Physical damage insurance for trucks

The short answer

Physical damage insurance pays to repair or replace your tractors and trailers. It combines collision coverage for crashes with comprehensive coverage for fire, theft, vandalism, hail and other losses. Lenders require it on financed equipment, and fleets often use higher deductibles to control premium.

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Collision and comprehensive

Collision covers damage when a truck hits another vehicle or object or overturns. Comprehensive covers fire, theft, vandalism, falling objects, flood, hail and animal strikes.

Stated value

Truck physical damage is usually written on a stated value. After a total loss, the insurer pays the lesser of the stated value or the actual cash value. Review unit values every renewal so you aren't overpaying or underinsured.

Deductibles and fleet options

Fleets can often choose higher deductibles, or per-occurrence aggregates, to lower premium. The right deductible depends on your cash flow and claim frequency.

Useful add-ons

Trailer interchange for non-owned trailers under an interchange agreement
Rental reimbursement or downtime
Towing and labor

Last updated November 10, 2026. Reviewed by a licensed insurance professional at Haul Good Insurance.

Frequently asked questions

Is physical damage insurance required?

Not by federal law, but lenders and lessors require it on financed or leased equipment.

What is stated value?

The value you declare for each unit. After a total loss, the insurer pays the lesser of that amount or the actual cash value, minus your deductible.

Get a free fleet insurance and CSA review.

For carriers with 5+ power units. Tell us about your fleet; it takes about three minutes.

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