Fire and Theft Insurance with CAC or Specified Perils Insurance
Fire and Theft with Combined Additional Coverage (CAC) insurance is sometimes called Limited Comprehensive insurance or Specified Perils insurance.
Fire and Theft with Combined Additional Coverage (CAC) insurance is a limited form of Comprehensive insurance for certain types of heavy trucks. Comprehensive insurance is part of the group of insurance coverages known as Physical Damage insurance, which also includes Collision insurance.
Fire and Theft with CAC insurance provides protection for your vehicle in case it is damaged by specific, non-collision incidents. Fire and Theft with CAC insurance pays to repair or replace your vehicle in case of the following, specific circumstances:
- Windstorms or hail
- Lightning or explosion
- Flood or rising waters
- Malicious mischief or vandalism
- The stranding, sinking, burning, collision or derailment of any conveyance in or upon which your vehicle is being transported.
- Collision with an animal
Who needs Fire and Theft with CAC insurance?
Fire and Theft with CAC insurance is a limited form of Comprehensive insurance designed especially for larger trucks. For protection in case of accidents, you can select Collision insurance, to complement Fire and Theft with CAC insurance for your vehicle.
Deductibles and other details
For Fire and Theft with CAC insurance, you must pick a deductible, which is the amount that you agree to pay out of pocket when you have a claim.
Choosing a higher deductible is an easy way to lower the price of your insurance. Be sure you choose a deductible that you can afford to pay out of pocket at any time.
When you select Fire and Theft with CAC insurance, you also are required to submit a stated amount, which is your best estimate of the current value of your vehicle. The stated amount should take the age and condition of your vehicle into account, as well as any permanently attached equipment.
Fire and Theft with CAC insurance example
You leave your house one morning and realize that your semi truck has been stolen.
If you chose a $500 deductible, you would pay the first $500 out of pocket. Your Fire and Theft with CAC insurance would then pay the rest of the cost to replace your vehicle, up to the stated amount that you submitted.
Exceptions and restrictions
You must have Collision insurance or Liability insurance to select Fire and Theft with CAC insurance.
You can purchase a Physical Damage Only policy, which would include only two insurance coverages:
- Collision insurance
- Either full Comprehensive insurance or Fire and Theft with CAC insurance
Fire and Theft with CAC insurance cannot be applied to non-owned trailers, such as those used as part of a Trailer Interchange Agreement. Insurance for non-owned trailers can be purchased separately as part of Trailer Interchange insurance.