Enterprise and A.D. Banker & Co. have relaunched a continuing education course about rental reimbursement protection for insurance coverage professionals.
The refreshed course contains new information and is now accessible on-demand, in response to a press launch.
Enterprise covers the associated fee so it’s free for many who take the course and it counts towards license retention when utilizing the Enterprise enrollment web page.
The press launch says the course retains brokers knowledgeable “on the most recent insights and finest practices whereas equipping them with the data essential to promote rental reimbursement coverage.”
“Enterprise strives to domesticate significant partnerships that assist strengthen our trade and enhance the expertise for patrons who need assistance after they’ve been in a automobile accident,” mentioned Yvette Burke, Enterprise Mobility Alternative and Leisure Division international gross sales vp, within the launch.
“We’re comfortable to collaborate with A.D. Banker to supply this persevering with schooling course for insurance coverage professionals to boost expertise, present worth to policyholders, and keep forward of their trade.”
A 2022 Enterprise survey of policyholders discovered that 60% discovered about rental reimbursement protection from insurance coverage brokers, in response to the discharge. It additionally discovered that 41% of eligible policyholders had rental reimbursement protection regardless of 59% of drivers saying they might pay extra to make sure their out-of-pocket prices had been lined on a declare.
“Guaranteeing policyholders are adequately lined for his or her automobile alternative wants could make all of the distinction in buyer retention and satisfaction,” the discharge says.
The discharge says the course discusses rental reimbursement protection, because it pertains to:
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- Pertinent automotive claims statistics
- Present consumer challenges and impression on buyer satisfaction
- Coverage and endorsement language provisions
“As an trade chief in insurance coverage persevering with schooling, A.D. Banker brings 45 years of expertise to our partnership with Enterprise,” mentioned Dan Harris, Profession Licensed chief income officer and president, within the launch.
Profession Licensed is the guardian model of A.D. Banker.
“Prospects come to A.D. Banker trusting our persevering with schooling content material to be instantly impactful for his or her present purchasers and future prospects,” Harris mentioned. “We’re thrilled that Enterprise has, as soon as once more, delivered cutting-edge analysis to face behind the rising want for this auto coverage endorsement.”
Rental reimbursement protection is broadly accessible and supplied by most main auto insurance coverage firms however is usually missed by policyholders. In accordance with that very same 2022 Enterprise research,
“Satisfactory protection is particularly essential as size of repairs continues to exceed pre-pandemic ranges,” the discharge says. “The most recent information from Enterprise reveals it could take greater than 16 days within the U.S. for collision-related repairs attributable to components together with provide chain points, components delays, and labor challenges. Rental reimbursement protection helps cowl the price of a rental automobile, minimizing the inconvenience and lowering frustration throughout what can already be a irritating time for policyholders.”
In October, Enterprise reported that the general collision-related size of rental (LOR) dropped to 16.3 days throughout Q3, a decline of 1.2 days in comparison with Q3 2023.
Whereas LOR and restore instances are on a downward trajectory, provide chain challenges have softened, and almost 2 in 5 outlets (38%) report they’re totally staffed and never trying to rent (the best share since This fall 2020) is encouraging, Enterprise says different challenges stay.
In Q3, Alaska had the best total LOR at 20.4 days; nevertheless, it fell by 1.5 days in comparison with the identical time final 12 months. The following highest had been Colorado and Rhode Island, each at 19.5 days.
North Dakota had the bottom total LOR at 11.6 days, a 0.7-day decline from Q3 2023, adopted by Washington D.C. and Hawaii at 12.6 days every.
In a 2022 Shopper Tip offered by the Society of Collision Restore Specialists (SCRS), the Database Enhancement Gateway (DEG), and Collision Recommendation, DEG Administrator Danny Gredinberg noted that having full coverage insurance doesn’t automatically include rental reimbursement; it have to be added to insurance policies, he mentioned.
Collision Recommendation CEO Mike Anderson shared some questions policyholders ought to ask their insurance coverage carriers.
To start with, know what your coverage covers for leases. Will it’s for your complete size of repairs no matter what number of days or solely as much as a sure greenback quantity? Additionally, ought to separate insurance coverage protection be bought via the rental automobile firm in case of an accident, or will your main coverage cowl an accident?
Lastly, keep in mind if you happen to’re the claimant, which means you aren’t at fault for the collision, you’re entitled to a comparable automobile, akin to one comparable in measurement, to yours that’s being repaired. Earlier than hitting the highway in your rental, make sure that to examine it to make sure that you’re not blamed for prior harm or points.
Photos
Featured picture offered by Enterprise and A.D. Banker & Co.
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