Tow Truck Insurance Lorain Ohio
Lorain Ohio Tow Truck Insurance
Call 800-998-0662 to speak with one of our experienced agents when shopping for Tow Truck Insurance in Lorain Ohio, or click on Tow Truck Insurance Lorain Ohio to submit your information for a free quote online seven days a week.
Providers are Limited For Tow Truck Insurance in Lorain Ohio!
Insurance companies that offer Tow Truck Insurance in Ohio are somewhat rare, relatively speaking.
As an independent agency, Pathway Insurance is able to shop the market to find the right tow truck insurance policy for your business, whether you’re an existing company with years of experience or a brand-new business just getting your start.
Be mindful that you should not just settle for only the state minimum liability limits when shopping for Lorain Tow Truck Insurance.
When Choosing Your Liability Coverage, Be Smart.
There’s no doubt that tow truck insurance can be a bit pricey, so it’s understandable that some towing business owners sometimes purchase only the state minimum required coverage. They likely assume, as we all often do, that they’ll never actually need to use their insurance. But what about a situation like the following?
Salvatore Valestra, known in town as Sal, has been saving up to start his own towing service. He’s done his research, purchased a tow truck, and acquired an office building with a garage that’s big enough for expansion in the future.
All that remains is to find some decent insurance for his vehicle and Sal will be good to go.
After several discouraging phone calls Sal is feeling less than enthusiastic; despite all his research into the intricacies of the tow truck business, he has dramatically underestimated the price of good tow truck insurance for a new towing company with no prior history of insurance. He can technically afford the better coverage, but it would leave him with less capital than he anticipated having for expansion of his towing operation.
After weighing the pros and cons Sal decides to settle for the state minimum. This covers him for $15,000 per person/$30,000 per occurrence, and $5,000 for property damage.
“Good enough,” Sal says to himself as he makes the down payment.
Four months later, Sal’s business is going pretty well. He gets a call to tow a Honda Accord to a repair shop across town. While pulling the Honda his tow truck pops a tire, causing Sal to lose control of the vehicle. He lists to the right and smashes into a parked car that happens to be occupied. No one is killed, but the occupant of the parked car is injured and there’s significant damage to all of the vehicles involved.
The injured party sues Sal for medical expenses and damages to the car. After a week in court, Sal is required to pay over $150,000 for a settlement. He gets a momentary reprieve when he finds out that his insurance company has agreed to pay the claims up to the limit detailed in his policy. His spirits are crushed again, however, when he realizes what that means: all told, the insurance company is only required to pay what amounts to less than a third of the total settlement cost, leaving Sal to have to find a way to pay over $100,000 on his own.
Needless to say, Sal’s new business has to be liquidated in order to scrape up enough cash to pay what he owes. He’s left to forever wonder why he didn’t purchase adequate insurance.
Lorain Ohio Tow Truck Insurance – Choose Your Coverage Wisely
Call Pathway Insurance Monday through Friday 9 AM to 5:30 PM at 800-998-0662 for your Lorain Ohio Tow Truck Insurance needs, or click Tow Truck Insurance Lorain Ohio seven days a week for free quotes.
Ohio Tow Truck Insurance is also available in the following communities:
- Tow Truck Insurance Cuyahoga Falls
- Tow Truck Insurance Euclid Ohio
- Tow Truck Insurance Middletown Ohio
- Mansfield Ohio Tow Truck Insurance
- Tow Truck Insurance Newark Ohio