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What is Rental Reimbursement Coverage and Why is it Important?
Jeff Ryan - CLU, ChFC, AIA, CIC, CPCU
February 21, 2023
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Rental reimbursement coverage pays for the cost of renting a car while your car is being fixed after an accident that is covered by your auto insurance policy. This article discusses why rental reimbursement coverage is important, when it comes into play, and what benefits it provides.
Rental reimbursement coverage kicks in when you are involved in a covered accident and your vehicle needs to be repaired. It covers the cost of renting a car while it is being repaired, up to the limits specified in your policy. This coverage is usually limited to a set dollar amount per day and a set number of days.
The Advantages of Rental Reimbursement Insurance
Provides Financial Security:
Rental reimbursement coverage protects drivers who rely on their vehicles for daily transportation. With rental cars averaging $50 or more per day and a two-week turnaround time for body shop repairs, the cost of renting a car can quickly add up in the event of an accident. Without this optional coverage, you would be responsible for paying for the rental car out of pocket. This coverage provides financial security and peace of mind by covering the cost of renting a car.
Saves Money: Adding rental reimbursement coverage to your auto insurance policy can save you money in the long run. Renting a car for even a short period can cost hundreds of dollars, and renting a car for an extended period can be prohibitively expensive. Rental reimbursement coverage helps you avoid the high cost of renting a car on your own.
Gives Peace of Mind: Rental reimbursement coverage gives drivers who rely on their vehicles for daily transportation peace of mind. Being without a vehicle can be daunting if you've been in an accident and your car needs to be repaired. Rental reimbursement coverage eliminates the worry of getting around while your vehicle is being repaired. You can rent a car and go about your daily business as usual.
Inexpensive: Rental reimbursement coverage is very affordable. Adding this type of coverage only slightly increases your auto insurance cost.
In conclusion, rental reimbursement coverage is an essential part of auto insurance because it protects your finances, saves you money, and gives peace of mind to drivers who depend on their cars for daily transportation. It applies if you are in a covered accident and need to rent a car while your vehicle is being repaired. Talk to one of our agents if you want to know more about rental reimbursement coverage. We'd be glad to help!
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