Commercial Truck Physical Damage Insurance
Do you need this coverage?
This coverage is to protect your investment on your equipment. It is only required if you have financed your equipment.
How much coverage do I need?
The bank you finance the unit will require certain value for financing. Or if you own the unit, you need to do some research on what is the current replacement value of the unit and re-evaluate each year you are in business. Since equipment can depreciate, you don’t want to over insure.
*Our agency highly recommends this coverage to protect your investment so you can keep on trucking. With no truck you are out of business.
Commercial Truck Physical Damage Insurance Coverage
-
Collision Insurance
-
Comprehensive Insurance
-
Combined Deductible Coverage
-
Trailer-Interchange
-
Non-Owned Trailer Physical Damage
-
GAP Insurance
-
Personal Property Insurance
-
Diminishing Deductibles
-
Rental Reimbursement and Downtime Insurance
-
Family Emergency Travel
Commercial Truck Physical Damage Insurance Coverage Definitions
Collision Insurance
Provides coverage in the event of a loss or damage to an insured vehicle caused by a collision or overturn. Collision must be written with Comprehensive or Fire and Theft with Combined Additional Coverage’s.
Comprehensive Insurance
Provides coverage in the event of a loss or damage to an insured vehicle caused by incidents other than a collision. This includes damaged due to fire, theft, vandalism, windstorm or contact with an animal.
Combined Deductible Coverage
Allows you to pay one deductible that covers the truck, the trailer, and the cargo, instead of paying separate deductibles for each.
Trailer-Interchange
Coverage protects a non-owned trailer you are pulling when there is an interchange agreement in force for physical damage.
Non-Owned Trailer Physical Damage
Coverage insures the trailer you are pulling for someone else in the event of loss. $20,000 is somewhat standard for trailers.
GAP Insurance
Will pay the difference between the actual cash value of the vehicle and the current outstanding balance on your loan or lease.
Personal Property Insurance
Provides protection of personal property carried in your truck that is not covered under any other insurance policy.
Diminishing Deductibles
Programs offered by some insurance carriers that through a number of different means, the insurance carrier agrees to reduce the collision deductible of your vehicle for your next claim by a pre-determined dollar amount at certain intervals throughout your policy period.
Rental Reimbursement and Downtime Insurance
Provides coverage which allows you to rent a tractor to temporarily replace your own tractor which has been involved in a covered loss. If a reasonable replacement vehicle cannot be located, the insurance company will pay the vehicles daily rental limit during downtime.
Family Emergency Travel
Insured independent truckers will be allotted additional coverage to provide for the travel costs of family members visiting a trucker who is injured and hospitalized away from home.
Recent Commercial Truck Physical Damage Insurance Posts
Commercial Truck Insurance Florida: Basics Every Independent Trucker Should Know
As an independent trucker in Florida, you know the overhead cost of your job. There’s a lot more to it than rig maintenance and fuel costs. You have to protect yourself against any eventualities while on the road. If not, a single accident can amount to a considerable cost, so taking commercial truck insurance in Florida that’s best suited for your needs and that of […]
Owner-Operators: Know Your Truck Insurance Options
If you’re an owner-operator, you know your truck is your livelihood. You rely on it to make a living and support your family. That’s why it’s so important to make sure your truck is adequately insured. When it comes to truck insurance, there are a several different options available. Some examples are: bobtail insurance, physical damage insurance, auto liability , general liability and many others. No […]
A Step-By-Step Guide to Starting a Trucking Company
When planning to start a commercial trucking company as an owner-operator, you want to follow the right steps to set up your truck company seamlessly. It takes a few steps to get fully started if you already have experience in commercial trucking and hauling. The requirements vary per state, so it is imperative to focus on your state laws when setting up an owner-operator trucking […]
View All Physical Damage Insurance Posts