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Rental Reimbursement
What is rental reimbursement?
Rental reimbursement coverage pays the cost of
a rental car while your car is being worked on,
up to a pre-determined limit and for a pre-determined
amount of time.
Rental reimbursement is considered an 'additional
coverage' item for your car insurance policy.
It is rare for someone to purchase this policy
without purchasing a larger, more comprehensive
policy, at the same time. Rental reimbursement may not be available to customers in all states.
The pros and cons of rental reimbursement coverage
The amount that a provider offers for
rental reimbursement coverage is about $20-25
per day, usually not enough to cover the full rental amount. The other limitation is the number
of days in which the insurance provider will offer
this small sum, usually about 30 days. Most cars
that are seriously damaged (to the point that
you would need assistance with the rental car
costs) or stolen, can take longer than 30 days to fix or replace. However, if you were to get into an accident, or have your car stolen, rental reimbursement coverage could help pay for part of the cost of renting a car. It gives you one less thing to worry about if you were to ever be in such a unfortunate situation.
Who needs rental reimbursement coverage?
Chances are, you won't. Yes, it's a gamble, but
the chances that you will be in an accident that
will put your car in the shop for a long period
of time are minimal. It is even less likely that
you will get into an accident and it will be your
fault, and if the accident is caused by the other
party, then it is their insurance who will pay
for your rental car costs.
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Does rental reimbursement coverage cover the
cost of a rental anytime my car is in the shop?
No. Rental reimbursement coverage is for the
time when your car is damaged and in need of repair
due to an accident that was your fault or another
event that is covered by your insurance policy
(ie. a natural disaster, like a hurricane or a
flood).
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