In Indiana, tow trucks with a gross vehicle weight rating (GVWR) of 10,000 pounds need at least $750,000 of financial responsibility to perform emergency towing. This rule applies to both interstate and foreign moves.
However, tow trucks providing secondary towing services might need extra insurance coverage depending on their cargo. Trucks transporting household goods, general freight, oil, and hazardous materials would need $300,000, $750,000, $1,000,000, and $5,000,000 worth of insurance, respectively.
Are you on the fence about what coverages your tow truck insurance policy should carry? We have you covered! While tow truck drivers have varying insurance needs, most policies should offer the following insurance protection:
Do not limit yourself to the minimum insurance requirements. While getting extra coverage might spike your annual premiums, skimping on your insurance compromises your entire business. Remember: tow truck drivers are responsible for their cargo.
Don’t forget to explore all your insurance options. Dozens of insurers offer tow truck insurance in Indiana, so you don’t have to trust the first brand that reaches out to you automatically. Compare at least three to four quotes as insurers have varying rates, feature different benefits, and cater to different types of trucking clients.
Are you planning to get a tow truck insurance policy elsewhere in the U.S? Perhaps California? Assured Standard has you covered! Check out our quick piece explaining the tow truck insurance requirements in California.
Arthur started Assured Standard after seeing his sister struggle with finding insurance policies for her business. Thanks to his background in business administration, he knows exactly what small and big businesses need to keep operations running.