Each tow truck owner shall furnish, at the time of application and/or renewal of such permit, a certificate of insurance or an acknowledgment thereof, by an insurance carrier licensed to do business in the State, evidence of a garage keepers legal liability, to protect property left in his or her care, custody or control, in an amount of not less than one hundred thousand dollars ($100,000) and general liability in an amount not less than two hundred thousand dollars ($200,000). The provisions of this section relating to a garage keepers legal liability shall not apply to a tow truck owner who establishes to the satisfaction of the Chief of Police that such owner does not operate or maintain garage or vehicular storage facilities.