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What Is Physical Damage Insurance In Trucking?

What Is Physical Damage Insurance In Trucking?

With the cost of trucking insurance rising over time, trucking businesses may be hesitant to invest in insurance coverage above the minimum limits. However, physical damage coverage is one of the most important forms of insurance that truckers need to safeguard their assets. 

Physical damage insurance provides coverage against damage that can occur to your vehicle, such as collisions with another vehicle or object on the road. If you choose to purchase comprehensive coverage, you can also be covered for fire and theft.  

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Physical Damage Coverage 

Most basic forms of physical damage insurance cover the cost of repair or replacement for trucks that are damaged on the road, such as if they overturn or roll in an accident. More comprehensive forms of insurance or fire and theft with combined additional coverage (CAC) insurance can also provide further protection.

Comprehensive insurance provides protection for your truck if there is damage that isn’t due to a collision with a person or object, such as if your vehicle is stolen or is damaged by fire.

Similarly, fire and theft with CAC is similar to comprehensive insurance but does not protect against windshield claims or collision-related events. 

However, it is important to note that physical damage insurance plans don’t cover the cost of damaged truck cargo. This includes a driver’s possessions and equipment that the truck is transporting. This is where cargo insurance comes in handy, in addition to bobtail insurance. 

Read on to learn more about investing in other forms of insurance such as non-trucking liability for owner-operated and for-hire trucks at Assured Standard today! 

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