If you are in the trucking business then your truck is your livelihood. You’ve invested a lot in it and it’s your main source of income. Consequently, if your truck is stolen or damaged, it could be a financial disaster. Your business would be interrupted and you’d have to repair or even replace your truck. To avoid losing tens of thousands of dollars you’ll need optimum Physical Damage coverage.
Physical Damage protects your vehicle in accidents no matter who’s at fault. Unlike Liability Insurance, it covers your truck even if you’re responsible for a crash.
Breaking Down the Coverage
There are two parts to this type of insurance. The first is Collision Insurance. It will pay if your truck sustains damage in a crash or as a result of a collision with another object. It will also cover the damage if your truck has overturned.
For all other situations, there’s the second coverage: Comprehensive Insurance. It’ll cover damage done to your truck outside of a collision.
Some types of trucks also require a special kind of Physical Damage Coverage called CAC – Combined Additional Coverage. Sometimes it is also referred to as Fire and Theft coverage. It covers the vehicle in specific non-collision situations such as:
Theft
Fire
Lightning
Storm or hail
Flood
Earthquake
Vandalism
Sinking
And other various situations.
Why Do You Need Physical Damage coverage?
Physical Damage is typically required for leased vehicles. It’s also crucial to have this kind of coverage when you haven’t paid off your truck yet. But even if you are the sole owner of your truck, it’s too risky not to have it. After all, what if something happens to your truck?
