Physical Damage Insurance Trucking

From Liability to Cargo, we keep you covered

When you own a small trucking company, you are responsible for hiring drivers and ensuring they have clean backgrounds. You are responsible for getting your client’s products to their destination on time. You are also responsible for making sure your trucks are well maintained and in good condition. 

If one of your drivers causes an accident, your liability insurance will be expected to cover their medical bills and any damages to their vehicle. Your liability insurance will not cover damages to your truck if your driver is the one responsible for the accident; for that, you will need physical damage insurance.

Physical damage insurance pays for damages to your trucks in the event of an accident. Although the federal government does not legally require trucking companies to get physical damage insurance, it is in your best interest to get it.

What Are the Advantages of Physical Damage Insurance?

Trucks are very expensive, and you need them to run your business, but there are some types of damage that your in-house mechanics will not be able to fix. Replacing a truck can cost over $100, 000, so this kind of unforeseen expense can be devastating to a small business. The cost can be even greater if you have to operate without one of the trucks in your fleet. If you have physical damage insurance, you will always know that the trucks in your fleet are protected no matter what. 

If you are financing your trucks, the financing company may insist that you purchase physical damage insurance. If this is the case, and if you are financing multiple trucks, it is very important to have this kind of insurance. A finance company will not be very sympathetic if you cannot make one of your payments because the vehicle they are financing will not run.

Photo of a truck accident

What Does Physical Damage Insurance Cover?

When you get physical damage insurance, your truck will be covered for almost everything that can happen to it when it is on the road.


Towing a semi-truck can be a major expense after an accident. The insurance should cover towing to the nearest garage that can repair trucks. The very best policies will have an extended towing option. An extended towing option will allow you to have your truck towed to your own garage or one that is near your main headquarters.


Downtime is one of the biggest problems that an accident can cause a trucking company. When a truck in your fleet is inoperable, you can lose thousands of dollars a day. Downtime insurance will help to offset some of your losses. It will normally help cover payments on the damaged vehicle while it is out of commission. 

Emergency Expenses

When an over-the-road truck driver is involved in an accident, they will have expenses that someone involved in an ordinary accident would not have. They are likely to be far away from home when the accident occurs and will need lodging, food, and transportation. Simplex Group will make sure that your driver will have a place to stay after an accident as well as a way to get home.

Loan Gap Coverage

When your truck is in an accident, its value depreciates. In some cases, it may depreciate faster than the loan you have on it. A physical damage policy will not have to pay the lender more than the claim settlement amount. 

Truck Rental Costs

When a driver has an accident while on the job, your company has to figure out how it will get the cargo to its final destination. You may have to rent a truck just to fulfill your obligation to your client. Your insurance policy should cover the cost of renting a truck and its insurance.

Flatbed Truck Insurance

Tarps, binders, and chains that are essential to flatbed trucks are always getting lost or stolen, and the costs of these items can add up over time. A physical damage insurance policy should cover these kinds of losses.

How Much Does Physical Damage Insurance Cost?

The exact monthly price of a physical damage insurance policy will vary based on the cost and age of the truck, the amount of time you have been in business, and the driving record of the truck’s operator. The number of miles on the truck will also affect the cost of the insurance. The average cost for physical damage insurance is between $1000 and $3000 per truck per year.

A good physical damage insurance policy will only have one deductible. You should never have to pay separately for the trailer and the truck. 

There are some safety measures that you can take that will greatly reduce the cost of your monthly payments. Most trucking companies will give you a break if you have a grill guard. Grill guards can protect your truck from a multitude of mishaps. 

A grill guard shields the front end of your truck and its lights from damage during an accident. It also protects the truck from dust and debris. It also protects the truck’s engine, which insurance companies like.

Simplex Group Can Help Your Company

Simplex Group brings over 20 years of experience in the trucking industry to the table, so we can help create the perfect physical damage insurance policy for your company. We know that saving money and making sure you are ready for anything is critical to your success. Our trained insurance professionals will ensure that your policy is designed to save you money.

When you hire us, we consider ourselves to be a part of your team. We want your company to thrive and to be around for a long time. In addition to assisting you with insurance, we will make sure you are fully compliant with DOT regulations. We will also assist you with hiring and screening new truckers and making sure they perform their inspections and record their hours correctly. Give us a call today.