It seems like shopping for a commercial vehicle policy should be simple, since so many businesses own at least one company car or truck. Since the coverage you need is closely related to the uses you have for your company vehicles, that is not the case. Tow truck insurance requirements cover the same basic state mandates every commercial vehicle must meet, but they also include additional coverage types unique to tow trucks.
- On hook towing insurance
- Garagekeepers’ insurance
- Uninsured/underinsured motorist coverage
- Physical damage
- Medical payments
- Auto liability
The first two items are unique to tow trucks, but not to towing companies. Dealerships, repair shops, and other businesses that operate towing services also need the coverage to safely manage the risks involved with the transportation of customer vehicles.
Shopping for the Right Policy
If you are looking for perfect fit coverage for your towing operation, look for a program that understands the range of companies that operate these vehicles and the full spectrum of services offered. That way, you can combine it with any other key coverage types you need without worrying about over-insurance or gaps in coverage, even if you have a couple policies with different insurers. Longstanding programs with knowledgeable staff tend to have offerings that reflect this kind of nuanced understanding of the business, so seek them out.