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How Much Insurance Does A Tow Truck Need In Indiana

How Much Insurance Does A Tow Truck Need In Indiana

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.

Essential Tow Truck Insurance Coverages

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:  

  • Comprehensive and collision coverage
  • Garage service coverage
  • Medical payments coverage
  • On-hook towing coverage
  • Physical damage coverage
  • Tow truck liability coverage
  • Uninsured or underinsured motorist coverage

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.

Frequently Asked Questions:

What is the minimum insurance requirement for tow trucks in Indiana?

In Indiana, tow trucks need a minimum of $750,000 of financial responsibility for performing emergency towing, but this can vary depending on the type of cargo.

What are the typical coverages included in a tow truck insurance policy?

Typical tow truck insurance coverage includes comprehensive and collision coverage, garage service coverage, medical payments coverage, on-hook towing coverage, physical damage coverage, tow truck liability coverage, and uninsured or underinsured motorist coverage.

Why should I consider getting more than the minimum insurance requirement?

Additional coverage protects your business better, even though it might increase your annual premiums. As tow truck drivers are responsible for their cargo, skimping on insurance can compromise your entire business.

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.

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