Towing & Repossession

The product pages provide a brief overview of the many different types of accounts we can help you place. If you have questions regarding a particular risk or program, please feel free to call us at (800) 648-0357 and we will be glad to help.

Towing/Repossession

This program is designed to provide coverage for towing & repossession operations, including storage of impounded or repossessed vehicles. Repossession can be found as a stand-alone service as well as auto dealers that operate on a buy-here, pay-here basis and repossess the autos that they have sold and are in loan default.

Coverages

General liability – this can include errors & omissions / wrongful repossession

Auto liability – including transporter plates

Auto medical payments

Uninsured Motorists/Underinsured Motorists

Physical damage coverage

Garagekeepers

Optional package coverage such as property / inland marine

Guidelines

Underwriting

Important underwriting points:

For those auto and truck dealers that also tow for hire, we will just wrap the coverage in with their auto dealer policy

Normal auto underwriting applies, loss history, MVR quality, driver experience are important issues

Be prepared to furnish loss runs

It is important for you to determine the insured’s customers. For towing, obtain details on roadside assistance contracts in place. For repossession, larger financial institutions can have somewhat stringent and very healthy limit requirements. Obtain a copy of their contracts up front so we can determine what is required

Prefer small to medium (1-10 units) risks with unit GVWs under 45,000 lbs operating in a 0-100 mile radius

Prohibited

New ventures with little to no experience

Driveaway contractors

Long haul exposures

Towing for hire / Hotshotting

Automobile Transporters

Repossessors engaging in other forms of security work, detective agencies, repossessing aircraft and so forth

Repossessors engaging in wet marine repossession work where protection and indemnity (water liability) is required. We can do those that repossess boats on trailers, land only exposure.