Hey folks, Jim here. If you run a tow truck company in New York or New Jersey, you already know insurance isn’t cheap. Between liability, on-hook, and garage coverage, the premiums can add up fast. When I first started, I was always looking for ways to bring the cost down — but I didn’t want to cut corners and end up underinsured.
The good news is, there are a few smart ways to save money without losing protection.
First off, keep your driving record clean. It sounds simple, but your insurance rates are heavily tied to your loss history and driver records. One accident or moving violation can bump your premium for years. I make sure every driver in my company knows that safe driving isn’t just about avoiding tickets — it’s about protecting our bottom line.
Second, bundle your coverages. If you’re carrying commercial auto, on-hook, and garagekeepers insurance, ask your broker if one carrier can write all three. When I bundled mine, it knocked a few hundred bucks off the annual premium.
Third, raise your deductibles a little. I’m not saying go sky-high, but if you can handle a $1,000 deductible instead of $500, it usually brings the cost down. Just make sure you’ve got that money set aside in case something happens.
Another big one is equipment and safety upgrades. Some carriers offer discounts if you install dash cams, GPS tracking, or anti-theft devices. I added cameras to my trucks, and it not only helped with claims — it earned me a small discount, too.
And finally, work with a broker who understands the tow industry. I can’t stress that enough. When I started working with The Sarrica Insurance Group, they found carriers that specialize in towing. That made a huge difference in both pricing and coverage.
So, yeah — lowering your premium isn’t about cutting coverage, it’s about making smart moves that reduce risk.
If you want someone to take a look at your policy and see where you can save without losing protection, call The Sarrica Insurance Group at 516-277-0812. Or fill out this quick form: Get a Business Insurance Quote.
It never hurts to shop around — especially when every dollar counts.