Home / Garage Liability & Towing / Towing Operations and Repossession Companies
You may submit an application online by clicking the “GET A QUOTE” button, or download and fill out the application and supplemental documentation. If you download the application you may either submit them via email, fax or postal mail.
We write the tough risks and producers reap the rewards. Whatever the unique underwriting characteristics that make a risk difficult to place, we adapt to specific needs and concerns.
Learn More about becoming a producer.
A Producer agreement is not necessary to receive a quote. However, an agreement must be completed in order to bind coverage.
Prime Insurance Company is a preferred provider of specialty liability insurance coverage for towing and repossession companies. Many carriers drop in and out of the class writing business for a limited time. We understand the business and recognize gaps in coverage and liability risks such as on-hook towing, wrongful repo, assault and battery, risks in the transportation of goods, firearms, personal liability risks of employees, security personnel, as well as animal liability risks associated with guard and watchdogs. These are just examples of the expertise and knowledge Prime Insurance Company presents for your client’s repo, towing, garage keeper’s legal liability, and/or direct primary coverage. We have provided a stable marketplace for over 40 years and will continue to offer products, services, and the best options for repo and towing.
For a list of Garage Liability Coverages & Exclusions, click here.
We can help insurance producers (agents and brokers) that are looking to write more business for their clients in the towing industry, including:
Different elements of insurance coverage offer protection in relatively restricted spheres of activity. For example, garage liability insurance, while a key requirement for dealerships, repossession, and towing garages, and repair shops, covers property damage and injury from the course of operations of an auto garage, not the cars right on the property that belong to other individuals or business entities.
In the course of your client’s business and the varied day-to-day tasks, they will run into circumstances that require coverage for repossessed vehicles and the potential transportation of other goods, as well as traditional general business liability concerns, coverage for their employees and security personnel, and other gaps that general business liability packages don’t cover. Prime Insurance Company has been helping fill those gaps and ensure that garage, towing, and repossession companies have full coverage for every aspect of the business and can readily respond to any liabilities or claims that can arise.
Of course, nobody wants to face issues during their workday, but it’s an all too common situation for repossessors. Insurance for repossessors ensures that if one of these situations turns into a lawsuit, your clients are not on the hook for legal costs themselves.
There are a few different types of insurance for towing & repo companies from which your clients can choose. A comprehensive policy may also be an option depending on your client and their needs. Prime Insurance Company is happy to work with you to secure the appropriate coverage.
The cost of insurance for towing & repo companies changes based on variables, such as the number of trucks and employees, loss history, and the risk the business faces. Prime Insurance Company is proud to offer insurance even in hard-to-place situations. If your client has been turned down in the past, contact us to see what we can do.
Tow truck insurance and insurance for a whole towing business are based on a range of factors; depending on what area your client primarily does business in, whether they primarily tow cars involved in collisions or they repossess vehicles, and the safety programs your client employs, your client can be very high-risk. Before you have a meeting with prospective clients, know ahead of time what combination of these and other factors should trigger a conversation about excess liability insurance. Having a consistent workflow that adds another level of evaluation is the best way to not only ensure your clients are adequately covered but to know that your company is, too.
Most small businesses are unfamiliar with the particulars of insurance coverage and look as insurance as a single whole instead of a combination of specific coverages and limitations. Taking the time to walk your client through the modularity of some aspects of commercial insurance will let them know the importance of discussing all risks and parts of their business when they might otherwise pass over or not realize the importance of key factors. This is also a good moment to build trust: instead of them thinking you are focused on finding information that will raise their premiums, you can let them know that some coverage areas do not extend into other areas.
The cars towed by your clients can be damaged in several ways. They are exposed to road and highway traffic, which means they can suffer damage in a traffic accident. This can happen while securing the car to, or on, the tow truck on the side of the road. Accidents may also happen during the tow itself. If the tow drivers are inexperienced, overworked, or lack enough sleep, mistakes can happen that cause either of these two types of accidents. These risks are especially acute during the winter months in northern states that get frequent snow and ice storms.
In addition to traffic accidents, mistakes in how the cars are secured during the towing process are another risk. Your clients should do their hiring carefully, check their drivers’ motor vehicle records, check their driver logs for excessive hours, and provide proper training.
Cars kept on your clients’ property whether inside a garage or on its parking lot are subject to several risks. It’s not unusual for these garages to have flammable liquids such as solvents and fuel. Repair work may cause sparks from cutting tools or welding equipment. When high-temperature sparks and flames are under the same roof as volatile flammables, fires are a definite possibility.
Auto theft from an unsecured garage or lot is yet another risk. Your clients should run well-organized garages where activities generating high temperatures are carried out in rooms separate from flammable storage areas. They should also implement security measures such as on-premise security systems, cameras, alarms, night lighting, as well as fencing around their lots.
Running a towing business with the right insurance is getting harder and harder, but it’s not because of poor business management. Help your client stay covered to strengthen your long-term business relationship and go to Prime Insurance Company to provide the surplus coverage.
If you’re a repo agent or towing company, are you at risk for litigation?
Approximately 2 million Americans take out an auto title loan each year. High interest rates of 300% or more are charged resulting in a high rate of repossession and long repayment periods.
One out of every five auto title loans results in the borrower’s car being repossessed.
Even the best of intentioned repo professionals can open themselves up to situations where they could be charged with violations, including property or bodily injury.
Prime Insurance Company will not bind a risk until all required information, documentation, and applicable premium is expressly received and accepted by Prime.
If there are any questions or urgent requests, please contact us today at
1-800-257-5590 or quotes@primeis.com
You may submit an application online by clicking the “GET A QUOTE” button, or download and fill out the application and supplemental documentation. If you download the application you may either submit them via email, fax or postal mail.
We write the tough risks and producers reap the rewards. Whatever the unique underwriting characteristics that make a risk difficult to place, we adapt to specific needs and concerns.
Learn More about becoming a producer.
A Producer agreement is not necessary to receive a quote. However, an agreement must be completed in order to bind coverage.