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

3 Incredible Benefits of Investing in Tow Truck Insurance

Running a tow truck business can be rewarding but also risky. Clients usually trust you to safely move their precious cars or other equipment from one point to another. Unfortunately, anything can happen along the road to deliver the load to the destination. For this reason, it is crucial to protect yourself from liability with tow truck insurance. Here are three benefits of having tow […]

Physical Damage Insurance Coverage

If you are looking for auto insurance coverage, it is vital to be aware of all your options. Physical damage insurance covers sources of danger, such as accidents as well as theft and fire. The policy is not an all under one roof policy and includes only comprehensive and collision coverage policies. Without this insurance policy, you will have to incur all the repair costs […]

Policies Included in Tow Truck Insurance

Tow truck business owners make money by towing disabled vehicles. Tow truck businesses, for example, rotational towing, roadside service providers, and auto club contractors should have tow truck insurance. There are many hazards faced by commercial tow truck drivers. The hazards include occupational injuries, injuries as a result of being hit by other vehicles, injuries from broken glass and dangers relating to bad weather. Tow […]