Why do I need physical damage coverage for my commercial truck?

In Newsletter Content by Brandon St. Clair

No one ever thinks they’re going to get into an accident. But the truth is, accidents happen all the time. And if you’re driving a commercial truck, the stakes are even higher because of the value of your own truck is so high. That’s why having physical damage coverage is so important.

What is physical damage coverage?

Collision coverage, which is one aspect of the physical damage coverage, is a type of insurance that covers the cost of repairs or replacement of your truck if it’s damaged in a covered accident. The second aspect is comprehensive coverage, which can include claims caused by weather, vandalism, or theft. This is why you will sometimes hear people refer to physical damage coverage as comp and collision or full coverage. When you think of physical damage coverage, think of coverage for assets you own; whereas liability coverage is insurance coverage for damage you may do to other people or their property.

Accidents happen to even the most experienced drivers. Physical damage is generally a very affordable coverage that can range in cost from 1% to 10% of that value of the asset they are insuring. The cost will depend on the operations of the truck, location of the business, and characteristics of the driver. Physical damage coverage will ensure that in the event of an accident, your business can get up and operational again with just a small deductible payment. Large physical damage losses such as a total loss or theft can have devastating consequences on small businesses and families.

No one ever wants to think about getting into an accident. Don’t wait until it’s too late—get physical damage coverage for your commercial truck today.