By Cindy Reeves
The hours and days after an accident can be incredibly overwhelming for a vehicle owner. If a customer is in need of a replacement vehicle during repairs, they can now expect their length of rental to be above 15 days, according to Enterprise’s recent Length of Rental data. Contributing factors to this steady increase include supply chain disruptions, parts delays and an industry-wide collision technician shortage to name a few.
It’s no wonder the moments after an accident become a critical time for insurance companies to show value to customers. Data collected through a recent study conducted by Enterprise shows that rental reimbursement coverage can positively impact policyholder satisfaction and retention after a claim.
Rental Reimbursement Findings
- Only 41% of eligible policyholders have rental reimbursement coverage
- Of those with coverage, most do not have the right coverage for the vehicle needed to maintain their lifestyle during a repair
- The more out-of-pocket expenses a customer pays, the less satisfied they are with their provider
- Meanwhile, higher daily limits lead to greater provider satisfaction
Enterprise is committed to serving our mutual customer in this space. Which is why we have partnered with A.D. Banker & Company to offer insurance agents a free Continuing Education Course around rental reimbursement. The two-credit hour course provides agents with a thorough understanding of how personal and business auto policies, and their related forms and endorsements, provide rental reimbursement coverage to policyholders after an insured motor vehicle sustains a physical damage loss.
Learn more about and the course and register today!
Cindy Reeves, Vice President, Replacement and Leisure Division, for Enterprise Holdings Inc., is responsible for overseeing some of the company’s largest insurance replacement, leisure and domestic tour accounts.