Trucking Physical Damage Insurance Explained by a Pro in 3 minutes

– Hey there guys, Wade Millward here with Truck Insurance Pros, coming at you with another video, talking about physical damage coverage. Pretty common, you guys are
probably very familiar with it. Physical damage coverage, what is it? What does it cover? What does it not cover? What are some of the
things to look out for? So, first thing, what is
physical damage coverage? First, I’m gonna break it down. We have comprehensive
and we have collision. Comprehensive is basically
everything but collision. Collision is when you run into something, or something runs into you. Basically, whenever you
collide with something except for animals. Okay, if you’re driving down the highway, you run into another
car, that is collision, it will pick up physical damage
coverage to your vehicle. It’s not paying off a third party, it’s only to your vehicle. Comprehensive coverage, you’re
driving down the highway, a rock hits ya, a big rock, damages the front end of your truck, that is comprehensive coverage. Bird hits ya, comprehensive coverage, you hit a deer, comprehensive coverage. Anything, like a tree falls on your truck when you’re parked,
comprehensive truck coverage. With comprehensive and collision coverage, you have deductibles that
are associated with them. Typically, 1000 dollars
is pretty standard. We see as low as 250, 500,
and as high as you’d like. You got 2500 bucks, you got 5000 dollars, you got 10,000 dollars. Just depends on what type of risk you’re willing to finance yourself. So, what are some of the things
comprehensive and collision, or comprehensive, or physical
damage coverage picks up? All sorts of things, right? It’s actually very, very broad. You have fire, theft, earthquake,
flood, stuff like that, lightening, explosion,
damage during transport, malicious mischief and vandalism, there’s a lot of stuff
that these coverages actually pick up for you guys. So, what are some of the
things that comprehensive collision coverage or
physical damage coverage does not cover you for? Some standard exclusions, your
cargo, tools, personal items, tarps, chains, stuff like that. So be sure to check your
physical damage coverage policy, see what you have in there, see what you don’t have in there, make sure your trucks and
your trailers are listed on your policy. If they’re not listed, they
typically are not covered. Extremely important. Two other things to consider, what type of coverage is it? What type of coverage is being offered on your policy form? We have actual cash value
and we have stated amount. A lot of the times on these policies we have a stated amount policy, often we see actually cash value. ACV, actual cash value
is the depreciated value of your truck. So, we still try to come
up with an estimate. Let’s say 85,000 dollars, but the insurance company,
if it’s not worth 85 grand, unfortunately, they’re not
gonna give you 85 grand. They’re gonna give you the
depreciated value of that truck. If it’s a stated amount, we’re gonna state the (glitch in video) deals about different insurance coverages for the trucking industry, and also some other really cool stuff. Wade Millward. Thanks, have a good one!

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