Physical Damage Truck Insurance
Physical Damage Truck Insurance Overview
First Party Insurance, also known as Physical Damage Insurance, offers protection for your investment in truck and trailer equipment. It is provided either on a specified perils or comprehensive basis, including collision coverage. Choosing specified perils coverage over comprehensive coverage is often driven by cost considerations. However, Western Truck Insurance generally recommends comprehensive coverage as the price difference is usually not significant enough to risk potential claim denial.
Physical Damage Deductible
Both types of coverage come with a deductible that you are responsible for in the event of a claim. The selection of the deductible amount, typically set at $1000, is a discussion you should have with your insurance agent. Opting for higher deductibles can help reduce the cost of insurance.
Circumscribing the Value of Your Equipment
Equipment is esteemed under two means; either expressed sum or actual value. Most heavy truck insurance agencies give physical damage to an expressed sum premise. You need to decide and guarantee your equipment its present market value. This can be precarious, and you ought to confer with your insurance specialist. Some insurance agencies give an actual cash value premise which dispenses with the guesswork of expressing a value. In all cases, the insurance agency will give a lower cost to fix or supplant the equipment at the current market valuation in case of a claim.
Towing Reimbursement
It is crucial to determine the extent of coverage for towing costs provided by this inclusion. Towing, recovery, and storage expenses following an accident are significant, and if your physical damage insurance policy does not offer sufficient coverage, you may end up having to pay a substantial amount out of pocket. Make sure you thoroughly comprehend this important provision.
Furthermore, consider opting for a Commercial Truck Roadside Assistance plan to help offset these costs.
