Physical Damage Insurance
Physical damage insurance is an additional policy that strengthens your basic commercial liability auto insurance which only caters for the property damage and injuries sustained by others in an accident caused by your truck. We always offer expert advice on the procurement of additional insurance policies such as physical damage insurance which would offset the cost of damaged done to your truck in the event of an accident.
Physical Damage Insurance Coverage
Our physical damage insurance policy spans over a number of coverages which includes:
Collision insurance coverage: This insurance coverage covers repair of your commercial vehicle when damaged in a head-on-collision or roll over. If such an accident totally wrecks your rig, your collision insurance coverage will pay an estimated worth value of your vehicle minus your pre-determined deductible.
Comprehensive insurance coverage: With this type of physical damage insurance, all repairs or replacement cost are covered by the insuring company in the event of an incident caused by a number of factors other than traffic collision. Example of damages covered by comprehensive insurance include vandalism, inclement weather, fire, theft and collision with animal.
Fire and Theft with Combined Additional Coverage (CAC):
This type of physical damage insurance is much related to comprehensive insurance but differs in the range of damages covered. Fire and theft with CAC covers only specific damages that occurs from fire, theft, lighting, floods, collision with animal, sinking etc.
What Physical Damage Won’t Cover!
Physical damage insurance is definitely one of the few insurances with very wide coverage. Despite this fact, physical damage insurance doesn’t pay for damages done to trailers in tow or the cargo being transported. It’s advisable to get insurance policies that would cover these specific damages when the need arises.
What to Know About Physical Damage Coverage Deductibles
Deductible is simply the amount you agree to pay from your account when you have a physical damage insurance claim. You will be required to submit a statement indicating your chosen deductible on the purchase of a physical damage insurance. Choosing a higher deductible invariably lowers the cost of the physical damage insurance to be purchased and vice versa.