Physical Damage Insurance
Physical damage coverage for truck drivers is comparable to collision and comprehensive insurance you purchase for your personal vehicle. Contingent liability gives you protection when your truck has been physically damaged.
Physical damage insurance is a three-part insurance product that includes comprehensive liability, collision, and fire/theft insurance.
Comprehensive Liability
Comprehensive liability insurance covers physical damage to your truck that was not caused by a collision. This may include damage from storms, hail, vandalism, falling objects, and windshield damage.
Collision Insurance
Collision insurance covers all the physical damage to your truck from a collision. This type of policy includes rollover accidents and accidents involving non-moving objects.
Fire/Theft Insurance
Fire and theft insurance specifically deals with these two events. Fire and theft will not cover windshield damage. However, you can cover your windshield damage under the comprehensive portion of your policy.
Items Not Covered By Physical Damage Policies
These policies will not cover the following items:
Personal items contained within the truck
Personal electronics kept in the vehicle
Damage to chains or tarps that are used on the trailer
Tools that are not permanently attached to the truck or trailer
Cargo
Drivers can purchase separate riders to cover these items.
Do You Need Physical Damage Insurance On Your Truck?
Truck owners and trucking companies are encouraged to have physical damage insurance on their trucks. If you are involved in an accident, lose your truck to theft or fire, or suffer other physical damages, the repair costs could be incredibly high.
If you are financing your truck, the finance company will require you to carry this policy on your vehicle until the loan is paid. This is for your protection as well as theirs. You do not want to have to pay for large repairs and still have to pay for the loan on your vehicle.
Physical damage policies will range in cost based on the value of the policy you select and your deductible. Higher deductibles will lower your monthly premium, but they can also cause you financial harm in the event of an accident.
Another factor to consider is if you add any riders to your policy. These riders will increase your coverage for different events. Some of the more popular riders include:
Towing
Roadside Assistance
Storage Fees
These additions to your policy can cover necessary services when your truck has been damaged.
Discover The Insurance Products You Need At Truckers Insured
Trucking companies and independent drivers looking for insurance products will find everything they need when they work with Truckers Insured. Our company is dedicated to finding the right insurance products for your business.
We understand the insurance needs of the trucking industry, and we work with several insurance companies so we can find you the perfect coverage for your needs.
In addition to a full line of truckers insurance products, Truckers insured also offers business insurance, personal insurance policies, and employee benefit packages so that you can be covered in all areas of your business and personal life.