Over the last year, we’ve seen about a 15% increase in commercial tow truck insurance premiums across the board. It doesn’t matter if you have the best drivers or the newest trucks. Everyone is dealing with a rate hike, and it can put a real strain on your budget.
Fortunately, there are steps you can take to help reduce the cost of commercial tow truck insurance. Towing insurance is one of our specialties here at Zellner Insurance Agency, so we have some ideas. Continue reading to explore five ways to save money on your next renewal.
How to Reduce on Your Commercial Tow Truck Insurance Rate
- Install Cameras:
Adding cameras to your tow trucks is a great way to reduce liability. It gives insurance carriers a clear view of what happened and helps to determine who is at fault, making the claims process much simpler. Time and money spent on legal disputes are reduced greatly – a major advantage for both the carrier and the insured.
- Get Good Drivers:
Insurance companies consider factors such as driving records, age, and claims history in determining rates. Hiring experienced, responsible tow truck drivers who have a clean driving record is a key component to getting and keeping tow truck insurance premiums low. Do what you can to keep your good drivers as employees with competitive pay and a positive work environment.
- Don’t File a Claim for Everything:
It’s important to note that filing a claim for every little accident can be counter-productive. Yes, you’re paying for the insurance, and it’s necessary to have it, but each claim you file can cause your premiums to rise. When you file too many claims, the insurance company may view you as an unreliable customer and could even deny you commercial tow truck insurance coverage. Your claims history comes into play when you switch carriers too. Get strategic and pay what you can out of pocket.
- Shop Around for the Best Rates:
Different insurance providers offer varying levels of coverage and prices, so it’s important to compare several to find the best rate. Shopping around for insurance quotes is a great way to save money on commercial tow truck insurance. We can do this for you!
Zellner Insurance Agency works with multiple carriers across the country, and we’ll be happy to help you compare policies and get the right one for your business needs. Click to contact Zellner Insurance Agency now for a quote.