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Available Tow Truck Insurance coverages in MichiganRESIDUAL BODILY INJURY/PROPERTY DAMAGE COVERAGE (RBI/PD) Residual Bodily Injury Liability provides coverage in the event a covered Tow Truck causes injury or death to another person and the insured is considered at-fault for the accident. It covers expenses related to medical costs, lost wages, sickness, death and pain and suffering for an injured third party. It also covers legal defense costs related to claims against covered damages. Property Damage Liability provides coverage in the event a covered Tow Truck causes damage to any property and the insured is considered atfault for the accident. It also covers legal defense costs related to claims against covered damages. Available Limits: 20/40/10 100/300/50 100 CSL 500 CSL 25/50/15 250/500/100 300 CSL 750 CSL 50/100/25 350 CSL 1,000 CSL Rules: • Minimum limits of 25/50/15 are required on risks with a radius of 300 miles or greater. • The RBI/PD limits must be the same for all vehicles on the policy. Tow Trucks Insurance.com will not write multiple policies for the same named insured. • Limits of 750 CSL and 1,000 CSL are not available if any driver does not meet our qualifications based on driving record. PROPERTY DAMAGE LIABILITY BUYBACK (MINI-TORT) Available Limit: $500 Rules: • If selected, must be written on all power vehicles of a multi-Tow Truck policy. • Can only be written in conjunction with RBI/PD and PIP. UNINSURED/UNDERINSURED MOTORIST COVERAGE (UM/UIM) UM provides coverage for damages which an insured is legally entitled to recover from another party who is considered at-fault for an accident, but is uninsured for the level of damages. Available Limits: 20/40 50/100 100/300 300/300 500/500 1,000/1,000 25/50 100/100 250/500 350/350 750/750 Rules: • Limits cannot exceed RBI/PD limits or Non-Truck limits but may be lower. • Coverage may be rejected entirely, provided the insured signs the appropriate block on the application. • Limits must be the same for each Tow Truck of a multi-Tow Truck risk. • Is only available on motorized vehicles where RBI/PD or Non-Truck is written. PERSONAL INJURY PROTECTION (PIP) AND PROPERTY PROTECTION INSURANCE Rules: • Must be provided on each truck and trailer designed for operation on public highways and on each private passenger type auto. • Is required if RBI/PD is chosen and can only be written in conjunction with RBI/PD. • For trucks and trailers other than individually owned, the PIP premium is reduced if all drivers are covered by Workers’ Compensation Insurance. • For private passenger type autos, the PIP premium is reduced if all vehicles are principally operated by employees. • Coordination of PIP Benefits: a) Applies only to policies for individually owned motor vehicles without Workers’ Compensation Insurance. b) PIP may be purchased on an excess basis. When an insured has other primary coverage for work loss, medical expense, or both, PIP coverage premiums will be reduced. PHYSICAL DAMAGE COVERAGE Collision provides coverage in the event of a loss or damage to an insured Tow Truck caused by a collision or overturn. Collision must be written with Comprehensive or Fire & Theft with CAC. Comprehensive provides coverage in the event of a loss or damage to an insured Tow Truck caused by incidents other than a collision. This includes damages due to fire, theft, vandalism, windstorm or contact with an animal. Fire and Theft with Combined Additional Coverages provides coverage in the event of a loss or damage to an insured Tow Truck caused by a specific occurrence. The damage or loss must be caused by: fire, lightning or explosion; theft; windstorms or hail; earthquakes; flood or rising waters; vandalism; while being transported by a third party; or by a collision with an animal. Available Deductibles: 100 250 500* 1,000* 2,500** 5,000** ($0 deductible available for Limited Collision only.) *Not available for Limited Collision. **Not available for Limited or Broadened Collision. Rules: • Eligibility for Comprehensive coverage is determined by Tow Truck type. • Comprehensive or Fire and Theft with CAC can be purchased without Collision coverage, as long as RBI/PD is also purchased. • Physical Damage Only policies can be written. The limit of liability and rate are based upon a Tow Truck’s Stated Amount (not cost new). The Stated Amount on a Tow Trucks Insurance.com policy should reflect a Tow Truck’s current retail value including any special or permanently attached equipment. Using Stated Amount provides a superior value by allowing our insureds to customize their policy to accurately capture a Tow Truck’s true value. The easiest way to establish a Stated Amount is to consult a book publication. Other possibilities include consulting with a dealer/manufacturer or checking Internet sites. When determining Stated Amount, remember to take condition, mileage and location into consideration. Also consider any Tow Truck upgrades, engine or major component rebuilds that could further increase a Tow Truck’s value. Possible resources include: • Valuation Publications & Internet Sites - Truck Blue Book, truckpaper.com, tradeonline.com • Dealerships - What is the current retail value of the Tow Truck? • Manufacturers - What is the special or permanently attached equipment worth? • Lending/Financial Institutions - What is the current Blue Book value of the Tow Truck? • Market-Value Software - N.A.D.A. (possible fee involved for the software) A Stated Amount must be maintained to remain accurate. Tow Trucks Insurance.com encourage you to regularly review the values of any insured vehicles and modify Stated Amounts accordingly. Unlike personal auto, the commercial auto market is very dynamic. Tow Trucks Insurance.com does not automatically depreciate Stated Amount. Rules for Stated Amount: • A minimum value of $5,000 will apply for rating purposes. (This minimum does not apply to trailers.) • Passenger autos, pickups, vans, utility vehicles or trailers valued over $125,000 must be submitted for approval. • Trucks, buses or motor homes valued over $200,000 must be submitted for approval. • The customer is responsible for determining the appropriate amount of coverage. In the event of a loss, our policy pays the least of the stated amount, actual cash value, or cost to repair or replace. |