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The importance of tow truck insurance

Posted on: May 2nd, 2012 by towingwriter

Tow truck insurance is gaining immense popularity in recent times. Drivers of tow trucks are rendering a noble service to stranded travelers on a daily basis. Not only do they have to shoulder the entire responsibility of the vehicles to be towed, they also risk their safety in order to assist motorists.

There are various casualty insurances and commercial property that are included in tow truck insurance. The insurance would also need to include garage responsibility as well as on-hook coverage. Towing companies are liable to bear expenses for the damages that may take place when the truck drivers are towing vehicles. If a tow truck service provider does not have this provision insurance, it could mean a major loss for the business in the eventuality that any damage occurs to the tow truck or the damaged vehicle. The towing service also runs the risk of bankruptcy in case there is no insurance coverage for the tow vehicles.

The process of acquiring tow truck insurance is time consuming as well as expensive. The reasoning behind the extreme expense is that the estimate is based on the tow truck as well as the load it is expected to carry. Insurance policies are also determined based on factors like whether the loads are carried across state lines. Tow truck insurance is decided taking several factors into consideration and each policy is different. Premium rates depend on the number coverage and factors that have been applied for. The insurance plans are also based on the requirements of unloading and loading in various states.

For the purpose of tow truck insurance, many factors are taken into consideration such as vehicle type, driving record of the owner, operation of the tow truck and other factors.

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