Trucking is expensive. Whether leased or purchased, trucks are major investment that needs to be protected. Because of this, insurance is essential. There are many forms of insurance that exist in the trucking world, but one of the most valuable and wide-sweeping is physical damage insurance. If you have financed your equipment, purchasing it is essential. Physical damage insurance is an umbrella term within the trucking industry which refers to an assortment of coverages. However, two primary insurances both included under physical damage insurance are collision insurance, which covers for truck accidents and comprehensive insurance, which covers damages caused by incidents unrelated to vehicular collision, such as fire, theft, and vandalism. Together, these coverages comprise the essential components of physical damage insurance.
Choosing the Right Physical Damage Insurance
Not every physical damage insurance policy is the same. The extent of coverage, both in terms of what a policy insures and to what extent, can vary significantly between policies, as does policy pricing. Determining which physical damage insurance is right for your business is important for maximizing your profits and minimizing risks. At a minimum, if you have financed your equipment, you will need to purchase the minimum policy required by your bank.
Here at J.E.B. Insurance Services LLC, we offer extensive physical damage insurance for your business’s needs. In addition to providing collision and comprehensive insurance, our physical damage insurance policies cover a variety of additional trucking risks, such as:
- Trailer-Interchange and Non-Owned Trailer Physical Damage — Covers damages against a non-owned trailer
- GAP Insurance — Covers the difference between a vehicle’s current value and the amount owed on it
- Personal Property Insurance — Coverage for personal belongings in a truck not covered under other policies
- Rental Reimbursement and Downtime Insurance — Allows for temporary tractor rental to replace a tractor involved in a covered claim
To avoid overpaying, we recommend you perform due diligence and determine how much and how extensive physical damage insurance your business requires. If you have any questions, are interested in learning more about physical damage insurance, or are looking for a quote, feel free to contact us today! J.E.B. Insurance Services, LLC is licensed in Florida, Georgia, North Carolina, South Carolina, Texas, Iowa, Nebraska, Tennessee & Illinois.