PHYSICAL DAMAGES COVERAGE
Physical Damage is a general term for a group of insurance coverage that protect your vehicle, includes collision insurance, as well as your choice of comprehensive insurance or the more limited fire and theft with combined additional coverage (CAC) insurance. Providing commercial truck insurance in KY and TN
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- For physical damage insurance, you must choose a deductible. The deductible is the amount that you agree to pay out of pocket when you have a claim.
- Choosing a higher deductible is an easy way to lower the price of your insurance premium. Be sure you choose a deductible that you can afford to pay out of pocket at any time.
- When you select physical damage insurance, you also are required to submit a stated amount, which is your best estimate of the current value of your vehicle. The stated amount should take the age and condition of your vehicle into account, as well as any permanently attached equipment.
Example 1:
You're driving down the street when you hit a patch of ice. You lose control of your vehicle and run into a telephone pole.
Your collision insurance will pay for damage to your own vehicle because this was an accident in which you collided with another object.
If you selected a $1,000 deductible, you would pay the first $1,000 to have your vehicle repaired or replaced, depending on the extent of the damage. Your collision insurance would then pay the rest of the repair or replacement costs, up to the stated amount that you submitted.
Example 2:
You leave your house one morning and realize that your vehicle has been stolen.
Because the loss was due to an incident other than a collision, either comprehensive insurance or fire and theft with CAC insurance would be used.
If you chose a $1,000 deductible, you would pay the first $1,000 to replace your vehicle. Your comprehensive insurance or fire and theft with CAC insurance would then pay the rest of the cost to replace your vehicle, up to the lower of: the actual cash value (ACV) of the vehicle; or the stated amount that you submitted.
You're driving down the street when you hit a patch of ice. You lose control of your vehicle and run into a telephone pole.
Your collision insurance will pay for damage to your own vehicle because this was an accident in which you collided with another object.
If you selected a $1,000 deductible, you would pay the first $1,000 to have your vehicle repaired or replaced, depending on the extent of the damage. Your collision insurance would then pay the rest of the repair or replacement costs, up to the stated amount that you submitted.
Example 2:
You leave your house one morning and realize that your vehicle has been stolen.
Because the loss was due to an incident other than a collision, either comprehensive insurance or fire and theft with CAC insurance would be used.
If you chose a $1,000 deductible, you would pay the first $1,000 to replace your vehicle. Your comprehensive insurance or fire and theft with CAC insurance would then pay the rest of the cost to replace your vehicle, up to the lower of: the actual cash value (ACV) of the vehicle; or the stated amount that you submitted.
Comprehensive insurance is one of three insurance coverages, along with collision insurance and fire and theft with combined additional coverage (CAC) insurance, that make up the physical damage insurance package.
Comprehensive insurance provides protection for your vehicle in case it is damaged by something other than a collision with another vehicle or object. Comprehensive insurance pays to repair or replace your vehicle in case of:
Comprehensive insurance provides protection for your vehicle in case it is damaged by something other than a collision with another vehicle or object. Comprehensive insurance pays to repair or replace your vehicle in case of:
- Fire
- Theft
- Vandalism
- Windstorm
- Collision with an animal
- Glass breaking
- And much more
If you want to protect your vehicle, then you should choose comprehensive insurance. Comprehensive insurance protects your vehicle from almost everything except a collision. (To protect your vehicle, you must purchase collision coverage).
If your vehicle is leased, or if you have a loan on your vehicle, then you probably are required to have comprehensive insurance. If your vehicle is fully paid for, this insurance is optional.
If your vehicle is leased, or if you have a loan on your vehicle, then you probably are required to have comprehensive insurance. If your vehicle is fully paid for, this insurance is optional.
For comprehensive insurance you must pick a deductible which is the amount that you agree to pay out of pocket when you have a claim.
Choosing a higher deductible is an easy way to lower your insurance premium. Be sure you choose a deductible that you can afford to pay out of pocket at any time.
When you select comprehensive insurance, you also are required to submit a stated amount, which is your best estimate of the current value of your vehicle. The stated amount should take the age and condition of your vehicle into account, as well as any permanently attached equipment.
Choosing a higher deductible is an easy way to lower your insurance premium. Be sure you choose a deductible that you can afford to pay out of pocket at any time.
When you select comprehensive insurance, you also are required to submit a stated amount, which is your best estimate of the current value of your vehicle. The stated amount should take the age and condition of your vehicle into account, as well as any permanently attached equipment.
