Maybe you’ve been putting it off, but you’re finally going to bite the bullet and get tow truck insurance quotes. Tow truck insurance rates depend on a lot of different factors, so when you’re on the phone with an agent they’re probably going to have a few questions for you. The point of those questions is to help you get the most accurate quote possible. To give you a bit of a heads-up about what to expect when you get a tow truck insurance quote, here are some of the questions the agent might ask.
What an agent needs to get a tow truck insurance quote
1. The year, make, and model of the tow trucks.
The trucks themselves play a part in your insurance rates, of course, so the agent is going to want some details about the vehicles when you get a tow truck insurance quote.
2. Your drivers.
The agent is probably going to ask about your drivers. Your drivers’ MVRs (Motor Vehicle Records) show a history of their driving history, which tells the insurance company how much of a risk they are to insure. The agent may ask for the driver’s license numbers and birthdays.
3. Tickets or accidents.
Tickets, accidents, or claims indicate risk. It shows the insurance company how safe the business is and how risky it would be to insure. Typically, they’ll look at losses from the past few years. Businesses that have accidents or tickets could pay more for their insurance.
4. How many years you’ve been in business/What kind of business you are.
The agent may ask how long you’ve been in business. An established business with a clean loss record and a history of safety may get lower rates. There’s plenty of data for the insurance company to review and they’ve proved that they operate safely. However, some insurance companies are okay with new ventures because they have clean loss records.
The agent may also ask what kind of business you have – LLC, sole proprietorship, or incorporated.
5. What kind of towing you do.
The agent assisting you with your quotes will probably want to know what kind of towing you do and the services you provide. They want to know if you do roadside assistance, repo, or hauling, or if you just tow disabled cars. They may also ask if you have any contracts. The kind of work you do can affect the price of your tow truck insurance.
6. Where you’re located/Tow radius.
Your location and tow radius are also important factors that affect your tow truck insurance rates. If you operate your business in a rural area, you may get lower insurance rates than a business located in an urban area – you have less risk of an accident because there are fewer cars and less traffic. The agent may also ask if you ever cross state lines.
7. Your towing contracts.
The contracts you have can affect the way the insurance company classifies your business, which influences your rates.
8. The VIN numbers of the trucks.
The Vehicle Identification Numbers of your tow trucks allow the agent to ensure that the vehicles are registered properly so they can finalize your insurance coverage.
Yes, it might seem like these are a lot of questions to answer. But the tow truck insurance agent needs details about your business so they can get an accurate tow truck insurance quote. The answers to these questions also help determine what kind of coverages are right for your towing business – and how much insurance you need. These questions can also help you avoid a gap in your coverage that could leave you open to a huge financial loss.
Don’t be daunted by all of the above. Tow truck insurance doesn’t have to be complicated. Our agents are experts at making insurance easy. To get started with your quotes, all you have to do is fill out our online form or give us a call today.