What You Need To Know About Tow Truck Insurance Requirements
Tow trucks are there for drivers in need, rescuing them after car accidents or breakdowns. However, what if your tow truck gets damaged in an accident, especially if you’re transporting a customer’s car at the time? It’s important to understand what protections you need. Learn tow truck insurance requirements to save yourself from financial burden down the road.
Liability insurance is required for every driver on the road. This covers injuries and damages to others and their property in the event of an accident.
Recommended Add-Ons for Tow Trucks
There are three important add-ons that you should consider to protect your towing business:
- Physical damage
- Garage keepers
- On-hook towing
Liability insurance covers the damage caused to other vehicles, but it doesn’t extend to your own. To protect yourself, add physical damage insurance to your policy.
If you keep customers’ vehicles on your property, garage keepers insurance covers damage that may happen while the vehicles are in your care. You can have peace of mind knowing accidental damage caused during repairs does not mean financial ruin for you.
What if a customer’s car is damaged while being transported via your tow truck? On-hook towing protects you from these costs.
The Importance of Insurance Protection
While every driver needs to carry liability insurance, tow truck owners should consider additional coverage to protect against damage to their own truck and to customers’ vehicles. The cost of not carrying these protections might be greater than you think.