What Do I Have to Know About Insuring My Tow – Truck?

A tow truck business is any business that earns income by towing or providing roadside repair to disabled vehicles.

Examples of tow truck businesses include:

  • Roadside service providers
  • Auto club contractors
  • Auto salvage and auction haulers

A tow truck must carry auto liability and physical damage coverage much like any other commercial vehicle.

A tow – truck business also needs insurance for the customer’s vehicles they tow or keep in storage. In insurance terms these are called garage keepers and on-hook coverage.

To get an instant competitive quote call (847) 296- 4646 now!

What Do I Have to Know About Insuring My Limo?

Limousines are insured much like regular vehicles. Auto Liability insurance protects against injury and property damage arising in an auto accident to third parties. The physical damage coverage protects your vehicle. The cost of the limousine insurance varies with the experience in the business, your driving record, your loss history and the cost of your vehicle.

Various government agencies regulate the limousine business.

In Illinois the limousine business is regulated by the Secretary of State. The secretary of state requires minimum liability coverage of 250/250/50 in order to license a limousine.

The City of Chicago requires licensing for all livery vehicles operating on the territory of the city. In order to get a license (known as city plate) the city requires minimum liability coverage of 350 CSL. The City’s Department of Consumers has established minimum standards for limousine businesses operation on the teritory of the city. Please read more for the City of Chicago Licensing requirements and applications for Corporate and Individual Limousine Operators.

If you are getting business from limousine companies, please check with the respective company since each of them has specific insurance requirements. Most companies will require minimum liability coverage of 1,000,000 to 1,500,000

To check what is the right policy for you, call 847-296-4646.

Our limousine program is currently only available in Illinois.

What do I have to Know About Insuring My Fleet of Trucks?

Fleets can be covered in variety of ways depending on fleet size, experience, prior loss history and number of other factors.

The most common type of policy on the market is the scheduled auto policy. It only covers units specifically listed on the policy’s declaration page. In most cases this is the only policy available to smaller accounts and to accounts that have been in business less than two years.

For larger accounts with more than two years of experience there is a reporting form policy available. This policy form does not require listing of any specific units but is rather based on the revenue or the annual mileage of the fleet. A lot of fleet operators find the reporting form to be more convenient since it does not require scheduling of units which always leaves room for mistakes.

To find the best insurance plan for you, please call our fleet insurance specialists at 847-296-4600.

What is Non – Trucking Liability Insurance?

Non – trucking liability insurance covers your responsibility to pay for injuries or for property damage arising out of operating your truck for non – economic purposes. In order to be able to buy non – trucking liability coverage you must be permanently leased to a motor carrier (trucking company) that provides primary auto liability and cargo insurance for you. In most cases you will be charged for insurance monthly or weekly. Often the primary auto liability and cargo coverages are incorrectly referred to as Cargo Insurance.

What Does Non – Trucking Liability Cover?

Non – trucking liability insurance (Bobtail Insurance) covers your responsibility to pay for injuries or for property damage arising out of operating your truck for non – economic purposes.

The coverage is extremely limited and that is why it is relatively inexpensive. In most cases you will be driving you truck for economic reasons. Such reasons include but are not limited to the case when you are driving under dispatch, with or without a load or with or without a trailer, the case when you are driving your truck to or back from work or when you are taking ate truck to a repair facility or a carwash.

Since in all these cases the insurance policy that pays for injuries and physical damage to a third party arising out of an auto accident is the primary auto liability policy of your carrier, it is very important that you have a current and properly executed lease agreement.

What is Physical Damage Coverage?

The physical damage coverage provides protection for your truck in the case of an accident or specified other causes, not related to a motor vehicle collision, like some natural disasters, theft or hitting a deer for example.

This coverage is optional and varies by policy and insurance company. You must read your policy carefully as there is difference in policy language and forms. If you have a loan for your truck, your bank will require you to have physical damage coverage.