7 Ways to Meet the Requirements of Your Towing Company Insurance - Strong Tie Insurance Services

7 Ways to Meet the Requirements of Your Towing Company Insurance

Strong Tie Insurance November 29, 2021 Our Blog

Companies get cheap semi-truck insurance to avoid outstanding debt or bankruptcy when unexpected incidents happen. For towing companies, they get a special type of commercial auto insurance, which is towing company insurance—helping them finance medical fees or repair costs for their tow trucks and drivers.

Unlike other vehicular businesses, towing companies transport vehicles as a form of service. This puts tow truck drivers at greater risk of injury from road accidents, as well as exposure to glass shards and metal debris.

Additionally, transporting such large items makes tow trucks prone to mishaps and theft.

These risk factors should be mitigated with towing company insurance. Learn more about how to meet your insurance requirements, so you can claim your insurance when you need to!

What to Do When You Get Into an Accident?

1. Contact your insurance provider

If you get into an accident, whether it seems major or minor, contact your insurance provider immediately while you are still on site.

The first thing you should do to claim your towing insurance is to know whether your incident is covered by your towing insurance policy. Calling your insurance provider is important to determine the steps to follow after an accident happens.

2. Find out what supporting documents are needed

Once you’re assured that your accident is covered by your towing insurance, conduct your due diligence and find out about the requirements you need to file your insurance claims.

These usually include, but are not limited to, your policy, a policy report or notarized affidavit, driver’s license and official receipt, certification of registration, ownership documents of the tow truck, medical certificate, and any other official receipts for costs you wish to claim.

3. Save all transaction receipts

Claiming your insurance will take a while. By the time you receive your insurance money, you are likely to have already paid some fees out of pocket. You can have them reimbursed through your insurance claim by presenting all the official receipts. 

4. Note important deadlines

The last thing you want is missing your deadline for filing an insurance claim. No matter how busy you are, take note of the deadlines and follow them.

5. File an insurance report

Ask your insurance provider for the steps in filing an insurance report and do it within the allowed time frame.

6. Provide the correct information to your insurance provider

You’ll be asked to fill out forms and provide information about you, your ownership of the tow truck, the state of the tow truck, as well as details of the incident from which you are filing an insurance claim.

Make sure to be truthful and provide correct information to avoid having your claim denied.

7 Requirements to Claim Towing Insurance

There are many types of incidents and depending on the incident, the documents you need to submit to claim towing insurance can vary.

Check out the most common requirements you need to prepare, so you can protect yourself against insurmountable financial debt.

1. Policy

When filing an insurance claim, always present a copy of your insurance policy. Get a copy of your towing insurance policy, and attach all other requirements to it. This tells your insurance provider what you are entitled to.

2. Policy Report or Notarized Affidavit

Depending on your insurance provider, you may be asked to fill out a policy report or submit a notarized affidavit to explain the incident and the reason for claiming your towing insurance.

A policy report is a form given to you by your insurance provider, this should be answered by the assured or authorized driver of the tow truck insured. Meanwhile, a notarized affidavit is a written statement or oath that should be executed by the assured or authorized driver—the statement should be notarized by a notary public to attest to the validity of the statement.

3. Driver’s License

If your accident happened on the road while driving, and your towing insurance policy includes collision coverage or comprehensive coverage, then you will be asked to provide a copy of the driver’s license of whoever was driving the vehicle at the time

You’ll also be asked to attach the official receipt of the license to support its validity.

4. Certificate of Registration

If you’re claiming insurance to pay for the repairs of your damaged vehicle, you have to submit a copy of your certificate of registration to your insurance provider. This should be of the insured vehicle and will serve as proof that you have the right to drive this vehicle on the road.

5. Official Receipt

If you get into an accident and would like your towing insurance policy to cover repair costs to your vehicle, it’s important for your insurance provider to know about the ownership of the vehicle insured.

Give them a copy of the official receipt if you bought your tow truck. If this is a second-hand vehicle, you can provide similar supporting documents that show ownership of the insured vehicle has been transferred to you or the driver.

6. Medical Certificate

When you get into a car accident, a person may get injured. If your policy covers injuries to a third party or to the driver and passengers, you need to present your insurance provider with a copy of the medical certificate of the victim. 

7. Receipts of Additional Costs

From the moment you get into an accident, you will have to pay some fees out of pocket, whether this is for first aid or to hire another tow truck.

Always ask for official receipts when making these transactions, so you can claim the amount from your towing insurance later.

Similarly, if you have medical fees coverage, collect the official receipts of all the medical fees you needed to pay for. These include any x-rays, scans, blood works, and procedures, and also include hospitalization fees, outpatient consultations, and nurse fees if necessary.

Auto Insurance for Your Tow Truck

All tow companies need to have their trucks covered by insurance. If you’re looking to get started immediately, you can get affordable truck insurance or cheap semi-truck insurance to have all the basics covered.

This makes sure you can have your business up and running now, and you can always revisit your terms and upgrade as your business needs change.

We have 20 years of experience protecting vehicular businesses. Our agents will fit you with the insurance policy best suited to your needs.

Make sure that your towing business is covered by insurance. Get a free quote, contact us at Strong Tie Insurance today!