VEHICLE PHYSICAL DAMAGE PROGRAM

CalTIP's Vehicle Physical Damage Program provides members with comprehensive and collision coverage to transit, staff, and maintenance vehicles. The program is structured to include both self-funded (pooled) and purchased coverage. CalTIP self-funds the first layer up to $100,000 with members selecting from various deductible options per vehicle. Excess insurance is purchased for losses exceeding $100,000 and provides the members with coverage up to $20 million per occurrence. CalTIP's program is additionally enhanced with an aggregate stop-loss feature. The aggregate stop-loss is equal to the five highest deductibles of any vehicles involved in a multi-vehicle loss.

Member Deductibles
Members are given the opportunity to select a deductible option per vehicle. The deductible options are $500, $1,000, $2,500, $5,000, and $10,000. Vehicles with an actual cash value of $50,000 or greater may select a deductible of no less than $5,000.

Pooled Program Layer
CalTIP self-funds or "pools" the first $100,000 of coverage over the member agency's deductible.

Excess Insurance
CalTIP purchases excess insurance for losses exceeding $100,000.