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Physical Damage Insurance

What is physical damage insurance coverage?

Physical Damage insurance is a type of commercial truck insurance that covers your truck and trailer against physical damage. Unlike liability insurance, which covers damage or injuries you cause to others, Physical Damage insurance protects your equipment. It is comprised of two main coverages: Comprehensive & Collision coverage.

Comprehensive Coverage - Covers things like fire, theft, vandalism, natural disasters, or hitting an animal.

Collision Coverage - Pays for damage to your truck or trailer if you hit another vehicle or object, no matter who is at fault.

Who is physical damage coverage for?

Every motor carrier that owns a truck, trailer, or any equipment worth any monetary value has a need to protect their assets by insuring them. If you have a loan on the equipment, truck or trailer, the lienholder will want to see that the vehicle has SUFFICIENT amount of physical damage coverage. This protects the bank in the event of a loss or damage to the truck, ensuring they will be indemnified and made whole again.

Physical Damage Coverage Considerations

Stated Value vs. Actual Cash Value: Some policies base payouts on the truck’s stated value (what you and the insurer agree it’s worth), while others use the actual cash value (its market value at the time of the loss). Know how depreciation affects your payout.

Towing and Storage: Some policies cover towing and storage after an accident, but there may be a cap. Make sure you know what your policy includes.

Gap Coverage: If your truck is financed, gap coverage can protect you if your loan balance is higher than the truck’s market value after a total loss. Gap coverage is usually available only for leased or financed trucks.

Aggregate & Combined Deductibles: Flexibility is vital when negotiating terms for this coverage, the deductible amount being one.

Electronic Equipment Coverage: This provides coverage for any electronic equipment that was damaged from a covered loss. ELD is an example.

Downtime Loss Expense: This provides coverage in the form of reimbursement for revenue lost when you're truck is not running due to being in the shop as a result of a covered loss.

All Semi-Trucks

All Trailers

Dump Trucks

Box Trucks

Tow Trucks

Vehicles We Insure

Insurance Coverages We Offer

At Trucking Insurance Solutions, we assist trucking companies and haulers of all types, providing them with the best insurance rates along with the necessary compliance advice that comes with owning a trucking company. We firmly believe that experience, knowledge & negotiation is the key to successfully securing insurance coverage. We think outside of the box to craft solutions specific to your transportation operations. Terms are just as important as premium.

General Liability

Auto Liability

Physical Damage

Motor Truck Cargo

Workers Compensation

Umbrella/Excess

Bobtail & NTL

Pollution Liability

The coverages listed above are the main coverages we offer. There are over 30 endorsements we can add to your policy to enhance coverage. Click the button to learn more about specific coverages for your trucking operation, or email: Joshua@trucking-insurancesolutions.com

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Using our unique strategies, we have been able to save clients up to 30% on their annual premium, while also helping lower the clients CSA scores.

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