We understand that towers have specialized insurance needs and that each tower has their own unique requirements. When you request an insurance quote, we ask for various and detailed information. You may wonder why we ask for so much information and why it is necessary. It is needed so that we can provide tailored solutions and accurate quotes for your specific situation. Additionally, the information provided helps us to determine if we can offer you a quote and how much your insurance is going to cost. The more information provided, the more likely you are to get the best possible price.

WHAT IS NEEDED TO GET A QUOTE?

We need the best and most detailed information available regarding your towing and recovery business as all requests for quotes or applications for insurance must go through an underwriting process. Underwriting is a process that evaluates an applicant and their vehicles against pre-established criteria for insurability to determine whether the applicant will be rejected or accepted for coverage and whether at standard or modified rates. The more the underwriter knows about the quality of your operation, the higher the potential for obtaining the lowest cost possible.

1. LOSS RUNS:

Loss runs are computer-generated reports that an insured requests from his current and/or prior insurance companies. They detail the following:

Losses sustained during the policy year covered by the loss run. Details on how much the insurance company paid out on any loss during the policy year covered by the loss run. Details on how much the insurance company has “reserved” to be paid out on pending (open) claims or unsettled losses that occurred during the policy year covered by the loss run.

Insurance companies highly value loss run information. Most companies usually ask for three to five years of loss runs. This information tells the insurance company’s underwriter what kind of risk you are. If you have good loss experience, the loss run will speak for you in getting the lowest possible quote. On the other hand, if the loss run shows a lot of claims activity, you may not get a deal.

2. DRIVER INFORMATION:

We need know about your drivers. This is critical to the underwriting process! You are required by State and Federal Safety Carrier Regulations to keep very carefully documented “Driver Qualification Files.” As required by law, you should already have a Motor Vehicle Report (MVR) on file for each of your drivers. (Remember, you can be severely fined for not having this information.) In all instances, we need to know the driver’s name, date of birth, driver’s license number, state licensed and years of experience operating tow trucks.

3. VEHICLE INFORMATION

We need to know as much as possible about your vehicles. If they are older vehicles but in good condition, we need to know that you have kept them up so we may ask for a picture. Some of our finest clients are owners of older trucks that are beautiful pieces of equipment. In all instances we need to know, the year, make, model, type of unit, any special equipment, the GVW, the cost new and the vehicle identification number.

4. SAFETY PROGRAM

If you have a “Safety Program”, be sure to let us know as this may help you reduce your premium. Actually, you are already required by State and Federal Law to have one. Tell us about your safety program.

This is the basic information needed. Additionally, it takes effort on your part to read and study the various articles and information we have provided on this website. It will be time well spent and it is necessary if you are to have a better understanding of the factors that can help you obtain the best possible quote and coverages for your operation.

It would be our pleasure to assist you with any questions or comments. Please contact us if we may assist you in any way and call our office or use our convenient on-line quote form to Get A Quote.