When you own a company that has multiple vehicles to tow, it is often necessary to purchase Tow Truck Insurance for each vehicle. The best way to keep you covered when accidents do happen is to purchase coverage for each individual vehicle. There are four main components in tow-vehicle insurance.
The first element in a vehicle owner's auto insurance policy is Business Auto insurance. This covers you and your company if an accident occurs or theft occurs. If you have employees on site, you may be able to get Business Auto on the policy for each of their personal vehicles.
The next component in the insurance policy is liability insurance. Liability insurance is the part of the insurance policy that protects the company and the individual driver from any claims that occur in an accident. If someone was injured in an accident caused by your company or an employee you are responsible for, the liability insurance pays for the medical bills and any lost wages. You are also responsible for covering the damages to the cars or trucks that are damaged in the accident.
The third major component of the vehicle owner's policy is property insurance. This covers you and your company for damage to any real property in the event that an accident occurs. If you are transporting valuable items such as jewelry or art from one location to another, you may want to purchase property insurance for the contents of the vehicle. Depending on your personal situation, this may be an optional feature.
The last major part of a vehicle owner's policy is Uninsured Motorist coverage. This is designed to cover any damage or injuries to another person that may occur in an accident. It is important to remember that you may not be able to add more than one person onto the insurance plan.
If you need to compare several companies' packages to determine which one is the best, the Internet is the perfect place to start. Online resources provide detailed information about each of the insurance plans available, including the types of coverage and the amount of coverage. They also provide quotes for each policy, allowing you to compare prices and select the one that is right for your company and your needs.
When comparing the different plans, always remember to consider how much your company will actually cost to pay out in case you need to use it. Many companies offer discount plans for companies who buy in bulk.
While many truck owners may feel that they are fully covered through their auto and liability policies, it is possible that the coverage provided by the liability coverage may not be sufficient. It is important to keep in mind that the more than one person is on the policy, the more expensive the coverage can be. If a claim occurs, it is important that all the personal items are recovered and replaced in the least amount of time to avoid legal costs.
Liability coverage is usually the most inexpensive type of coverage provided. If you own a small vehicle that is not worth carrying a lot of liability coverage, then it is likely that liability coverage will not be required at all. The most comprehensive insurance is probably collision coverage. If an accident occurs and damages to the vehicle are large enough to be repaired or if the car is totaled then comprehensive insurance will pay the full expense of the repairs. If the tow truck is totaled then it will also have to be repaired or replaced at no cost.
It is important that you understand what additional benefits you may qualify for if you have more than one vehicle. If you have multiple vehicles in a fleet, a rental company will typically require that you carry more than one insurance policy for your business. Even if you are only using one vehicle, this will mean that you will be eligible for discounts if you carry both a car and a truck policy with your company.
One of the easiest ways to increase the amount of coverage is to add your company name to your policy. This will allow you to increase your deductible. The maximum amount of coverage that you carry. You can do this easily by contacting a local insurance agent.