Trucking Physical Damage Insurance Coverage

Insurance can be a confusing
topic, but it doesn’t have to be. With some basic knowledge, you can feel
empowered to purchase the exact insurance coverages you need—both for your
private automobile and your commercial truck business. If you are confused about
which insurance coverages you need, one tip is to contact your insurance agent
or an insurance broker. Before you begin your search for the right insurance
policy, let’s look at physical damage insurance to help you take the mystery
out of that insurance coverage.
What is physical damage
insurance?
Physical damage insurance is the
term that insurance companies use to refer to coverage that pays to fix or
replace a damaged truck (or car). Suppose you’re talking about your commercial
truck insurance policy. In that case, your rig will be covered by your physical
damage insurance policy 24/7, regardless of whether you are using it for
business or personal use.
What is trucking physical
damage insurance?
Physical damage insurance for
trucks is similar to that of the physical damage coverage for your private
automobile coverages. Consider what would happen if your truck was involved in
an accident and you lost either the rig or the trailer due to the extensive
damage. Would you be able to repair or replace it with the money you have on
hand? It would be almost impossible to repair or replace a significant
expenditure like a rig out-of-pocket.
That is where physical damage
insurance for trucks is a beneficial policy to have. The coverages of the
policy help you to pay for damages caused by accidents or other disasters. The
insurance is typically broken into comprehensive and collision coverages. Your
insurance broker or agent can help you determine if you have adequate insurance
coverage.
· Progressive Commercial
· Simply Business
· Smart Financial
· Commercial insurance.
· The Hardford
Who needs trucking physical
damage insurance?
Having physical damage insurance
for your truck can help make sure your vehicle is fully protected, and it can
help you be able to make repairs or get a new truck if you have the misfortune
to be involved in an accident. Physical damage insurance is typically a
requirement for vehicles that are leased or that have a loan attached to them.
Physical damage insurance coverage is usually optional if you own your truck
outright; however, it could still be a good choice for you to have it.
What does a physical damage
insurance policy cover?
Physical damage insurance
policies cover damage or losses from accidents with other vehicles, but they
can also protect your vehicle in the following instances:
· Rollovers
· Vandalism
· Hitting an animal on the road
· Falling objects, such as tree limbs
· Fire
· Earthquakes
· Weather events, such as hailstorms
Physical damage insurance
policies do not cover medical expenses, stolen property, legal fees associated
with a claim of fault, lost income resulting from an accident, or damages to
the other car involved in the accident. Those instances require different kinds
of insurance.
Unless your insurance policy states otherwise, your physical damage insurance will not cover damage or loss that occurs due to war, stunt driving, racing, depreciation, blowouts or other tire-related damages, breakdowns in electrical or mechanical systems, freezing, or normal wear and tear. Exceptions apply in the case of a stolen vehicle. Your insurance agent or broker can help you determine what coverages you have and what coverages you need.
Collision and comprehensive
physical damage insurance
Two kinds of insurance are
usually included in a physical damage insurance policy. Those two kinds of
insurance coverages are comprehensive and collision insurance. While they are
lumped together under physical damage insurance, there is a bit of a difference
between the two coverages.
Even for your big truck,
collision coverage is coverage that handles the costs associated with damages
that occur when you collide with another car or an inanimate object.
Comprehensive insurance handles costs associated with repairing the damage that
is caused by something out of your control, such as vandalism or a natural
event like the weather.
Do all insurance companies
have physical damage insurance policies?
If an insurance company provides
commercial trucking insurance, they typically offer physical damage policies.
While these policies aren’t required unless you purchase or lease your truck,
it’s a good idea to invest in the coverage. These coverages help to protect
your livelihood.
Not all physical damage insurance
policies are created the same. There are differences in coverage limits and
pricing. Comparing equal coverages when choosing your physical damage insurance
policy is essential. BravoPolicy.com has compiled a list of five of the top
physical damage insurance companies for you to compare coverages and rates if
you’re just beginning to search for coverage.
Best trucking physical damage
insurance companies
Many insurance companies offer
trucking physical damage coverage. It can be confusing and time consuming to
find the best companies for your situation. We have done the research and
recommend the best trucking physical damage insurance companies for your
selection.
· Progressive: Best overall with over 40 years of experience
· Simply Business: Best for comparison shopping and best value
· Sentry: Most trucking expertise. Affiliated with several trucking groups. Available in all 50 states
· EIB Direct: More coverage than federal limits. Specialty is high-risk policies for truckers
· Commercialinsurance.net: Best for an extensive network of knowledgeable agents
·
Final thoughts
Physical damage insurance
coverage is not a requirement unless you are purchasing or leasing your truck.
However, having this kind of insurance policy protects you from the costs
stemming from damages to your truck in an accident or other damaging event.
It’s wise to maintain physical damage insurance coverage to protect your
physical property and your livelihood.
Physical damage insurance
coverage includes collision and comprehensive coverage. These insurance
coverages pay for repairs or replacement costs for damages incurred in an
accident or other sort of negative event. A physical damage insurance policy
covers damages from a wreck with another vehicle, rollover accidents,
vandalism, or weather issues.
There are some things that a physical damage policy doesn’t cover. For example, damages due to a blowout are usually not covered. Neither are damages that occur when the driver has been racing or stunt driving, or costs incurred from mechanical or electrical breakdowns. Your insurance agent or broker can explain any limits to your physical damage insurance policies.
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