Are you a tow truck operator or own a towing company? Your tow truck provides essential services to drivers in need but carries many risks. If you’re a tow truck owner, you know just how important it is to have the right insurance coverage.
With the proper insurance, you could avoid severe financial trouble if an accident or other incident occurs. Tow truck insurance can help protect your business from costly damages and legal fees in an accident, theft, vandalism, or any other unfortunate incident.
In this blog post, we will provide five examples of potential claims that could be covered by towing insurance so that you are aware of all the areas it covers. Using real-world scenarios and helpful information on towing insurance, you should better understand how comprehensive coverage can give you maximum protection for your business by the end of this post.
1. Bodily Injury Liability
This tow truck insurance coverage applies when someone is injured in an accident involving your tow truck. It provides financial protection for medical expenses, pain and suffering, and lost wages. This coverage is critical because the medical costs resulting from an injury can add up quickly, and without insurance, you could be left on the hook for thousands of dollars.
2. Property Damage Liability
This coverage applies when your tow truck causes damage to someone else’s property, such as a car or building. It provides financial protection for the cost of repairs or replacement. Property damage liability is essential to any tow truck insurance policy because it protects you from expensive lawsuits.
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3. On-Hook Towing Coverage
This coverage applies when you tow someone else’s damaged or stolen vehicle while in your care. On-hook towing coverage provides financial protection for repairs or vehicle replacement costs. This tow truck insurance coverage is crucial if you frequently tow other people’s cars.
4. Motor Truck Cargo Coverage
This coverage applies when you are hauling cargo for someone else and it becomes damaged or stolen while in your care. Motor truck cargo coverage provides financial protection for the value of lost or damaged shipments. This tow truck insurance coverage is essential if you haul valuable freight, such as expensive cars or equipment.
5. Garage Keepers Liability
Garage keeper’s liability provides financial protection for the cost of repairs or replacement if the vehicle is damaged or stolen while in your care. This coverage applies when a car is in your care, custody, or control, such as parking in your garage. This tow truck insurance coverage is essential if you operate a storage facility for vehicles.
5 Incidents That Tow Truck Insurance Covers – In Summary
While many types of tow truck insurance coverage are available, these five incidents are some of the most common ones that tow truck insurance covers. If you’re a tow truck owner, working with an experienced insurance agent is critical to ensure you have the right coverage to protect yourself and your business.
By knowing what incidents your insurance covers, you can be confident that you’re adequately protected and can focus on providing essential services to drivers in need.
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