What Does Tow Truck Insurance Cover?
Tow Truck Insurance coverage is now for any business-owned or leased commercial vehicle. A Tow Truck Insurance Policy typically includes liability coverage for property and personal damage to others as well as on hook coverage and personal injury protection. Tow Truck Insurance can also cover physical damage to the owned or leased tow truck which is also refereed to as collision, and either comprehensive or fire and theft coverage.
Is Tow truck Insurance the same as Commercial Auto Insurance or Business Auto Insurance?
No, but just like you need auto insurance for your own car, you need business auto insurance to cover your business-owned or leased tow truck or flat bed vehicles.
Tow Truck Insurance adds coverage for “On Hook” Coverage or damage to vehicles in tow that would be covered if damaged while in tow.
A Tow Truck Insurance Policy Coverage Includes:
Bodily Injury Liability
Coverage for damages that involve bodily injury to others for which you become responsible under law. Tow Truck Limits available up to $1,000,000.
Property Damage Liability
Coverage for damage to property of others for which you become responsible under law. Tow Truck Limits available up to $1,000,000.
Coverage for reasonable and necessary medical expenses and funeral services for those who are accidentally injured while in your automobile or while getting into or out of your automobile.
Personal Injury Protection
Coverage for medical, hospital, rehabilitation, loss of wages or loss of services costs resulting from injury to you or any resident family member. In case of death to the insured or a resident family member, death benefits and survivor benefits, if applicable, will be provided. Aggregate limits available up to $175,000.
Other Tow Truck Insurance coverage that may be obtained include:
On-Hook Towing Liability Insurance ****
A towing specific coverage that provides physical damage coverage for an auto or watercraft while being towed by an insureds’ covered vehicle. The coverage provides protection in the event of fire, theft, explosion, vandalism or a collision. This is not the same as cargo coverage. Limits available up to $100,000 or more.
Comprehensive or Fire and Theft Insurance
Protection for the loss of or damage to your vehicle and its equipment from all causes except collision, subject to the deductible on the policy.
Protection for the collision damage to your automobile and its equipment, subject to the deductible on the policy.
Coverage allows you to recover bodily injury damages due to an accident where the other party does not have insurance, and is found legally liable.
Under Insured Motorist
Coverage allows you to recover bodily injury damages due to an accident where the other party is found legally liable and does not have adequate liability limits.
Hired Auto Liability Coverage
Covers liability for automobiles hired under contract on behalf of or loaned to the named insured.
Hired Auto Physical Damage
Coverage for an automobile of any type, hired, borrowed or leased on a short term basis for use in the insureds’ business.
Employer’s Non-Ownership Liability
Coverage for a private-passenger automobile used in the business of the named insured by any person, or the occasional and infrequent use of a commercial automobile in the business by any of your employees.
What is the average cost of Tow Truck Insurance?
Although we are typically asked this question, there is no “out of the box” price for the cost of Tow Truck Insurance. Because vehicles, usage, company history, drivers, operational territories and coverage limits vary from policy to policy, there is no way to offer a number with us processing and collection some important information.