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
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Collision Insurance
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Comprehensive Insurance
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Combined Deductible Coverage
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Trailer-Interchange
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Non-Owned Trailer Physical Damage
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GAP Insurance
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Personal Property Insurance
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Diminishing Deductibles
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Rental Reimbursement and Downtime Insurance
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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.
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