Tips to Buy the Right Tow Truck Insurance as Required

Share this article
Last updated on: September 14, 2021
Tow Truck Insurance

Tow truck businesses provide an essential service to the community. As the owner of a tow truck or tow truck business, purchasing customized insurance coverage is crucial to protecting your assets while also following legal guidelines.

Are you in the market for the best tow truck insurance? Meet your coverage requirements while also making sure you get the most for your money by shopping smart.

Commercial towing insurance is required by law because, frankly, it is very important for all involved.

If you want to brush up on your tow truck insurance knowledge, read on for some very helpful information from the top-notch team at Pennsylvania’s own Alchemy Insurance Agency.

What is Tow Truck Liability Insurance?

    • Procuring tow truck liability insurance is a way to adhere to regulations while also protecting both your tow truck and your customers’ vehicles from potential costly damage.
    • In addition to businesses that focus solely on towing disabled vehicles, other related providers who are advised to carry tow truck insurance include:
      • Auto body/mechanical repair shops
      • Auto club contractors
      • Rotational towing services
      • Full-service auto stations
      • Auto salvage businesses
      • Auto auction haulers
    • Typically, these customized policies include:
      • Tow Truck General Liability Insurance—if you’re found legally liable for issues such as bodily injury, property damage, or personal injury that aren’t directly related to your already-covered vehicles, this coverage is one you’ll definitely want—and need—to have at your disposal.
      • Garage keepers Legal Liability Insurance—this coverage serves to protect your customers’ vehicles while they are parked on your commercial property.
      • “On-Hook” Towing Insurance—this coverage extends to your customers’ vehicles while they are being towed by your tow truck. Think of it as being covered while you’re literally “on the hook” during the towing process.
    • In addition to tow truck liability coverage, which includes bodily injury and property damage liability claims, Medical Payments Insurance and Physical Damage Coverage are also essential components to a well-rounded tow truck insurance package.
      • Medical Payments Insurance provides medical bill payments for injuries you (as well as any passengers in the vehicle) may incur in an auto accident
      • Physical Damage Coverage pays for necessary repairs to your vehicle in the event of a collision with another vehicle, or an auto-related accident, such as a falling tree branch striking your vehicle.
        • Physical Damage Coverage can also be further broken down into three coverage categories—Collision Insurance, Comprehensive Insurance, and Fire and Theft with CAC Insurance, which includes specified damage caused by fire, theft, and/or hail.
        • Comprehensive Insurance coverage spans a wide variety of perilous situations that are not related to collision with another vehicle, including fire, theft, vandalism, colliding with an animal, and more.

Why Do I Need This Type of Coverage? 

If you’re involved in any aspect of the tow truck or auto-related business that includes towing disabled vehicles, you need the proper tow truck insurance to protect your financial interests.  

  • As well as meeting legal requirements to carry and maintain minimum liability coverage, these policies add a layer of extra protection in the event your tow truck(s) and/or your customers’ vehicles from hefty damage-related costs and expenses.   
  • You don’t want to find yourself—and your business—facing financial ruin or even legal recourse for not being adequately prepared with tow truck insurance coverage. If obtaining this coverage is something you’ve been putting on the back burner, stop procrastinating and act today.   
  • With so many options available for tow truck insurance, the best move you can make is to speak to a skilled insurance agent who can help you determine exactly what type of policy you need.  

Why is Alchemy Insurance Agency a Smart Choice? 

When it comes to obtaining coverage that not only meets current tow truck insurance requirements, but also exceeds your expectations in terms of affordability, reliability, and other specifications, no one does it like Alchemy—and they’ve got over 30 years of experience to show for it.  

  • Pennsylvania’s premier team of independent agents work to analyze all your carrier options to find the perfect solution for your commercial and personal insurance coverage needs.  
  • Gone are the days of having to track down multiple quotes and sort through countless carriers to find the bottom line—Alchemy’s agents do it for you! 
  • Through their established professional connections with the most trusted names in the industry, Alchemy aligns your needs with the services and coverage options best suited to your particular budget and insurance requirements.  

When in doubt, trust the professionals at Alchemy Insurance Agency. Don’t waste another minute wondering which carrier is right for you.  

Visit https://alchemyinsurance.com/ to get connected with the tow truck liability insurance you need today.   

Share this article