Sometimes we run into bad luck. Running a tow truck business, you know that anything can happen – you face a lot of risks, and sometimes those risks catch up with you. Tow truck insurance exists to help your business out of tight spots and protect your towing operation, but there are a lot of coverages out there that you ought to consider before being satisfied that your business is protected from anything the road can throw at you (or any trees that could fall on your tow trucks – we’ll explain in a second.) One of those coverages is physical damage coverage. We’ll explain what physical damage coverage is and how it can protect your business.
What is physical damage coverage?
Physical damage coverage is what will help you get your truck repaired or replaced and back in service following an accident or another loss. Let’s say that you accidentally run a stop sign and get into a wreck. Your auto liability insurance would cover the damage to the other driver’s car and the damage to the other driver, but it wouldn’t pay to have your tow truck or wrecker replaced or repaired. As you can imagine, getting a tow truck repaired is not cheap. The costs of ordering new parts and having a mechanic work on the truck add up quickly. But that’s what physical damage coverage is for.
What does physical damage insurance cover?
There are two different parts of physical damage coverage, and they both cover slightly different things. (Both, however, are focused on getting your truck up and running again. It helps you get your tow truck back to work quickly so that you don’t lose too much income.)
Collision coverage will help you repair or replace your truck if it’s damaged in a car accident or another collision. This is the coverage that would apply in the above scenario where you ran a stop sign. Like we said, your liability insurance will cover the damages to the other driver’s car, but collision will help you get your truck repaired after the accident.
Comprehensive coverage will help you get your rollback or wrecker back on the road if it’s damaged by something other than a car accident. It covers losses like vandalism, fire, animal strikes, and objects that fall from the sky (told you we’d explain about the trees – comprehensive would cover you if a tree decides to fall on your tow truck.) It will also protect your business against theft, so if someone steals your rollback, you would be covered.
Your tow trucks represent a significant investment – they’re not cheap. To make sure that your tow trucks are protected by your insurance, physical damage coverage should be on your list of types of tow truck insurance to consider for your business. Make sure that your trucks can keep on going for many years to come.
How much does physical damage insurance cost?
Every business is different, so the price of tow truck insurance is going to vary from company to company. The best way to get an accurate idea of the cost of physical damage is to get a tow truck insurance quote.
However, there are some factors that can influence the cost of your insurance:
- The year, make, and model of your tow truck
- How many tow trucks you have
- Your radius of towing and your location
- Your drivers (Their age, experience, and driving records)
- Your deductible
- Your loss runs
An insurance company will need to consider the details of your company to figure out how much to charge you for your insurance. We can help you get insurance quotes and save money on your rates by shopping with several carriers. We know that you wouldn’t mind saving money on your insurance since tow truck insurance rates have been on the rise, and our goal is to help you do that while making insurance easy. All you have to do to get tow truck insurance quotes is fill out our online form or call us. Our team of transportation insurance professionals is here to help.