Liability protects others. Physical Damage protects your vehicles.
Repair or replace the vehicles your business depends on
Physical Damage insurance covers direct damage to vehicles your business owns or leases — the trucks, vans, and cars your operation cannot run without. Where liability coverage pays for harm you cause others, Physical Damage pays to fix or replace your own vehicles.
For any financed or leased vehicle, the lender or lessor almost always requires it. Beyond the contract, replacing a downed vehicle out of pocket can stall a business overnight.
What Physical Damage Covers
Physical Damage is generally written in two parts:
Collision — damage from an accident, whether you hit another vehicle or object, or the vehicle overturns.
Comprehensive (Other Than Collision) — theft, fire, vandalism, falling objects, hail and other weather, flood, and animal strikes.
Related coverage — many programs add towing, rental reimbursement, and coverage for permanently attached equipment.
Who Needs Physical Damage
Physical Damage coverage matters for:
Businesses with financed or leased vehicles (usually contractually required)
Fleets, trucking operations, and delivery businesses
Contractors and trades that rely on specialized vehicles
Any operation that cannot afford unplanned downtime
How Value Is Settled
Policies are typically written on an actual cash value or stated-amount basis, and specialized or upfitted vehicles may warrant agreed-value terms. Deductibles apply separately to collision and comprehensive claims. Structuring these correctly is where a vehicle either gets made whole — or leaves a gap.
Our Approach
At Cory Washington & Co., Physical Damage coverage is never a checkbox. We evaluate how your business actually operates, review your contracts and exposures, and structure coverage to perform in the real world — not just to satisfy a minimum. Licensed in all 50 states, we place Physical Damage coverage through admitted carriers and specialty markets that compete for your account, then explain the trade-offs in plain English so you can decide with confidence.
Related trucking & auto coverage: Commercial Auto · Hired & Non-Owned Auto · Bobtail · Non-Trucking Liability.
All insurance descriptions on this website are provided by Cory Washington & Co. LLC strictly for general informational purposes. They are not intended to be, and should not be relied upon as, legal, financial, or insurance advice. The information presented is general in nature and does not guarantee the availability, terms, conditions, or scope of any insurance coverage. Actual coverage is determined solely by the specific policy language issued by the insurer and remains subject to underwriting approval. Nothing on this website creates or implies an agent-client relationship, binds coverage, or alters any existing policy. Cory Washington & Co. LLC expressly disclaims any liability for actions taken, or not taken, based on the content provided here. For advice regarding your particular situation, please consult directly with a licensed insurance professional at Cory Washington & Co. LLC or another qualified insurance professional, and always review your policy documents in full.
Frequently Asked Questions
How do I get physical damage insurance through Cory Washington & Co.?
Request a quote or contact our team. We start with a short conversation about your operations, analyze your exposures, then negotiate physical damage insurance across multiple carriers that compete for your account and present options with the trade-offs explained. Cory Washington & Co. LLC is licensed in all 50 states.
What does physical damage insurance cost?
There is no flat rate. The cost of physical damage insurance reflects your industry, your size (payroll and revenue), your claims history, and the limits and deductibles you choose. We market your account to multiple carriers, compare the real quotes side by side, and explain what is driving each number so you can weigh coverage against price with confidence.
Is physical damage insurance required?
It depends on your situation. Some coverage is required by law; more often, physical damage insurance is required by a contract, lease, lender, or client before they will do business with you — and even when it is not mandated, it guards against exposures that can be severe. We review your operations and obligations and tell you plainly what you need and why.
What if another agency has already declined or non-renewed my coverage?
Difficult, specialty, and previously-declined placements are a core part of our work. We access excess & surplus (E&S) and specialty markets that many generalist agencies cannot, and we explain the trade-offs clearly so you can decide with confidence.
Available in all 50 states. See how requirements differ in California, Texas, Florida, New York, or choose your state.