In our last Tow blog, we talked about why insurance rates for the towing industry were going up. If you didn't get a chance to read it, you can click Here To Read It.As discussed in our blog, rates are going up for the industry because insurance companies are losing money insuring vehicles. But, that doesn't mean rates are going up for everyone.
Wichert Insurance has experienced success in placing business with our insurers at preferred rates. We have developed relationships with these companies over our 20+ years in the Tow Business, and we have earned their trust. Let me take a moment to explain what a preferred rate is and how to qualify.
What is a “Preferred” Tow truck insurance rate?
At the moment, a preferred tow truck rate for “liability only” is in the area of $2,000 per unit. Keep in mind this rate doesn’t include comprehensive or collision coverage, and it can increase or decrease based upon the radius of operation and the gross vehicle weight. This rate is only given to the safest and best run towing operations. A well-run operation may be eligible for a preferred rate and significant premium savings.
Many towing company owners ask why they have never heard of or seen a preferred rate. There are three simple answers to this:
- The current agent does not have expertise insuring Towing operations.
- The current agent does not have access to an insurer offering preferred rates.
- There are risk factors that are preventing the towing company from being eligible for a preferred rate
While many towing companies do not qualify or are unaware of the preferred rating programs, those who do qualify are seeing savings.
Our newest clients have seen rate decreases over their proposed renewal, and many of our existing clients are seeing rates well below the industry average.
Click on the button below to download a checklist of items to determine if you could qualify for preferred rates.
How do you qualify for a preferred rate?
There are several factors that help you qualify for a preferred rate. The four major factors are:
- Insurance claims history
- Driver records
- CAB and SAFER scores
- Safety / Training
We have compiled an in-depth Preferred Rate Checklist to help you see if you meet the standards. Many companies fail to qualify because they are unaware these criteria exist, and they don’t have an agent with the expertise to assist them to meet the criteria.
See if you qualify for a preferred rate 1 of 2 ways.
- Utilize the preferred rates checklist and walk through the information yourself.
- Contact a Wichert expert directly at (888) 455-5131 to see if you qualify.
It takes an expert to get you where you need to be
We mentioned in our previous post that nearly any insurance agent can provide you with a policy or quote. However, that does not mean they will provide you with what you need or be able to provide you with preferred rates.
In order to avoid frustrations with cost, bad claims experiences, and other insurance frustrations, you need to have an expert in towing insurance on your side.
In our 20+ years in towing insurance we have been able to help many towing companies see greater success through safety, claims resources, and a better insurance experience.
If you have questions on the above or about preferred rates, feel free to contact us:
- Call us at (888) 455-5131
- Or, click below and enter your information, and we will quickly follow up with you.