|
Available Tow Truck Insurance coverages in PennsylvaniaBODILY INJURY/PROPERTY DAMAGE COVERAGE (BI/PD) 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. See the policy for full details. 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: 15/30/5 100/300/50 35 CSL 500 CSL 25/50/15 100/300/100 100 CSL 750 CSL 50/100/25 250/500/100 300 CSL 1,000 CSL Rules: • The BI/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. • Minimum limits of 25/50/15 are required on all risks with a radius of 300 miles or greater. • For Individual/Sole Proprietorships, BI/PD with stacked UMBI or stacked UIM must follow these restrictions: BI or Non-Truck Limit Stacked UMBI or Stacked UIM Limit Maximum Power Units 1,000 CSL 1,000 CSL 4 750 CSL 750 CSL 5 500 CSL or 250/500 500 CSL or 250/500 8 300 CSL or 100/300 300 CSL or 100/300 13 UNINSURED AND UNDERINSURED MOTORISTS COVERAGE (UM AND UIM) UM and UIM 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 or underinsured for the level of damages. Available Stacked and Non-Stacked UM and UIM Limits: 15/30 50/100 250/500 35/35 300/300 750/750 25/50 100/300 100/100 500/500 1,000/1,000 Rules: • Limits cannot exceed BI/PD limits or Non-Truck limits. • Limits must be the same for each Tow Truck of a multi-Tow Truck risk. • Is available on motorized vehicles only. • Can only be written in conjunction with BI/PD. • UM and UIM are both optional coverages. Either coverage may be rejected by signing the appropriate rejection form on the application. • UM and UIM do not have to be written at equal limits. • Can be purchased as either stacked or non-stacked. If the insured selects the non-stacked limit for either coverage, the appropriate “stacking” rejection must be signed on the application. • The stacked option is not available on fleet policies. FIRST PARTY BENEFITS COVERAGE Available Limits (with and without Workers’ Comp): Medical Expense: 5,000 (Basic) 10,000 25,000 50,000 100,000 Income Loss: 1,000/5,000 1,500/25,000 1,000/15,000 2,500/50,000 Funeral Expense: 2,500 v Accidental Death: 5,000 10,000 25,000 Rules: • Medical Expense Limit of at least $5,000 must be written on all vehicles, including trailers. • Must be the same on all vehicles of a multi-Tow Truck risk. • Must be written in conjunction with BI/PD. • Some risks may qualify for a reduction in First Party Benefits premiums if all drivers are covered by Workers’ Compensation Insurance. • As an alternative to purchasing these coverages separately, the insured may purchase a combination First Party Benefits package which provides a $177,500 aggregate limit per person, subject to a $25,000 limit for the Accidental Death Benefit and a $2,500 limit for the Funeral Benefit. EXTRAORDINARY MEDICAL BENEFIT COVERAGE • $1,000,000 in excess of the first $100,000. • If selected, must be the same on all vehicles of a multi-Tow Truck risk. 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 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 BI/PD is also purchased. • Physical Damage Only policies can be written. Tow Trucks Insurance.com allow an Unlimited Radius on Physical Damage Only policies. 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 or other 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. Each time a policy term renews, you should review the values of all insured vehicles and modify stated amounts as needed to ensure they remain accurate. 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. |