Your truck could be damaged in an accident, from fire, foul weather or other natural disasters. It could be stolen or vandalized. Any of these issues could put your truck out of commission. Trucking Physical Damage Insurance covers your truck if it is damaged.
The best way to be prepared for the unexpected is to make sure you’re covered with Physical Damage Truck Insurance. This trucking insurance, protects your truck and trailer 24/7 and helps get you back on the road.
Physical Damage Truck Insurance includes Collision insurance, a Comprehensive insurance or the more limited Fire and Theft with Combined Additional Coverage (CAC) insurance.
- Collision insurance provides protection for your vehicle if it is damaged in an accident. Collision insurance pays to repair or replace your vehicle if it collides with another object or overturns or rolls.
- Comprehensive insurance provides protection for your vehicle if it is damaged by something other than a collision with a vehicle or object, or if your vehicle is stolen.
- Fire and Theft with CAC provides similar protection to that of Comprehensive insurance, except its coverage is limited to certain specific, non-collision incidents. Fire and Theft with CAC does not cover windshield claims.
If your vehicle is leased, or you have a loan on it, you probably will be required to have physical damage Insurance. If your vehicle is fully paid for, physical damage coverage is optional.
For physical damage insurance, you must choose a deductible. The deductible is the amount that you agree to pay when you have a claim.
Choosing a higher deductible is an easy way to lower the price of your insurance premium. Be sure you choose a deductible that you can afford to pay out of pocket at any time.
When you select Physical Damage insurance, you also are required to submit a Stated Amount, which is your best estimate of the current value of your vehicle. The Stated Amount should take the age and condition of your vehicle into account, as well as any permanently attached equipment.
What Physical Damage Insurance Covers
When choosing commercial trucking insurance, you have to remember that not all accidents occur on the road. Fire, theft, vandalism and other disasters present a very real danger as well. In order to protect against such occurrences, physical damage coverage or comprehensive coverage may insure you against unexpected events like these. Physical Damage coverage can also help pay for towing and storage expenses incurred after a covered accident subject to a certain limit.
What Physical Damage Won’t Cover
Physical damage policies do not pay out for damage done to cargo. The standard Physical Damage policy does not cover driver’s personal items, electronics, tarps, chains, binders, tools as well as any non-permanently attached equipment to the insured’s tractor or trailer. Coverage for these items is optional and can be added for an additional premium.
Who Needs Trucking Physical Damage Insurance?
If you have a loan on your vehicle, or if you want to fully protect your vehicle, you should choose Physical Damage insurance.
Collision insurance will provide protection in case of a collision.
Comprehensive insurance will provide protection against almost everything except a collision with another vehicle or object.
Fire and Theft with CAC insurance is a limited form of Comprehensive insurance specially designed for specific heavy truck types.