A single deductible endorsement protects you if you’re involved in a physical damage accident that involves multiple deductibles such as for your tractor, trailer, and cargo insurance. With a single deductible endorsement you only have one deductible instead of three.
Normally, if you have a claim for an accident that involved multiple deductibles, you would pay each deductible. With a single deductible endorsement, however, you only pay the highest deductible listed for any one coverage or policy involved in the loss. Your insurance company covers the rest.
Because you don’t have to pay for the additional deductibles, you save money. After all, an accident is difficult enough without having to worry about paying for several deductibles.
This insurance is for you if you regularly haul a trailer or other attached equipment. In an instance where both your vehicle and trailer are damaged, the single deductible endorsement will allow you to pay just one deductible instead of multiple deductibles. It may also include your cargo policy with some of the insurance companies we represent.
A deductible is the amount that you agree to pay out of pocket when you have a claim. If you have a tractor and a trailer on your policy, you must select deductibles for each of them.
The single deductible endorsement applies to physical damage insurance, which includes comprehensive insurance, collision insurance and fire and theft with combined additional coverage insurance (CAC).
Your tractor and trailer flip over during an accident, damaging the tractor, trailer and the cargo.
If you have a $1,000 deductible for collision insurance for the tractor and a $1,000 deductible for collision insurance for the trailer, and $2,000 deductible for cargo you typically would have to pay the total amount of $4,000 for all three deductibles out of pocket for the damage. Your insurance would then pay the remainder.
With a single deductible endorsement, however, you only pay the higher of the three deductibles… in this case the $2,000. Your insurance covers the rest.