The most challenging thing for owners in the tow/repo world is understanding exactly what insurance they need in order to meet the State and licensing requirements.
When an owner of a tow, wrecker or repo company calls a random insurance agent for this coverage, more often than not the auto liability is quoted, sold and bound. Then, when the filing is made with the state, it’s realized there are 3 other crucial coverages needed in order to be compliant. So the owner is scrambling, asking his agent for the additional coverages, possibly losing business opportunities in the mean time.
Auto liability isn’t the only coverage required. In addition, Oklahoma requires a tow company to have On Hook coverage, Garagekeepers coverage, & Bailee coverage. One or more of these frequently get missed if one isn’t familiar with the industry requirements. Garage Liability and Cargo are two other coverages that may be needed as well.
When tow companies call our agents that deal with this class of business, they get someone that understands what is needed for them to do business and make money. Our agents quote these lines of coverage up front. So the customer knows the true premium, instead just getting one line at a time, and then having to come up with more money than expected.
We are not limited to Oklahoma companies, but have many customers in Texas, New Mexico, & Colorado as well.