Do you want to start a towing company? Not many newbie truckers realize this, but towing private vehicles carries a significant amount of risk. Crooks target cars more often than any other type of hauled cargo. Unfortunately, this puts car towing companies at risk since they are legally liable for the loss or damage of third-party property.
To mitigate the risks associated with hauling transportable properties, get commercial car hauling pickup truck insurance. Most insurers charge $1,400 to $2,300 per annum for these policies. However, the exact premiums vary depending on your cargo, business nature, prior driving history, choice of insurer, and state policies, among several other factors.
Are you planning on hauling other types of cargo with your pickup truck? Assured Standard shares that the policy terms and conditions might vary. For more information, check out our comprehensive guide on tow truck insurance.
Insurers charge higher premiums for luxury pickup trucks. Some of the most expensive pickup trucks to insure include the Chevrolet Silverado, Ford F-450, and Ram 2500.
Higher, more extensive coverage terms come with a steep price. Small-scale towing companies with just one or two base model trucks can lower their coverage amount to minimize premiums.
Automobiles are a transportable property that pickup trucks can haul, and can greatly affect the prices of premiums.
Insurers generally raise premiums for towing companies that have long operating hours and multi-city service areas. A wider operating radius exposes your trucks and cargo to more significant risks.
Insurers might refuse to cover your towing company if your drivers have poor driving histories and carry multiple penalties.
Take the guesswork out of insurance planning. Consult with reputable insurers for professional assistance in strategizing your tow truck company’s insurance plan. Don’t be shy! Trust us—most insurers would happily help you review your commercial truck insurance options.
Are you having trouble grasping the basics of commercial truck insurance? Assured Standard won’t leave you in the dark! We made a quick guide on how truckers can mitigate operational risks through business insurance.