Five Ways to reduce the risk of catastrophic losses
In the transportation industry, motor carriers face a myriad of risks that can lead to catastrophic...
Choice Coverage® Plus provides motor carriers and owner-operators a bundle of coverages to shield your trucking business from the expense of breakdown and equipment loss.
Roadside breakdown is costly. From towing to emergency expenses, your out-of-pocket costs can add up quickly. Towing your truck can be one of the biggest expenses, topping thousands of dollars per tow. The cost of a truck repair in 2020 was $491, according to a TMC/Fleetnet survey.
That’s where Great West’s Choice Coverage® Plus can help. It’s a bundle of endorsements that protects your trucking business from the financial hit of multiple expenses when you experience a breakdown or an equipment loss.
In addition to breakdowns, the coverage also extends your equipment protection against fire and theft.
Motor carriers and owner-operators should consider Choice Coverage® Plus for each of their trucks. On average, fleets experience roadside breakdowns about every 34,000 miles, according to the 2020 TMC/Fleetnet survey. This bundled coverage can help you feel confident knowing breakdown and equipment loss expenses are covered when they occur.
For $20 each month per power unit, Choice Coverage® Plus covers the cost of towing and housing your truck as well as emergency expenses, equipment costs, and personal property.
As an added bonus, Great West rewards motor carriers who run a safe company. Choice Coverage® Plus coverage reduces your deductible for each year you are loss free, up to $1,000!
The Choice Coverage® Plus bundled endorsement includes six individual coverages:
*The Mechanical Breakdown coverage is subject to a per-loss deductible of $250.
**Coverage is excess over any other insurance coverage available for the same loss.
For each consecutive annual policy period that your trucking business doesn’t have a paid comprehensive, specified perils, collision, or cargo loss under any Great West policy, you can reduce your deductible, up to $1,000.
Loss-Free Policies | Deductible Reduction |
Less than 1 loss-free policy | 0% deductible reduction |
1 loss-free policy | 25% deductible reduction |
2 loss-free policies | 50% deductible reduction |
3 loss-free policies | 75% deductible reduction |
4 or more loss-free policies | 100% deductible reduction |
Note: If any physical damage or cargo loss is paid, the deductible will not be reduced on any subsequent loss, and the deductible reduction will revert back to 0% if coverage is renewed.
This summary is intended for informational purposes only and does not replace or modify the definitions or information contained in any insurance policy or declaration page, which controls all coverage determinations. Terms and conditions may vary by state, and exclusions may apply.
Great West |
In the transportation industry, motor carriers face a myriad of risks that can lead to catastrophic...
Great West |
This story is part of a series of stories examining the total cost of risk, and the four areas...
Great West |
One...