impression will also increase your tow truck insurance premiums when you go for its renewal.
• Don’t just focus on the cost: Low prices are very tempting and this is the reason why many insurance companies try to lure buyers through this trick. If you just go by the price of the insurance, it will not pay you off well when the actual accident happens.
• Don’t hide things: To get the best deals on your truck insurance you should avoid hiding things from your insurance provider. Such as driving records, age of truckers, driving experience, etc.

Parting Thoughts

Your job of towing vehicles from point A to point B is unique as well as challenging. You face a lot of pressure handling someone else’s possession under your care. The stress of towing the vehicles to the desired location without wear and tear is immense. As a responsible tow trucker, you need to ensure the safety of the cargo as well as your own commercial vehicle during the entire journey. A wide tow truck insurance not only provides financial support after an accident but offers peace of mind.

Keep all the above-mentioned dos and don’ts in check while purchasing tow truck insurance. This way you not only get the right insurance coverage for your truck but also save a good amount of money on the policy.

Lastly, consider asking about the payment modes that your shortlisted insurance provider follows. Many insurance companies offer huge discounts on lump sum payments. If you are comfortable paying at once you can save huge money on your tow truck insurance.