Investing in comprehensive insurance coverage for your truck is crucial for safeguarding your business and its long-term success. Vehicle damage and theft can significantly impact your fleet’s productivity and result in financial losses. A physical damage coverage policy offers various options such as collision insurance, comprehensive insurance, and combined additional coverage (CAC) for fire and theft. This coverage is particularly essential for leased trucks, often mandated rather than optional.
Coverage options include:
Collision coverage- this coverage option will repair or replace your truck in the event of a collision or an accident where it rolls or overturns.
Comprehensive coverage- this option protects your vehicle from theft or non-collision related damage.
Combined additional coverage (CAC) with fire and theft- this option is a modified, more specific version of comprehensive coverage.
Opting for this coverage type empowers policyholders with greater flexibility and control over their policy. There are no mandatory minimum coverage limits, allowing policyholders to determine the level of coverage they require. Furthermore, policyholders can choose their desired deductible amount, potentially reducing monthly insurance rates. However, it is important to select a deductible that can be comfortably paid without undue financial strain. When purchasing this insurance, it is necessary to assess the vehicle’s current value and any associated equipment. It’s worth noting that in addition to collision coverage, either comprehensive or combined additional coverage (CAC) must be purchased.