6 Things You Should Know About Physical Damage Insurance Before Driving

6 Things You Should Know About Physical Damage Insurance Before Driving

August 11, 2020 0 By admin

Are you a truck driver that’s preparing to hit the road? Are you curious to learn more about the insurance needs that you have as a driver? If so, then you need to learn more about physical damage insurance.

In a critical situation, it can be the difference-maker. It involves several different insurance coverages that protect both your vehicle and yourself. In other words: you can’t afford to hit the road without it.

See below for the different things that you need to know about physical damage insurance before you get behind the wheel of your truck. Be sure to consider them all before you take off.

Physical Damage Insurance Before Driving


It’s Comprehensive

You might be wondering “what is physical damage insurance?”. Physical damage insurance is a comprehensive insurance item that protects both you and your vehicle from potential harm.

To do that effectively, it contains several different layers of insurance to protect you from things such as fire, theft, broken windows, car collisions, slippery roads, etc.

It’s essentially an all-inclusive car coverage that’s used to financially protect you from any unforeseen circumstances on the road. Physical damage insurance is purchased to get security from a collision that involves your truck.

If you hit the road without it, either you or your company is on the hook for any damage that’s sustained in a crash. 

It’s Mandatory

Commercial vehicles, such as semi-trucks, are legally required to have physical damage insurance on them. If you’re the owner and operator of the truck, then it’s illegal for you not to have coverage.

You’ll also be required to show proof of the financial responsibility that you have on the truck. That means that brokers, motor carriers, and freight forwarders all fall under the requirement of having physical damage insurance while on the road.

Not only is it used to protect you, but others that are involved in the accident. It protects your trucking company from any claims against your company or the truck that was involved in a collision.

Pay Attention to the Premium, Not the Deductable

Every situation is different, but generally speaking, you want to focus on the premium of the physical damage insurance that you purchase.

Too many people get caught up in finding the lowest deductible possible. However, with a lower deductible comes the sacrifice of a higher premium.

You want to find a sweet spot. A place where you receive a reasonable premium but aren’t paying an outrageous amount for your deductible.

To find this “Goldilocks” type of fit, you’ll need to find a trusted insurance company to work with. They can help you understand the details of their coverage and find different ways to help your insurance deductible and premium fit your budget.

Be sure to take the time and find the right quote. When you find the right insurer, you can reduce your insurance costs while granting yourself more coverage from a potential truck collision. Make sure you perform enough research to find the right fit.

What All Does it Cover?

If you’ve been truck driving for a while, then you know how many different risks there are while you’re transporting your freight. Because there are so many potential dangers, you want to make sure your physical insurance provider covers most of them, if not all.

Generally, the physical damage insurance that you purchase will protect against things such as a windstorm, busted windows, break-ins, hitting an animal (such as a deer), vandalism to your truck, popped tires, and so on.

When you receive a quote for physical damage insurance, be sure to ask for specific details on what the provider will cover. If the price seems too good to be true, then it probably is.

There Are Ways to Reduce Your Premiums

The name of the game is finding different ways to reduce the premium on your physical damage insurance. Fortunately, there are several different ways you can go about doing that!

First, you can attend a driver safety training course. If you’re the owner of a fleet, then you can encourage your truck drivers to attend them.

You can implement a safe driving system where you measure their driving records once every few weeks, as well as start monthly training meetings for all to attend.

You can also purchase an alarm system for every truck in your fleet. The alarm will reduce the number of break-ins to your vehicle and, over time, reduce your premiums.

Don’t Go Cheap

As previously mentioned, if you receive a quote on a physical damage insurance policy that seems too good to be true, then it probably is.

While you certainly don’t want to pay more than you have to, look at your insurance from an ROI point of view. The more coverage that you have, the more willing you should be to pay a higher deductible for your claim.

The most important part of physical damage insurance is hooking your fleet up with coverage on as many different situations as possible. 


Find the Right Physical Damage Insurance Provider for Your Needs

Now that you’ve seen several things that you need to consider for your physical damage insurance, it’s time to find the right provider for your needs.

Be sure to read this article for more information on the fundamental commercial truck insurance company tips every fleet or truck owner should know.

For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.