Physical Damage Insurance for Commercial Truck and Trailer

Accidents happen, and often, your truck takes the brunt of the damage. Commercial truck owners make a tremendous investment when they purchase their own rig, and that investment needs to be protected.

Physical damage insurance is just one way you can keep your truck safe. Imagine you’re involved in an accident that leaves your truck beyond repair. Liability insurance isn’t going to pay for it. It might be a safe bet that you probably won’t have enough cash stashed away to pay for an entirely new rig on your own.

To prevent great losses to your business and career, physical damage insurance makes sure your truck is able to be repaired or replaced quickly after an accident. The same goes for trailers. Some drivers mistakenly assume their commercial truck insurance covers any trailers they haul, but both owned and non-owned trailers require their own coverage.

Types of Commercial Physical Damage Insurance

Physical damage insurance contains two types of coverage: comprehensive and collision. Collision is the most straightforward. If you are involved in an accident with another vehicle, your collision policy will cover any damages to your truck.

Comprehensive coverage can be trickier. The full extent of comprehensive coverages will vary among insurance providers. In general, you want a comprehensive policy that covers all damages caused by non-vehicular collisions. This may include:

• Fire protection.
• Accidents with animals.
• Natural disaster damage.
• Theft and vandalism coverage.
• Glass and windshield damages.

Comprehensive and collision coverage are optional. But you should seriously consider all the things that can happen to your rig. When you’re dealing with commercial trucks, what would be a minor repair for a standard vehicle can cost you thousands of dollars. 

Paying several hundred a month for a better insurance policy is ultimately a return on investment you’ll be glad to have if you ever need it.

Commercial Truck and Trailer Insurance

Trailer coverage is separate from your primary and general liability coverages. Trailer insurance limits and policies vary depending on who owns the trailer and what you’re hauling.

Owned

A tractor-trailer policy can be purchased to cover any physical damages to an owned trailer. You can also expand coverage with optional add-ons to cover the loss of any personal belongings or cargo inside of a trailer.

Non-Owned

Non-owned trailer coverage and trailer interchange insurance may seem similar, but they have one major distinction: Non-owned trailer insurance only applies when a trailer is hitched to your truck.

Trailer interchange insurance expands coverage to include all damages to a non-owned trailer, including damages that occur when it’s unattached to your vehicle. Depending on your typical jobs and situational needs, you may benefit from both types of coverage.

How Much Is Your Truck Actually Worth?

The actual cash value (ACV) of a truck determines how much an insurance provider compensates you for if your truck is totaled. The market value of a truck can be significantly different than its personal value, especially if you’ve had your truck for a long time.

A rig that’s worth the world to a driver could only be with several thousand to a provider depending on its age. When you sign up for an insurance policy, you’ll have to provide a stated amount of how much your truck is worth. In the event of a total loss, the insurance provider will pay the lesser amount of between the ACV and your stated amount.

If you exaggerate the worth of your rig, you may wind up needlessly paying more for insurance. Honesty and accuracy help ensure you pay the fairest amount for your commercial coverage. 

Purchasing Physical Damage Coverage

When it comes to purchasing physical damage coverage for your rig and trailers, you will have many options to choose from. Consider working with an independent insurance agent who specialized in the trucking industry. Their expertise will have you obtain the coverages you need and avoid the coverages you don’t, all for the most competitive premium.

Conclusion 

If you’re looking to work with someone that can provide you with competitive options and specialize in trucking insurance, check out the guys at Truck Insurance Pros. Truck Insurance Pros has been in the insurance business since 1947. They’ve got the experience and know how you’ve come to expect and depend on. 

Accidents happen, and often, your truck takes the brunt of the damage. Commercial truck owners make a tremendous investment when they purchase their own rig, and that investment needs to be protected. Physical damage insurance is just one way you can keep your truck safe. Imagine you’re involved in an accident that leaves your truck…