Know the Factors that Would Cost the Insurance of Your Tow Truck
Owners of tow truck or a towing business may notice of an increasing cost of their tow truck insurance rates. A significant amount of risk comes along in a wrecker and tow truck business, thus the insurance rates in this particular field can be very high. So, with this scenario, owners are now becoming concerned about the insurance costs of their tow trucks.
Considering that there are different risks involved in every business, so does too in a tow truck business that will be paying a different cost of insurance amount. To be able to come up on the charges to make for our insurance rate, there are a number of important details about your towing business that the insurance company will look into.See page
To get some ideas, here are some information about rates that are gathered for the insurance rates of different towing businesses.
The payment for those operating in the rural areas, an average of $1,000 per truck per year will be charged with minimum limits. Those whose business is in the metro area, the rate is $6,000 per truck per year with recommended limits of coverage. If your business is with tickets and accidents, you will be paying per truck at $20,000 per year. The payment for every truck for a business with more than 25% repossessions is $10,000 per year. If there is a part of the business like an auto repair shop for incidental towing, they will be charged at $4,000 per truck every year. Thus, the rates can be lower or higher, depending on your operation.More details about pickup truck insurance rates
Be aware that the tow truck insurance costs are affected with some factors.
The age and experience of your drivers are determining factors for your insurance rates. Further, the motor vehicle records or the MVRs will also have an effect on the rate of your tow truck insurance. Through an MVR, the driver’s records are shown like the tickets and accidents experienced, and if your drivers have good MVRs, it would mean they can be safe on the road, and there is a bigger possibility that you will save some money on your insurance.
The next factor that will be considered when computing for your insurance rate is whether you own a wrecker or a rollback. The cost to insure your trucks will also become costly if you have the expensive units, since the insurance company will get the year, make and model of your trucks.
Another consideration when computing for your tow truck insurance rate is what you tow. Note that if you are carrying a more expensive cargo, whether new cars, old cars, mix of old and new and so on, you will have more costly insurance rates since the loss will be more if you are carrying this kind of cargo.Visit https://www.youtube.com/watch?v=eLeIsz3zqFY