Truck Insurance For Physical Damage

Overview of Physical Damage Insurance for Trucks

This policy, known as First Party Insurance, safeguards your investment in truck and trailer equipment. It can be provided on a peril-by-peril basis or a comprehensive basis, including collision coverage. The choice between specific risk coverage and overall perils coverage is often determined by cost considerations. However, Royalty Truck Insurance typically recommends comprehensive coverage since the price difference is usually not significant enough to warrant the risk of lacking sufficient protection.

Deductible for physical harm

Both forms of coverage entail paying a deductible in the case of a claim. Your agent should advise you on the deductible amount choice, which is normally set at $1,000. Lowering insurance costs may be achieved by selecting a larger deductible.

Calculating the Worth of Your Assets

The declared amount or the actual cash worth is used to value equipment. Physical damage coverage is often provided on a set amount basis by most heavy truck insurance companies. You must ascertain the current market value of your equipment and insure it. This is something you should talk to your insurance agent about because it might be complex. Some insurance firms offer real cash value coverage, which eliminates the need for guessing when determining a value. In the event of a claim, the insurance carrier will pay the lower repair or replacement costs based on the current market value.


Reimbursement for towing

Another crucial factor to consider is how much towing expense reimbursement is covered in this policy. After an accident, towing, recovery, and storage charges may add up quickly, and if your physical damage insurance policy does not cover them, you might be on the hook for a large sum out of pocket. Make certain you comprehend this critical provision.

To assist cover costs, consider purchasing a Commercial Truck Roadside Assistance coverage.

Royalty Truck Insurance Services, Inc.