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Physical damage coverage

What is physical damage coverage?

Physical damage coverage is an insurance policy that provides protection for a trucking company’s vehicles against physical damage caused by a variety of hazards, such as collisions, theft, fire, vandalism, and natural disasters.

This coverage typically includes two main components: collision coverage and comprehensive coverage. Collision coverage provides protection for damage to the truck caused by collisions with other vehicles or objects. Comprehensive coverage provides protection for non-collision events, such as theft, fire, vandalism, or weather-related damage.

Trucking companies may be required to carry physical damage coverage by state or federal regulations, or it may be a requirement set by the lender or leasing company for the vehicles. Even if it is not required, it is often wise to carry this coverage to protect the company’s investment in its vehicles and to ensure that it can quickly recover from any damage or loss.

The cost of physical damage coverage varies depending on factors such as the value of the vehicle, the type of cargo it carries, the driving record of the drivers, and the deductible chosen. A higher deductible typically results in a lower premium, but it also means that the trucking company will be responsible for a larger share of the repair costs in the event of a claim.

In summary, physical damage coverage for trucking companies is a type of insurance that provides protection against physical damage to their vehicles caused by a variety of hazards. It is an important type of coverage for any trucking company that wants to protect its assets and ensure that it can quickly recover from any damage or loss.

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