What is Physical Damage Coverage?

Physical Damage Coverage covers any damage to your vehicle arising from any of the covered losses in your particular policy. This typically includes, damages or loss arising from collisions, fire, falling objects, natural disasters, theft, and vandalism. This coverage is responsible for repairing or replacing your vehicle up to a stated amount you have chosen beforehand. Physical damage insurance coverage can be applied to your current insurance policy or you can purchase it by itself as a stand alone policy.

Do I need Physical Damage Coverage?
If you want to make sure your vehicle is also protected in the event of an accident or loss, then yes! This is especially important if you are a single unit motor carrier or owner-operator because your vehicle is your livelihood and if your only vehicle is out of commission, you likely aren’t making any income to pay for your trucking business expenses.

Physical Damage Coverage Automobile Symbols

Taking the time to understand the language and symbols on your physical damage coverage insurance policy may seem like trying to learn a new language, but it is important to fully understand your policy so you know how you’re protected. Here are a few general guidelines that are helpful when deciphering your policy:

• Each symbol represents the type of vehicle protected by the applicable liability or physical damage limit.
• The symbol may apply to the type of vehicle covered or the vehicle’s ownership status.
• The various terms within your policy have specific definitions that you should become familiar with.
• The symbols are different on coverage for liability as compared to physical damage coverage.

So, what do they mean?

• 1 = Covers “autos” owned by the insured, including those attained after the policy begins. (OWNED AUTOS ONLY)
• 2 = Covers only private passenger “autos” that are owned by the insured. (OWNED PRIVATE PASSENGER AUTOS ONLY)
• 3 = Covers all “autos” (other than private passenger vehicles owned by the insured. (OWNED AUTOS OTHER THAN PRIVATE PASSENGER AUTOS ONLY)
• 4 = Applies to “autos” that are listed on the policy. This also covers trailers used with a listed vehicle. (SPECIFICALLY DESCRIBED AUTOS)
• 5 = Covers “autos” that the insured leases, hires, rents or borrows for his/her own use. This does not cover “autos” leased, hired, rented or borrowed for use by an employee or family member. (HIRED AUTOS ONLY).

At times, there may not be an applicable symbol for the type of coverage provided. In those instances, a special symbol is used and added to the policy by way of an endorsement. The endorsement will contain a complete description and explanation of the symbol’s meaning, and the symbol will also appear with the applicable coverages on the policy.

It is imperative that you understand these symbols to ensure that you are properly covered. Contact us today to learn more automobile insurance policy symbols, their meanings and how this may apply to your coverage.