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What Is Physical Damage Coverage?

October 17, 2019

physical damage coverage

What is physical damage coverage and why do I need it? An insurance question asked commonly amongst truckers. Although you might see this type of coverage listed on your policy, the name doesn’t do much explaining. So, let’s look at it in its entirety.

Physical damage is an extremely important coverage that is recommended for every truck driver. Because your truck is the most valuable asset you own as a driver, you want to ensure the proper coverage. Let’s face it, your truck is fundamental to the work that you do. In order to successfully do your job, it’s important that you care for your truck in every way possible. One way to do so is by purchasing physical damage coverage. It’s just another way to protect your most valued possession.

Simply put, in the unfortunate event that your truck is involved in an accident, physical damage coverage will ensure the truck’s repairs based on its actual cash value. This means, if a truck is listed at $12,000, with that being the actual cash value of the truck, then the insurance company will cover that amount in repairs if involved in an accident. However, when discussing physical damage, it is very important that you record the accurate cash value of your truck.

Moreover, physical damage is a combination of Collision and Comprehensive coverage. If an accident occurs, Collision coverage will repair the truck. However, Comprehensive coverage will cover repairs to your truck in the event of uncontrollable circumstances, such as a hurricane or a tornado. They work hand-in-hand.

Apart from this, physical damage coverage can be quite costly. However, you should not let that deter you from including it in your policy. Your truck should be protected in the same manner you protect your other assets, such as your cars and home.

Lastly, be mindful of insurance agents who quote you without providing information on physical damage coverage. The reason for this is many insurers will omit the coverage to provide a lower quote, consequently beating the competition. However, the right insurance agent will ensure you have all the knowledge and information needed to protect your truck.  

Do you think physical damage coverage is necessary? Comment below.

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