Your truck is your livelihood. Physical damage coverage protects your investment when accidents happen. Here's exactly what each type covers.
Your truck is likely your most valuable business asset. Physical damage coverage protects that investment when things go wrong — whether it's a collision on I-95 or a hailstorm in the parking lot.
Physical damage coverage has two main components: collision and comprehensive. Collision covers damage from accidents involving another vehicle or object. Comprehensive covers everything else — theft, vandalism, fire, flood, hail, and falling objects.
For newer trucks, carrying both collision and comprehensive is almost always worth it. For older trucks with high mileage, you'll want to weigh the premium cost against the truck's actual cash value. If your truck is worth $15,000 and you're paying $3,000 a year for physical damage coverage with a $5,000 deductible, the math might not work in your favor.
One thing many truckers don't realize: physical damage coverage is typically based on the truck's actual cash value (ACV), not replacement cost. If your truck is totaled, you'll receive what it was worth at the time of the loss, not what it would cost to replace it with a comparable truck.
Agreed value policies are an alternative that pay a pre-agreed amount in the event of a total loss, regardless of depreciation. These are especially popular for specialty or custom trucks.
Call us at (386) 734-0932 to discuss the right physical damage strategy for your truck.