If you’re a trucker, you rely on your vehicles. With many, many miles to log on the road, you could find yourself in a real situation if something happened to your truck. For example, what if you’re in an accident? What if your truck is caught in a fire? There are a lot of different things that could go wrong. So – knowing how reliant you are on your truck, your question is this: does transportation insurance cover my truck? We’ll explain.
Does transportation insurance cover your truck?
There are a lot of truck insurance coverages out there to help protect your truck business from the risks you face on the road. It’s important to understand what all of these coverages do and how they work together to protect you financially. With respect to protecting your truck, there’s physical damage insurance.
Physical damage insurance is the coverage that can help you get your truck back on the road ASAP if it’s damaged by a covered loss. (Your auto liability insurance only covers your legal obligation to the other driver if you’re in an accident. It does not cover the repairs of your own truck, which is why physical damage is such an important coverage. We’ll explain more in a bit.)
There are two different pieces to physical damage insurance: collision coverage and comprehensive coverage.
What is collision coverage for trucks?
Collision coverage can help you repair or replace your truck if you’re in an accident, or if you happen to collide with something else.
Here’s an example:
Let’s say that you’re driving along in your box truck. You’re making good time and having a great day. But then you get distracted by flashing sirens on the other side of the road and look away – just for a second. You accidentally hit another vehicle. Thankfully everyone is okay. But your truck has some pretty serious damage. Your collision coverage can help.
What is comprehensive coverage for trucks?
Comprehensive coverage, on the other hand, can help you repair your truck if it’s damaged by a covered loss other than an accident. For example, it can help cover losses like theft, fire, vandalism, animal strikes, and falling objects. You never know what could happen out there on the road, but comprehensive coverage can help protect your truck from the unexpected.
To give an example:
You’re done after a long day on the road. You park your truck in the same place that you always do. But then a tree falls right on top of your truck. And while your truck is a formidable vehicle, it’s no match for an extremely heavy tree. The damage is intense, and you’re hoping that you can get your truck repaired so it will no longer be squashed-looking. Comprehensive coverage could help you out in this scenario.
Of course, it’s important that you read your insurance policy very carefully to find out exactly what these coverages will and won’t cover. It’s also important to take note of the deductible, which is the amount you agree to pay if you have a claim. (For example, let’s say your deductible is $1,000. You have a claim for $8,500. You pay $1,000 and the insurance company pays the leftover $7,500.) If you have a higher deductible, you may see lower premiums. However, you don’t want to set the deductible so high that it would be a huge burden to pay if you had a claim.
The difference between physical damage and auto liability coverage.
Your auto liability insurance only covers your legal obligation to the other driver if you’re in an accident. The bodily injury liability coverage can help cover the other driver’s medical bills and pain and suffering, while property damage liability can help with the repairs to the other driver’s car. But auto liability coverage won’t pay to repair your truck if it gets damaged. As we’ve just explored, physical damage insurance is the coverage you need to be able to do that. Both of these coverages, however, are important for trucking businesses to consider as part of their transportation insurance plan.
So, can transportation insurance cover your truck? You need physical damage insurance to protect your vehicle. It’s important not to overlook this coverage, considering that you need your truck to be on the road and earning its keep. If you want to get some quotes for truck insurance, including physical damage coverage, we can help. Get started with your quotes by filling out our online form, giving us a call, or messaging us on LiveChat. You can talk to one of our transportation insurance professionals.