Overview
Liability pays for the other person's damage. Physical damage insurance pays for yours: your tractor, straight truck, pickup or trailer when it's damaged in a crash, stolen, burned, flooded or hit by a falling object.
If your truck is financed or leased, your lender will almost always require it and will be listed as loss payee on the policy.
What It Covers
Collision
Damage from hitting another vehicle or object, or from an overturn, regardless of fault.
Comprehensive
Fire, theft, vandalism, hail, wind, flood, falling objects and animal strikes.
Stated Value
Trucks are typically insured for a value you declare. Keep it current so a total loss pays what the truck is really worth.
Towing & Labor
Optional coverage for towing and roadside costs after a covered loss.
Rental / Downtime
Optional reimbursement toward a substitute unit or lost income while your truck is in the shop.
Trailer Interchange
Covers physical damage to a non-owned trailer you're pulling under a written interchange agreement.
Who Needs It
- Owner-operators with financed or leased trucks
- Fleets protecting equipment investments
- Carriers pulling trailers under interchange agreements
- Anyone who couldn't afford to replace their truck out of pocket
What Affects Your Price
- Stated value of each unit
- Deductible you choose
- Age and type of equipment
- Driver experience and loss history
- Garaging location
- Anti-theft devices
Roy's tip: Revisit your stated values every renewal. Truck values move with the market, and insuring a unit for more than it's worth can raise your premium without raising what you'd actually collect.
Frequently Asked Questions
What deductible should I pick?
Common choices are $1,000 to $5,000. A higher deductible lowers premium but means more out of pocket per claim. Pick the amount you could comfortably pay tomorrow without missing a payment.
Does physical damage cover mechanical breakdown?
No. Physical damage covers sudden accidental loss like collision, fire or theft. Engine or transmission failure from wear and tear is not covered. Ask us about separate breakdown options for reefer units.
Do I need trailer interchange coverage?
If you pull trailers you don't own under a written interchange agreement, such as intermodal chassis or a shipper's trailer, you're usually responsible for damage to them, and your own physical damage policy won't cover a trailer you don't own. Trailer interchange fills that gap.