Tow Truck Comprehensive Collision Insurance in Chicago Illinois
The presentation in this video explains the details for this important, but not mandatory coverage in the tow truck insurance policy.
In Illinois the rate for physical damage insurance (comprehensive and collision is between 3.5% to 4.5% of the value of the truck.
Comprehensive & Collision coverage, in Commercial Insurance it is called Physical Damage Insurance, is not a mandatory coverage by law, but newer and pricy tow trucks, or tow trucks that have a lienholder may have to obtain the coverage.
Collision coverage provides protection in the event that the tow truck collides with an object or overturns. Comprehensive coverage provides protection against the perils of theft, fire, water damage, etc. Some policies offer less coverage than Comprehensive, as they covers only Specific Causes of Loss.
This coverage always comes with deductible, $500 and up. The deductible is the responsibility of the towing business for each claimed filed.
Some tow truck insurance companies may offer roadside assistance and rental reimbursement for towing operations. This is not very common though.