Physical Damage Insurance
Physical damage insurance protects against loss or damage to your covered vehicle as a result of an accident with a vehicle or something else. Physical damage insurance is important for carriers and owner-operators, and in many cases, it is required depending on whether there is a franchisor.
There are several differences you should be aware of when purchasing material damage insurance coverage. Collision provides insurance against physical damage in the event of a collision while Al Shames usually provides coverage to repair or replace a vehicle in a non-collision accident. Theft and fire coverage is often added to or included in the comprehensive insurance as well.
Physical damage insurance for trucks is a catch-all word for a set of coverage that protects the vehicle. Collision insurance, Comprehensive insurance, and the more restricted Fire and Theft with Combined Additional Coverage (CAC) insurance are all examples of this broad concept.
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Fire and Theft with CAC offer equivalent coverage to Comprehensive insurance, with the exception that it is limited to such non-collision accidents. Windshield allegations are not covered by Fire and Theft with CAC.
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What Is Covered By Physical Damage Insurance?
When looking for commercial trucking insurance, keep in mind that not all accidents happen on the highway. Fire, robbery, vandalism, and other disasters also pose a serious threat. Physical injury compensation or extended coverage might be available to shield you from such occurrences.
What Physical Damage Won’t Cover
Cargo damage is not covered by physical damage policies. Personal belongings of the driver, electronics, tarps, chains, binders, tools, and any non-permanently attached equipment to the insured’s tractor or trailer are not covered by the normal Physical Damage policy. Coverage for these goods is optional and can be purchased for a fee.
Additional Policies to Consider with Physical Damage
Even though the legislation only mandates primary trucking liability insurance, physical injury is advantageous to any trucking insurance. Trailer insurance and freight insurance are also eligible for full coverage. Independents may choose to bring physical injury bobtail insurance while on contract, since they may be covered by their contract employer’s primary trucking liability insurance.
Who Needs Trucking Physical Damage Insurance?
Physical Damage policy is recommended if you have a loan on your car or if you want to completely cover your vehicle.
In the event of an auto, collision insurance will cover you.
Except for a collision with another car or object, comprehensive insurance can cover nearly all.
A restricted form of Comprehensive insurance, Fire and Theft with CAC, is designed specifically for particular heavy truck models.