If you are the owner of a tow truck, you need to properly protect it in case something goes wrong. Part of this protection is having the right tow truck insurance. Tow truck insurance is a different thing than typical auto insurance. Tow trucks require a specific set of coverages including something called on-hook insurance.
This type of tow truck insurance applies to vehicles that you are towing. If for some reason, a vehicle you are towing is damaged, this type of insurance will cover the damages. This insurance applies in a variety of different situations including collisions, fires, theft, or vandalism.
The other type of insurance that is vital for tow truck owners is liability insurance. This type of insurance covers property damage and bodily injury that occur to any third-party.
Collision and Comprehensive Coverage
Collision and comprehensive coverage applies to the tow truck itself. With this type of insurance, your tow truck will be protected in a variety of circumstances including collisions, fire, theft, and vandalism. Think of collision and comprehensive coverage as a sort of umbrella protection for your truck.
Owning a tow truck may seem relatively risk free, however, things can still go wrong. It is vital that you have tow truck insurance to protect yourself, your tow truck, and any vehicles you are towing.