Get Recommendations for the Best Insurance

    Physical Damage Coverage: Commercial Trucking Insurance

    Whether it's an accident involving another vehicle or something brought about by natural causes, there are far too many risks for drivers on the road.

    For many truckers, it would be almost impossible to shoulder the amount needed to repair or replace a truck after an accident. This is why getting physical damage insurance is an important investment for business owners and owner-truckers.

    Physical Damage Coverage Commercial Trucking Insurance

    Physical damage insurance is a general term often used to describe an insurance policy that protects your vehicle. It can be further divided into two different sections:

    1. Collision Insurance Coverage - Collision insurance provides protection if a truck collides with another object or vehicle.

    2. Comprehensive Insurance Coverage - Covers other damages to your truck caused by vandalism, fire, or theft. Comprehensive insurance also provides protection from other non-collision incidents. This coverage will also replace your vehicle if needed.

    Getting a group of insurance coverages for your fleet will fully protect your vehicle and give you peace of mind.

    How Physical Damage Coverage Comes in Handy

    As mentioned above, accidents on the road happen—making physical damage coverage a necessity for commercial truck owners.

    It Provides Protection Against Damages Made by Driver

    Physical Damage Coverage Commercial Trucking Insurance

    Collision insurance can provide protection for a truck in the event that it collides with another object or vehicle. For instance, if Jim backs his truck into another vehicle in the parking lot, his physical damage insurance will take care of paying for any damages.

    It Provides Protection Against Stolen or Damaged Vehicles Made by Third Parties

    Comprehensive insurance can protect against fire and theft, among other things. For instance, if Jim parks his truck and comes back to a stolen or damaged vehicle, his comprehensive insurance can repair or replace what's needed.

    It Provides Easy Loan Approvals

    Having comprehensive trucking insurance can also help you get approved for loans. For instance, if Jack wants to take a loan out on his truck. The lender may ask for proof of physical damage coverage. Because he has already protected his truck with physical damage insurance before, his loan request will easily get approved.

    Points to Consider When Picking Physical Damage Insurance

    When choosing physical damage insurance, you must keep in mind that not all accidents happen while the truck is on the road. As mentioned earlier, disasters, vandalism, fire, and theft are very real dangers as well.

    Make sure the truck insurance you get will cover all the above-mentioned accidents and incidents. Subject to a certain limit, physical damage coverage can also help you pay for the storage and towing expenses incurred after your truck gets damaged in an accident.

    Physical Damage Coverage Commercial Trucking Insurance

    It is also important to know what your truck insurance does not cover. Collision insurance is limited to specific incidents only, and may not cover other situations that you'd like to protect yourself from.

    For instance, physical damage insurance policies often do not cover damage done to cargo. It also does not include coverage for the driver's personal items, tools, chains, electronics, binders, tarps, and any equipment that is not permanently attached to the insured trailer or tractor.

    However, coverage for the items mentioned above is also available as add-ons and for an additional premium.

    Frequently Asked Questions

    How much does physical damage coverage cost?

    There is no single stated amount or correct answer to this question because just like other types of insurance policies, the premium will depend on several factors.

    Some of those factors include the driving record, vehicle type, the state you are in, estimated cost of future claims, actual cash value of your vehicle, deductibles, any existing dents and damages, theft records, and more.

    What is the process of filing a physical damage claim?

    If it has come to a point that you or your truck driver will need to file a claim, here is a quick overview of the steps you need to take:

    1. Contact the police and file an accident/theft report
    2. Collect information and necessary reports or documents about the accident/theft
    3. Call your insurance company
    4. Meet with the claims specialist or adjuster assigned to you by the insurance company

    Keep in mind that your insurance company is supposed to help you out. As a consumer, you have a right to a fair and timely claims experience.

    Is physical damage coverage included in commercial insurance?

    Commercial insurance is designed for businesses and corporations. It is designed to provide coverage for the business, its employees, and its ownership. There are many types of commercial insurance, and yes, commercial auto and equipment breakdown insurance is included.

    Commercial auto insurance is generally defined as the protection you purchase so you or your employees are covered when you get injured or if you cause injuries to others while driving.

    It includes auto liability coverage, medical expense coverage, comprehensive coverage, collision coverage, and uninsured and underinsured motorist coverage.

    Additional Resources

    Insurance Information Institute

    The Insurance Information Institute (III or Triple-I) aims to empower consumers by providing them with information to appreciate the value of insurance, manage risks, and make educated decisions. III has more than 60 insurance companies as members and aims to be the #1 source of insurance information online.

    Getting Physical Damage Coverage for Your Fleet

    If you want to fully protect your fleet by getting physical damage coverage, contact Assured Standard today!

    assured standard logo
    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.
    Copyright © 2021 Assured Standard. All Rights Reserved.
    linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram