The problem with modern truck insurance in Los Angeles California is that they don’t know what to charge. The trouble is that insurance companies go “By the Numbers,” which means they use statistics and probability calculations to figure out your premium prices. The trouble is that trucking is so varied that every niche area has very different stats. This is made more difficult when the LA trucker is not to blame, or when truckers from other countries seem to skewer the statistics. What’s even more difficult is that niche areas like tow trucks have even fewer statistics for insurance companies to go off, so they have to take guesses, which is often why premium prices seem so overpriced. Here are just a few ways you may lower your tow truck insurance costs.
Lock Up Your Vehicle At Night
People who lock up their vans and trucks at night, especially their commercial trucks and vans, are going to receive smaller premiums. Turns out that being locked up at night is something that insurers love. It adds extra layers of protection that justify a lower risk.
Hire Drivers With Clean Licenses
Insurance companies are looking for reasons to charge you more. When you hire people with clean licenses, and when you avoid making claims yourself, you remove a reason to give you a higher premium price. Hiring experienced drivers is always a good idea, but if you want to hire cheaper drivers and then take the risk with more expensive insurance, then do a bit of a risk-reward calculation.
Beware of Lumping Your Insurance Together
You are probably going to be bowled over by the combination of insurance offers that these companies give you. They will ensure your garage building, the cars you hold/repair, your trucks, public liability, and all that fancy stuff. They will offer you a big juicy discount that seems difficult to resist. However, with a bit of shopping around, you can often find lower quotes for each insured element.
Do They Have Seasonal Insurance
LA isn’t exactly a seaside resort, so seasonal insurance isn’t a big issue. You are not going to have added call-outs during the winter before month-long snowstorms. Nevertheless, ask about seasonal discounts or other niche area discounts that apply to tow trucks as well as to regular trucks.
Buy From a Smaller Company
The bigger the company is, the more risk-averse it becomes. They have to assume that the data always spells the most negative end result. Even if 40 European truck drivers decide to play chicken on LA’s roads tomorrow, the bigger insurance companies have to assume it is a trend spanning across every trucking industry and will raise prices accordingly. A smaller company can base prices on individuals, on local business trends, and on local knowledge and reputation. That is why, if you are struggling to get a good quote for your tow truck insurance, or even your regular commercial and/or private truck insurance in Los Angeles California, then you need to get in touch with Mona’s Insurance for a fair price.