How Much Is Tow Truck Insurance In Florida

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.

How Floridian Tow Truck Drivers Can Minimize Their Policy Premiums

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. 

• Cargo: Startups should typically avoid high-risk vehicles like luxury cars and repossessed units.
• Driving Record: Hire truckers with an excellent driving history. Insurers typically inspect a companies list of truckers to gauge their chances of getting into road accidents.
• Business Tenure: Insurers typically avoid startups with low funding as they are most likely to go out of business soon. However, startups can still prove their worth through their financial statements. Financial stability takes precedence over tenure.
• Credit History: Not only do low-credit clients have trouble qualifying for affordable tow truck insurance, but they also struggle with loan and merchant account applications.

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.