There are many types of truck insurance out there, whether you drive tow trucks, box trucks, or semi-trucks. One coverage you might be wondering about is physical damage insurance. What is physical damage insurance? What does it do? How does it protect your business? And, well, do you really need it? We’re going to explain what physical damage insurance is and give a few examples of coverage in action.
What is physical damage insurance?
Physical damage insurance is the coverage that will help you get your truck back on the road ASAP if something happens to it.
The thing is that auto liability insurance will only cover your legal obligations to the other driver if you’re in an accident. For example, it would cover their medical expenses and car repairs, and it can also help you with any court-ordered judgments or settlements if they decide to sue. It will not, however, help you pay to repair or replace your truck if it gets damaged. So. If your truck gets hurt, auto liability will not pay to fix it.
But that’s why physical damage insurance is a thing. There are actually two parts to physical damage insurance. It’s made of collision coverage and comprehensive coverage, which we’ll explain. (And if you’d like to get quotes for physical damage insurance, you can fill out our online quote form.)
What is collision coverage?
Collision coverage will help you repair or replace your truck if you’re involved in an accident. Repairs can be expensive, but collision coverage would help you out.
What is comprehensive coverage?
Comprehensive coverage can help you repair or replace your truck if something other than an accident damages it. Comprehensive insurance covers losses like fire, animal strikes, vandalism, and falling objects (for example, falling trees.) It will also cover you against theft.
So, to put it in a convenient sentence: physical damage insurance will protect your investment in your truck by paying to repair or replace it if the vehicle is damaged.
Physical damage insurance in action:
We’re going to go through a couple of examples of how physical damage insurance can help you.
Let’s say you’re driving along the highway. It’s business as usual, but then it starts raining really hard. You keep going, but traffic picks up. The roads are slippery because of oil residue and such. Anyways, you have to hit the brakes pretty suddenly. Your truck starts to skid, and next thing you know you’re sliding out of control. You get into an accident. Fortunately, everyone is fine – no one’s hurt. But your truck is … smashed. Collision coverage would help you take care of the repairs.
Okay, here’s another example:
You’re at the end of a long day. You park your box truck and go home for the night. But when you return to the get your truck in the morning, it’s not there. It’s just gone. Well, it didn’t just disappear – someone stole it. Your instinct might be to panic – how are you supposed to get by? What are you going to do without your faithful, trusty box truck? Comprehensive coverage would come to the rescue. You wouldn’t be on your own.
So, as you can see, physical damage insurance can help you financially if something happens to your truck. Your livelihood depends on that truck, after all, and you need to be able to get the vehicle back on the road as quickly as possible if it gets damaged. Trucks are expensive. Protect your investments with physical damage insurance.
Of course, you’re probably wondering how much physical damage insurance costs. The best way to get an accurate idea of how much it will cost for your business is to get a truck insurance quote. Our agents can help you get great coverage at a great rate. Get started with your quotes by filling out our online form or giving us a call.