Florida truck insurance rates are relatively steep. Most insurers charge Florida residents around $10,000 to $20,000 per annum for a standard tow truck insurance policy. Truckers who primarily operate on rural roads might get cheaper rates. However, urban truckers who regularly drive through heavy traffic and harsh roads will receive pricier policies.
Florida insurers assign insurance premiums based on insurability. Once you understand the underlying factors that affect risk assessment, you’ll be able to adjust your rates freely.
Never skimp on your insurance coverage! While steep tow truck insurance premiums hurt profit margins, driving underinsured compromises your entire business. Yes, tow truck insurance rates in Florida spike up to $18,000. However, a major road accident can set your business back by $150,000 in property damage and bodily injuries.
Do you want to know how much trucking service providers spend on insurance in Texas? Assured Standard has you covered! Read our quick piece on the average insurance coverage limits most Texan truckers carry.