Tow Truck Insurance in North Carolina
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Tow Truck Insurance in North Carolina
What is tow truck insurance?
There are inherent risks that come with driving a tow truck. Operators in North Carolina are regularly working on fast highways, back roads with blind curves, and narrow side streets, and they’re sometimes on these roads during night or inclement weather. No insurance policy will prevent something from happening on the road, but tow truck insurance might assist with costs should something ever happen.
Tow truck insurance policies offer tailored protections for tow truck operators. Coverages typically extend to insured trucks, vehicles that are towed, and the operator.
Who in North Carolina needs to have towing insurance?
Towing insurance is something that most businesses with a tow truck need to have. North Carolina generally requires certain coverages per state law, and other coverages are broadly recommended.
Of course, there’s a variety of businesses that have tow trucks and may need coverage. These policies are frequently purchased by:
- Businesses with one or more wreckers
- Owner-operators with their own wrecker
- Auto service centers with a wrecker
- Heavy-duty towing services
- Police departments and impound lots
What protections do towing insurance policies make available?
There are several insurance coverages that towing insurance policies might offer. Some common ones include:
- Physical Damage Coverage: Usually for damage that insured wreckers sustain during collisions with other vehicles on the road (or in a parking lot).
- Comprehensive Coverage: Usually for damage that wreckers sustain during other events, such as fires, falling trees, animal strikes, and burglaries.
- Tow Truck Liability Coverage: Usually for third-party injuries and property damages that others sustain during collisions.
- Medical Payments Coverage: Usually for medical expenses arising from injuries sustained during collisions.
- On-Hook Towing Coverage: Usually for damage to customer vehicles when they’re hooked up to a wrecker.
- Garage Services Coverage: Usually for damage to customer vehicles when they aren’t hooked to a wrecker, such as when they’re parked at a repair shop or impound lot.
- Underinsured/Uninsured Motorist Coverage: Usually for collisions with drivers who don’t carry sufficient insurance coverage, and also hit-and-run accidents.
Do towing insurance policies cover repossession work?
Whether a towing policy extends coverage to repossessions depends on the specific terms of that policy. Some policies may cover repos among their standard features, while others may require an endorsement. An insurance agent who specializes in towing policies will be able to help operators find coverage for repossessions if they need it.
Do tow truck policies cover customers who get rides when having their car towed?
Most towing policies can cover customers if they get a ride while having their car or truck towed. Some policies might restrict coverage or require an endorsement, though. This is another detail that a knowledgeable insurance agent can assist with.
Do heavy-duty operators need specific insurance protections?
Heavy-duty operators should make sure their chosen insurance policy is able to cover their large wreckers and the large trucks they tow. The actual coverages required might not change much, but there may be specific terms and limits that an insurance agent can check for.
How much do towing operators pay for their insurance policies?
The insurance premiums that tow truck operators pay are based on many factors, and costs can therefore vary. Some of the details that insurance companies frequently check are the:
- Number of wreckers being insured
- Make, model, age, and value of each wrecker
- Classes of roads served
- Geographic area served
- Driving history and experience of the operators
To check how much premiums will be in a particular situation, operators can compare policy options with an independent insurance agent. An independent agent will be able to request custom quotes from different companies, and then compare the coverages, terms, and premiums that each insurance company is offering.
Where can towing operators in North Carolina find tow truck insurance?
For help securing tow truck insurance in North Carolina, get in touch with the independent insurance agents at Pegram Insurance. Our agents will work with you to find the right policy for your business.
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