Understanding Commercial On-hook Insurance What is on-hook insurance?
When you're in the business of hauling other people's cars, you're taking on a significant amount of responsibility. If something happens to one of the cars while it's in your care, you could be liable for the damages. This is where on-hook insurance comes in. It provides coverage in the event that a disaster strikes while you're transporting a client's car.
On-hook insurance helps you cover the costs of:
UNDERSTANDING COVERAGE PRICING How Much Does On-Hook Insurance Cost?
When it comes to protecting your towing business, on-hook insurance is crucial. The cost can vary depending on factors such as the value of the towed vehicle, the level of risk involved, and the type of coverage. At Cheap Truck Insurance, we understand the importance of finding affordable policies that meet the unique needs of your business. Our experienced agents work with multiple insurance carriers to find the best coverage options at the most affordable prices. We'll help you navigate the complex world of on-hook insurance and ensure that your valuable assets are fully protected during towing, without breaking the bank.
Contact us today to learn more and to get started with a quote.
Factors affecting your insurance coverage
On hook insurance is a type of coverage that protects tow truck operators and other businesses that transport vehicles that are not owned by the business.
The cost can be affected by several factors, including:
- Type of Coverage
- Value of Towed Vehicle
- Level of Risk
At Cheap Truck Insurance, we work with multiple insurance carriers to find the best coverage options at the most affordable prices, ensuring that your towing business is fully protected.
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what's the difference between them?
Cargo Insurance, Garagekeepers Insurance & On-Hook Insurance
Cargo VS. On-Hook Insurance
Cargo insurance and On-Hook Insurance are both important forms of coverage for truckers and transportation businesses. At first glance they might appear to cover the same things. However, this is not true! They cover different types of losses and each type may be required in different situations.
Here is how they differ:
Coverage scope: Cargo insurance provides coverage for damage or loss to the cargo during transit. On-Hook insurance provides coverage for damages or losses to a client's vehicle while it's being towed or hauled.
Insured party: In cargo insurance, the cargo owner is typically the one who purchases the insurance policy. In on-hook insurance, the trucker or towing company purchases the policy.
Legal requirements: Cargo insurance is sometimes mandated by law or required by shippers or clients. On-hook insurance is not typically mandated by law, but may be required by certain clients or contracts.
Cost: The cost of on-hook insurance is typically lower than that of cargo insurance, as it covers a smaller scope of potential losses and damages.
GarageKeepers VS. On-Hook
Should You Get GarageKeepers Insurance or On-Hook Insurance? While both are important, they insure different types of situations & losses, just like cargo insurance. Read below to find out the differences and which coverage is the best for you & your trucking business!
Here is how they differ:
Coverage scope: Garagekeepers insurance provides coverage for damages or losses to a client's vehicle while it is being stored or serviced on the insured's property. On-hook insurance, on the other hand, provides coverage for damages or losses to a client's vehicle while it's being towed or hauled.
Insured party: In garagekeepers insurance, the business that is storing or servicing the client's vehicle typically purchases the insurance policy. In on-hook insurance, the trucker or towing company purchases the policy.
Legal requirements: Garagekeepers insurance is sometimes mandated by law or required by lenders or clients, depending on the type of business. On-hook insurance is not typically mandated by law, but may be required by certain clients or contracts.
Cost: The cost of garagekeepers insurance is typically higher than that of on-hook insurance, as it covers a larger scope of potential losses and damages.