Who needs Commercial Comprehensive Insurance?
Comprehensive insurance is not required by state law, but most lenders will require it when you lease or finance a semi truck. If you own your truck outright, you can decide whether to include Comprehensive protection as part of your policy.
To determine whether to add the protection of the comprehensive policy provides your trucking operation, here are key considerations:
- Does your lender require you to have Comprehensive coverage?
- How much it will cost to replace your equipment if you have a loss? (Consider the cost to repair or replace a damaged truck or trailer using the examples provided above.)
- What is the age of your equipment? Any repair to a truck can be expensive, however, new vehicles and equipment may carry even higher price tags at the repair shop. New truck owners should consider the repair costs of their equipment when choosing Comprehensive coverage to protect their investments.
The Added Benefit of Comprehensive Insurance
When you add Comprehensive protection to your Physical Damage policy, your deductible is waived for any loss caused by fire or lightning.
