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    Fire and Theft with Combined Additional Coverage

    Fire and Theft with Combined Additional Coverage

    Fire and theft insurance with Combined Additional Coverage (CAC) is a type of comprehensive insurance with limited coverage for commercial trucks against fire, theft, and natural disasters. It is also known as Limited Comprehensive insurance or Specified Perils insurance.

    Learning about incidents covered, deductible limits, and CAC insurance benefits can help truck drivers decide whether it is a suitable insurance plan for their needs. 

    When Does Fire And Theft With CAC Insurance Take Effect?

    Fire and theft with additional coverage insurance only take effect under a list of specific circumstances. However, this can vary depending on your chosen insurance provider and plan, so it is best to read the terms carefully. Some common inclusions of CAC insurance are: 

    • Fire 
    • Theft
    • Sinking of vehicle
    • Collision with an animal
    • Vandalism
    • Flood 
    • Lighting
    • Earthquake
    • Windstorms/hail

    Combined Additional Coverage (CAC) In A Nutshell

    Combined Additional Coverage (CAC) refers to physical damage done to your truck caused by hazards other than fire and theft. However, it is a term that is not as commonly used these days since it is often combined with fire and theft insurance to provide more comprehensive coverage for truckers. 

    It can help cover the cost of repair or replacement for damage to your vehicle on top of your collision insurance or liability insurance policy. 

    Who Needs Fire and Theft with Combined Additional Coverage?

    Over the past five years, collisions between wildlife and vehicles cost the state of California at least $1 billion in damages. Because of this, owners of trucking companies should look into purchasing CAC insurance to protect their assets. This can help cover expensive repair or replacement costs that could negatively impact businesses and harm profits.

    Depending on the plan you choose, fire and theft insurance with CAC can also be more affordable than comprehensive trucking insurance. 

    What Are The Deductibles And Other Details?

    In the event of a claim, you may have to pay a deductible which is the amount you have to pay out of pocket. A higher deductible can lower the overall cost of your CAC coverage with fire and theft. However, this amount needs to be affordable enough for you to cover anytime you need to file a claim. 

    When applying for this insurance policy, you will also need to submit a Stated Amount that corresponds to the estimated value of your truck. This can be determined by the make, model, condition, age, and equipment attached to your truck. 

    Example Of Fire And Theft With CAC Insurance

    For example, you parked your truck somewhere and realized that it was vandalized, you would need to file a claim. Next, you need to pay the deductible listed on your policy out of your pocket. For instance, if you have a $400 deductible, you would pay the insurance company $400.

    The insurance company would then be responsible for paying the remainder of the cost of repair up to the Stated Amount of your vehicle. 

    Exceptions And Limitations 

    Some fire and theft with CAC insurance exceptions and limitations include: 

    • Purchasing collision insurance or liability insurance beforehand to add on fire and theft with CAC coverage.
    • Purchasing physical damage only insurance policy, which would include collision insurance and either full comprehensive insurance or fire and theft with CAC coverage.
    • The failure of fire and theft with additional coverage insurance applies to non-owned trailers, which must be purchased as part of trailer interchange insurance.

    Frequently Asked Questions

    Learning more about the different types of trucking coverage can help you understand whether you should invest in fire and theft with combined additional coverage.  

    What does combined additional coverage cover?

    CAC insurance refers to physical damage done to your truck caused by hazards other than fire and theft — like natural disasters. 

    Does full coverage include theft?

    Comprehensive insurance coverage usually includes theft of a vehicle, including any parts or damage caused by a break-in. 

    Which is better: comprehensive or third party fire and theft?

    While comprehensive insurance coverage provides more protection than third-party fire and theft insurance, it may be a bit more expensive in terms of cost. 

    Do I need both comprehensive and third party insurance?

    If you choose comprehensive insurance, you will not need third-party insurance since you will be covered for your own damages as well as third-party damages.

    What does liability property damage cover?

    General liability insurance coverage usually includes insurance protection from personal injury, bodily injury, and property damage.

    Final Words On Fire and Theft with Combined Additional Coverage

    At the end of the day, fire and theft insurance with CAC is a good form of additional coverage for your trucking business against physical risks like theft, fire, and weather. It can also be more affordable than comprehensive coverage.

    Protect your business with additional forms of insurance such as physical damage coverage and other variations on Assured Standard today! 

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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