One thing that is considered is your drivers. The age and experience of your drivers can affect your insurance rates. The other thing that they check is their motor vehicle records. Thing such as tickets and accidents will be included in the report. Remember that when your drivers have good records, you are likely to save on your insurance because they have proved to be safe on the road.
Tickets and accidents can also affect the cost of tow truck insurance. You find that tickets and accidents are signs of risk. For that matter, you are likely to encounter high insurance rates if your business has accrued tickets, accidents, and other claims. This is so because you are more likely to make another claim. One thing that you need to know is that the more claims you have the more of a risk you are. At some point, you may not even be able to get tow truck insurance at all.
The next factor is your tow trucks. You find that value of your tow truck will also impact your insurance rates. Here the insurance company will like to know the year, make and model of your tow trucks. One thing that you need to know that the more expensive your truck is the more it will cost to insure. You should understand that it will cost you more to repair or replace a bigger tow truck or a more valuable truck. For that matter, you will need to consider the gross vehicle weight rating when looking for tow truck insurance.
Apart from that, we consider the size of your fleet. One thing that you need to know is that each of your trucks needs to be insured properly. For that matter, when you have many trucks you will pay more for insurance.
Apart from that, we have risks. It is vital that we have many risks in your line of work in form of roadside assistance, auto repair, repo, towing among others. Remember that each of these risks come with different insurance needs which will impact your insurance rates.
Apart from that, they also consider how long your business has been around. One thing that you need to know is that with an established business that has been standing for long, the insurance companies will have a lot of information to review. For that matter, if you have a few loses, there are high chances that you will get a better insurance rate than the new companies. Unlike when you have a poor loss record of which you will attract a high insurance rate.