Skip to content

Physical Damage

Physical Damage covers your truck and trailer. This coverage breaks down into both collision and commercial comprehensive insurance. Comprehensive coverage protects against non-collision damage to a vehicle or object. Also, some policies can include coverage for vandalism, fire, and theft. Collision coverage protects if the vehicle is damaged in an accident.

With Physical Damage costs, the policy covers damages to a listed unit up to a market value not exceeding the stated amount. The stated amounts are chosen by the insureds. We recommend searching eBay to find what the average listed price is for their units. It is important to note that physical damage providers do not like units over 12 years old.

This is a good coverage option for newly purchased trucks and trailers, even if you don’t own them. If you lease or have a loan on your equipment, you may be required to carry this insurance. Speak with your lender about any requirements for physical damage insurance. MIG has options for owners and renters alike.

Comprehensive & Collision Insurance

Comprehensive Insurance

Comprehensive coverage applies to those incidents in which your equipment is damaged by something other than a collision with a vehicle or object, or if your equipment is stolen. Be mindful that some Physical Damage policies may include an Attended Vehicle endorsement, which means you must be with your equipment at the time of the loss, if you are not, the claim may not be honored.

Comprehensive insurance* covers losses resulting from:

Collision Insurance

Collision coverage applies to incidents in which your equipment is damaged in an accident and will pay to repair or replace your vehicle if it collides with another object or overturns.

Collision insurance covers losses resulting from:

*Exclusions Apply

Coverages Under Physical Damage

Towing & Storage

Covers the towing and storage of the units listed on the policy.

Trailer Interchange

Under the trailer interchange agreement, it covers damages to a non-owned trailer, and a trailer even if not attached to a listed power unit.

Non-Owned Trailer Coverage

Covers damages done to a non-owned trailer. It can not be owned by the insured, and the coverage follows the power unit listed on the policy. The trailer must be attached at the time of the loss.

Loss Payee

This is also known as "Lien-holder".

Physical Damage Co-Insurance Clause

In most cases, the co-insured clause states that your equipment must be insured up to 80% of actual cash value (ACV) at the time of the loss. If it is not, you could be penalized and need to pay out additional monies to have the claim honored. Also, you should be aware that some Physical Damage policies contain low Towing and Cleanup limits, such as $5,000 or $10,000. Conversely, if you do not carry Physical Damage coverage you may not have any towing and cleanup expenses paid for. You will also need to choose a deductible (the amount you agree to pay out of pocket when you have a claim). Choosing a higher deductible lowers your insurance premiums, but costs you more out of pocket for the claim.  

Call Marquee Insurance Group today. A representative will be happy to speak with you regarding your new coverage. You can also generate certificates or file a claim through our website. We pride ourselves on providing you with the strategic coverage you need.

See All Our Coverage Options