Tow trucks are in hot demand these days, meaning that drivers are facing more liability risks than ever before. Properly insuring yourself and your tow truck is an important part of avoiding costly legal battles which could be ruinous for your career. Learning about tow truck insurance requirements is also important for avoiding potential penalties.
What are the tow truck company insurance requirements that modern drivers should know about? This review of on-hook towing insurance tells you all you need to know in order to safely tow.
Commercial Truck Insurance And You
Professional commercial truckers can’t afford to roam the roads without adequate insurance coverage. A single accident could devastate your personal health and personal finances alike. While any businesses that use trucks for commercial purposes can invest in standard commercial vehicle insurance plans, towers in particular absolutely need this protection.
There’s primary liability insurance for commercial trucking, which covers personal bodily damage and property damage that a trucker may cause in the course of their work. This type of insurance is federally mandated for commercial truckers who use their vehicles for business purposes in order to turn a profit, so ignore it at your own peril.
Bodily damage and property damage insurance are required by law in all 50 states, but some states have extra requirements that truckers should be aware of. Truckers in North Carolina must invest in uninsured motorist coverage, for instance, and those in
Wisconsin must possess Medpay, which covers medical expenses in many instances.
There are three other tow truck insurance requirements drivers must be aware of:
1. All Drivers Must Have A Commercial Driver’s License (CDL)
Drivers must pass a series of professional exams at the state level to be awarded a commercial driver’s license. Failing to possess a proper CDL will result in disastrous financial and legal peril, even if other forms of on-hook towing insurance are provided for. Tow truck drivers must never operate commercial trucks without their proper licensing.
2. Active Authority
One of the most common commercial driving requirements that escape the notice of many drivers is maintaining active MC and DOT numbers. Both numbers can be provided and are regulated by the Federal Motor Carrier Safety Administration (FMCSA).
3. Some Drivers May Need To File IFTA Reports
Finally, it’s important to know that some commercial truck drivers must submit IFTA reports for fuel tax purposes. The International Fuel Tax Agreement between the United States and other countries may require certain drivers to submit this report annually.
After these commercial trucker requirements are taken care of, towing specialists can turn their attention to the tow truck insurance requirements for their specific trade.
Tow Truck Company Insurance Requirements In Ohio
Many commercial drivers who aren’t involved in the towing business may have no need for industry-specific coverage. Tow truck drivers must nevertheless pay attention to unique coverage options, such as on-hook towing insurance that’s really only relevant for people in the towing trade.
On-hooking towing insurance is perhaps the most important trade-specific coverage that tow truck drivers need. This policy will cover any damage to the vehicle you’re towing that’s incurred while the car is “on-hook,” or actively being towed. Tow truck drivers can thus rest assured that any damage to the vehicles they’re towing won’t necessarily be coming out of their personal paychecks, depending upon their coverage.
Other tow truck insurance requirements include medical coverage for passengers inside the tow truck. From time to time, commercial truckers may have to give a lift to a driver in need while their car is being towed. Possessing extra medical coverage comes in handy in the unfortunate event of an accident that may injure them or the tow truck driver.
Tow truck company insurance requirements often mention “bobtail” coverage. More frequently referred to as “non-trucking liability” coverage, bobtail coverage provides a degree of protection for when drivers are using their trucks for non-business-related purposes on non-work days. Bobtail insurance usually applies when you’re not actively towing a trailer or load for commercial reasons and may be ideal for truckers who go on long hauls in between picking up cargo.
Cover Your Tow Truck Insurance Requirements With InsurA
Ready to take care of your tow truck company insurance requirements without breaking the bank? The experts at InsurA are ready to provide you with excellent coverage packages that include on-hook towing insurance and third-party injury coverage. Truckers can hit the open road with confidence once they’re covered by InsurA’s airtight protection policies.
InsurA will help you cut down on the costs of tow truck insurance in Ohio by explaining important factors like OSHA law compliance, USDOT regulations, and how your operating radius and number of drivers may impact your insurance costs.
InsurA is proud to offer coverage to all commercial drivers in Ohio. Contact InsurA today to meet every one of your important tow truck insurance requirements!