Physical Damage Policy Feature Checklist
What to confirm in a physical damage policy — what's standard, what's often limited, and what to add if needed — plus the gap most often missed.
Pull out your current commercial auto or physical damage policy and check the box next to each feature you can confirm it includes — anything unchecked is worth a quick conversation with your advisor.
Tick each feature you can confirm your policy includes — anything left unticked is a good question for your next policy review.
| Confirm? | Policy feature | What to confirm | Priority |
|---|---|---|---|
| Collision | Covers damage when your vehicle hits another vehicle or object, or rolls over. | Standard | |
| Comprehensive | Covers theft, hail, flood, fire, vandalism, glass, and animal strikes. | Standard | |
| Every Vehicle Scheduled | Confirm each vehicle and trailer is listed with current values — unlisted units may have no coverage. | Standard | |
| Valuation (ACV vs. Stated Amount) | Stated amount pays the lesser of the stated value or actual cash value — confirm how losses are paid. | Often limited | |
| Custom Equipment & Upfits | Wraps, racks, lifts, and built-in equipment are often capped unless scheduled. | Often limited | |
| Theft of Parts & Contents | Catalytic converters may be covered; tools and cargo inside usually are not. | Often limited | |
| Rental Reimbursement | Pays for a replacement vehicle during repairs — limits are often low and short. | Often limited | |
| Hired Auto Physical Damage | Covers vehicles you rent or borrow — not included unless added. | If needed | |
| Towing & Labor | Covers towing and roadside labor after a breakdown or accident. | If needed | |
| Loss Payee / Lessor Endorsement | Required by most lenders and lessors — confirm each one is listed correctly. | If needed | |
| Gap Coverage | Pays the difference between the loan balance and the vehicle's value after a total loss. | If needed |
The gap most often missed in this coverage
The gap most often missed in physical damage coverage is how vehicles are valued. Many businesses insure trucks at a stated amount and assume that amount will be paid, but most stated-amount policies pay the lesser of that figure or actual cash value — and with nearly one in four damaged vehicles now totaled, that difference matters. Upfits and attached equipment are another common shortfall. Update vehicle values every year, schedule custom equipment, and confirm how a total loss is paid.
Send us the checklist and we'll review your physical damage coverage line by line, then market it across multiple carriers that compete for your account.
Related: Physical Damage Insurance · Physical Damage Supplemental (apply) · All coverage checklists
Frequently asked questions
What should a physical damage policy include?
Standard features to confirm in a physical damage policy include Collision, Comprehensive, Every Vehicle Scheduled. This checklist also flags the features that are often limited or sublimited and the ones to add if needed, with a plain-English note on each.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my physical damage coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.