A lot can happen to your truck when you are on the road. Damage can come in a variety of forms: an accident, theft, fire or any other number of disasters. There’s a lot of things that can take your truck off the road.
Physical damage is a general term that refers to collision coverage and either comprehensive or specified perils coverage (more limited than comprehensive).
Collision coverage pays to repair or replace your vehicle if you collide with another object or overturns or rolls.
Comprehensive coverage protects your truck for perils other than collision including theft and fire.
We usually recommend full comprehensive coverage, but when it comes to larger commercial vehicles some companies offer specified perils coverage as another option. This is a more limited form that may be less expensive. It doesn’t cover glass breakage and will cover specific perils like fire and theft.
Do I need physical damage insurance?
If your truck or trailer is leased or you have a loan, you will be required to carry physical damage insurance.
If your truck or trailer is paid off then physical damage coverage is optional. If you decide not to insure your vehicle with physical damage insurance, you will not have any coverage if something happens to your truck. We only recommend not purchasing this coverage if you are comfortable with paying for all repairs out of pocket and paying for a new truck completely out of pocket.
What is a deductible and which one should I pick?
The deductible is the amount you pay out of pocket when you have a claim. Typically if you have a $1,000 deductible you will pay the first $1,000 of the claim and then the insurance will kick in above that.
You can choose a higher deductible to lower the cost of your insurance, but then you are responsible for paying more out of pocket if you have a claim.
Towing & Storage
Physical damage policies typically include coverage for towing and storage to a nearby facility in the event of a covered loss. Not all physical damage policies are created the same. When you are shopping make sure to know if there are any limits for storage and towing costs. Some policies only cover $5,000, others offer much more. The best policies will include coverage for reasonable expenses and not have a cap on the amount.
Most physical damage policies only cover towing from a covered loss, not mechanical breakdown. If you want coverage for roadside assistance, we have special programs for that as well.