Weiss Insurance 62 | Mike Keith

Austin Insurance is a familyowned business, that has been specialized in providing insurance to the towing industry since 1991.We work with several different companies that allow us to give you a quality product. Austin has been providing insurance for 30 years and has insured tow companies from all 50 states no matter if they are 1 or 50 truck accounts and everything in between.

For many years, Austin Insurance has specialized in providing coverage for towing operations. We have many companies to offer comprehensive packages to provide protection for all aspects of your business.

TOWING | REPOSSESSION TRUCKING |TRANSPORTERS

• General Liability • Commercial Auto Liability

ADDITIONAL COVERAGES

• Cargo • On Hook • Physical Damage • Garage Keepers • Hired & Non-Owned • Wrongful Repossession • Drive Away • Pollution • Property • Bonds

RECYCLERS | SALVAGE YARDS USED CAR LOTS

We are equipped to provide the unique coverage you need for your used car lot, recyclers, and salvage yards. We make sure your business is covered, so you can focus on running your business and serving your customers. We’ll come see you and your lot to determine what coverage best suits your business.

ADDITIONAL COVERAGES

• Dealers Open Lot • Dealer Tags • Transporter Tags • Optional Inventory • Property • Umbrella

Every company is unique and is different from each other, “Well Come See You,” is not just a catchphrase! We will come see you and make sure you have the full understanding of the coverages and answer any questions that you might have.

As a bonus, we are more than happy to help you in complying with DOT/FMCSA & OSHA compliance audits.

Make sure your coverage is on the hook!

Contact us today! www.wreckerins.com

Cindy Horn and Janice LaVitte of Weiss Insurance specialize in a variety of transportation risks.

Wearing many hats as independent insurance agents we can tailor your policies to fit your business or independent insurance needs. Together we can evaluate your business history, area of specialization, previous losses, and driver profiles, to come up with a tailored insurance budget based off how you operate. Insurance carriers also look at factors that affect overall risk and safety of your business. We will make sure you get the discounts that apply for your participation in GPS System installation, Mounted Cameras, and driver safety meetings. As industry challenges and demands change, our understanding of your business and its needs will help drive your bottom line with access to our A-rated insurance markets available in a variety of states. Cargo, Towing, Repossession, Garage and/or Repair Facilities, Auto Sales and Storage Lots are just a sampling of business categories we write. We also have competitive markets for workers compensation, Group Health, Property, General Liability, and Personal insurance.

We look forward to working with you.

Give us a call, Cindy Horn @ (636) – 534-7226 or E-mail: CindyHorn@weiss-ins.com

Is your Comprehensive and Collision coverage for your power units and/or trailers written on a Stated Amount or Cost New (ACV) basis? Not knowing the difference could cost you thousands at the time of a loss.

Imagine, your prized heavy-duty wrecker was just the subject of an unforeseen accident and your insurance company has deemed it a total loss after identifying the extent of the damages. How and on what basis your full coverage (comprehensive and collision) insurance was written could be the difference between being in an equity or inequity position which could ultimately cost you thousands. According to their contract, the insurance carrier owes the fair market value toward the replacement of the insured power unit regardless of how much is owed to the respective lienholder. If your policy is written on a Stated Amount basis, that amount is the MOST the insurance company will pay, minus your deductible toward the replacement of your power unit regardless of its fair market value. Conversely, if your policy is written on a Cost New basis, the insurance company will pay the fair market value even if it is more than what is listed as the COST NEW amount on the actual policy.

Originally established in 1950, Mike Keith Insurance has four Missouri locations offering a broad range of insurance products and services. Throughout these Example: years, we have taken pride in helping our customers understand and select the Your insured power unit right balance between affordability and quality of coverage. MKI focuses on keepis listed on the policy for ing the interest of our client’s first and all employees strive to exceed customer $100,000. At the time of the expectations on every level. A niche agency, MKI has been sucloss, the market value for your cessful in the Towing & Recovery Industry by partnering with major Tow & Recovery power unit is $120,000. When carriers and fostering these relationships to be able to offer our insureds the best written on a Stated Amount prices and the most comprehensive covbasis, the insurance company will pay $100,000 minus your deductible. Given the same example, if the policy is written on a Cost New basis, the insurance carrier would pay $120,000 minus your respective deductible. Of note, the insurance policy will not pay for the Federal Excise Tax of 12%. In conclusion, when your insurance policy is written on a Stated Amount basis, 52 Tow Professional | Volume 7 • Issue 9 | www.towprofessional.com you should review the value listed on the policy with your insurance agent to make sure it corresponds with the fair market value. Since power units depreciate, it is vital to adjust these values downward annually with your representation on an annual basis. If your agent sits down with you at renewal, that is the perfect time to work out these fine details. Also, and of note, when a power unit is added by endorsement during the policy term, be certain to let your agent know the value of the power unit or trailer given the current market value in your respective operating territory.

Premium comparisons between polices written on Stated Amount vs Cost New are roughly the same given the overall underwriting criteria on an account-to-account basis. Meaning some policies written on a Stated Amount are more premium dollars than policies written on a Cost New basis…and vice versa.

For additional information on this or any other insurance topic you are dealing with, please email or give us a call! For more information, visit www.mkeithins.com.

erage in the industry. With a growing base of “A” rated carriers, we are able to offer coverage in most states with no radius restrictions.

Our team of Towing & Recovery specialists includes Curtis Cooper, CPCU, Amy Berry, CIC, Amy Sockwell, CISR, Jamie Harrelson, CISR, and our claims coordinator, Susan Evanoff, all of which are dedicated to our Towing & Recovery customers. This team offers timely serv ice, on-time renewal quotes, quick new business quotes and the knowledge and expertise required to make sure your operation has the proper coverage while not breaking the bank. Virtually avail able 7 days a week, this team will impress you with their speed, knowledge and friendliness.

Mike Keith Insurance has become the agency of choice in the Midwest and is quickly reaching beyond as we expand our services to all areas of the map. Let us utilize our 60+ years of Insurance experi ence to show you what we have to offer in the arena of Auto Liability, Auto Physical Damage, Garagekeepers Liability, On-Hook/Cargo, Property, Workers Compensation and more. As your full-service agency, we look forward to speaking with you soon regarding your Towing & Recovery Insurance needs.

Cindy Horn, Janice LaVitte, and Bryan Westfall are a unit at Weiss Insurance that specializes in various transportation risks. They design your insurance policy to fit your insurance needs. Not all risks are identical; years in business, your own loss experience, driver experience, and type of business will affect your insurance cost. They understand your business and your business needs. They wear many hats as independent agents, representing various insurance companies, which allow them to “design” a policy for you. Towing, Transportation, Repossession, Cargo, Excess Cargo, Garage and or Repair Facilities, and Auto Sales are some of the types of business that they write. They have markets for worker’s compen sation, group health, property, general lia bility, and personal insurance.

$TATED AMOUNT vs CO$T NEW