Truckers Truck Comprehensive
Insurance Coverage
This cover is part
of the Physical Damage insurance coverage package. Others in
the package are collision insurance coverage and the Fire and Theft
with Combined
Additional Coverage insurance. The Comprehensive coverage covers
your vehicle against damages that are caused by other factors other
than
collision with another vehicle or object. This coverage compensates
for your vehicles or damage repairs that arise from the following:
• Fire
• Collision with animals
• Robbery and glass breaking
• Damages from windstorm
• Vandalism and other non-collision losses.
Who Should Take Comprehensive Insurance?
Anyone who owns a vehicle can get the Comprehensive coverage
since it is able to protect your vehicle from other risks of damages
caused by other factors other than collision. It is actually a complementation
of collision coverage and ensures that your vehicle is wholly covered
in case of accidents arising from other aspect apart from collision.
In addition, if you vehicle is leased, you are also required to have
this type of coverage. However, if the vehicle has fully been paid for,
this coverage may remain an option.
Also you need to note that not all vehicles are entitled to receive Comprehensive
coverage in all states. Therefore, for some vehicles, we offer the Fire
and Theft with combined Additional Coverage. This is a limited comprehensive
cover and it is designed for the trucks that are meant for heavy duty
works including semi tractors.
Truckers Comprehensive Coverage: Deductibles and Other Information
A deductible is that amount that you pay from your pocket in the event
an accident occurs and therefore, with the comprehensive coverage, you
can quote your deductable amount. If you choose higher deductibles, you
are able to scale down your premium payments.
However, you need to strike a balance because too high premiums can also
be burdening when an accident occurs. When you choose Comprehensive coverage,
you need to provide a Stated Amount. This is an approximate of the current
value of your vehicle and should be well valued.
In the Stated Account, you need to indicate how old your car is and the
state of the vehicle. Any permanent equipment that you fixed to the vehicle
should also be stated on the Account.
Collision Insurance Coverage
There are mainly three options
that make up Physical Damage insurance and these are Comprehensive coverage,
Collision coverage and the Fire
and Theft with Combined Additional Coverage – CAC. The collision
coverage protects your vehicle against the damages that occur
from a collision. It compensates for repairs and replacement of your vehicle
if it is damaged
beyond repair. The coverage is applicable if your vehicle collides
with other objects or overturns and rolls.
Who Should Take Collision Insurance?
This coverage is suitable for anyone with a vehicle since it
covers the damages that may be caused on the vehicle upon collision
with other vehicles or objects. Therefore, it is important that you
have collision coverage for your vehicle. It will pay for the damages
that occur on your vehicles and include compensations if the vehicle
is totaled in collision incident.
The Collision coverage can be availed together with Comprehensive coverage,
which covers non-collision related damages like fire and theft. It can
also be availed together with the Fire and Theft with Combined Additional
Coverage (CAC), which on the other hand, is a limited type of Comprehensive
coverage that is specially designed for the heavy trucks.
Like the Comprehensive coverage, if your vehicle is leased, you are perhaps
required to have Collision coverage. In addition, if the automobile is
fully paid for, the Collision coverage may be optional.
Collision Coverage: Deductibles and Other Information
In Collision coverage, you also need to quote a deductable and
this is the amount you wish to pay on your own in the event of vehicle
damage. When you go for a higher deductible amount, you lower your premium
payments.
However, you always need to ensure that you choose a deductible amount
that you can afford to pay at any one given time.
Similarly, when you choose the Collision coverage, you also need to provide
a Stated Amount for your car. This is an estimation of the current value
for your vehicle. You need to include the age, condition of the car and
any permanently installed equipments on the car.
Examples of Collision Coverage
If you are driving down the
street and you bang into the vehicle that is in front of you, it means
that you are at-fault. Your Liability coverage
will be used to pay for the damages caused to the other driver’s
car and your Collision insurance will pay for the losses to your
own vehicle because this is a collision incident.
In this case, if you chosen a deductible of $500, you will pay this amount
from your pocket towards the repair of the car and the extra is met by
your Collision coverage.
What Are The Collision Insurance Exceptions And Restrictions?
In order to be able to select Collision coverage, you need to have either
Comprehensive or Fire and Theft with Combined Additional Coverage. What
this means is that you can purchase a Physical Damage insurance policy
which entails:
1. Collision coverage and either
2. Comprehensive coverage or Fire and Theft with Combined Additional
Coverage -CAC.
Remember the Fire and Theft with CAC is a limited Comprehensive coverage
that is specially designed for heavy trucks. You also need to note that
the Collision coverage cannot be used to cover non-owned trailers such
as those used in Trailer interchange Agreements.
In this case, Collision coverage for non-owned trailer vehicles can be
purchased as Trailer Interchange insurance coverage.
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