Enterprise and A.D. Banker & Co. have relaunched a continuing education course about rental reimbursement protection for insurance coverage professionals.
The refreshed course consists of new knowledge and is now out there on-demand, in accordance with a press launch.
Enterprise covers the fee so it’s free for individuals 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 newest insights and greatest practices whereas equipping them with the data essential to promote rental reimbursement coverage.”
“Enterprise strives to domesticate significant partnerships that assist strengthen our business and enhance the expertise for patrons who need assistance after they’ve been in a automotive accident,” stated Yvette Burke, Enterprise Mobility Alternative and Leisure Division world gross sales vice chairman, within the launch.
“We’re joyful to collaborate with A.D. Banker to offer this persevering with schooling course for insurance coverage professionals to reinforce expertise, present worth to policyholders, and keep forward of their business.”
A 2022 Enterprise survey of policyholders discovered that 60% discovered about rental reimbursement protection from insurance coverage brokers, in accordance with the discharge. It additionally discovered that 41% of eligible policyholders had rental reimbursement protection regardless of 59% of drivers saying they’d pay extra to make sure their out-of-pocket prices had been lined on a declare.
“Making certain 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 shopper challenges and impression on buyer satisfaction
- Coverage and endorsement language provisions
“As an business chief in insurance coverage persevering with schooling, A.D. Banker brings 45 years of expertise to our partnership with Enterprise,” stated Dan Harris, Profession Licensed chief income officer and president, within the launch.
Profession Licensed is the dad or mum model of A.D. Banker.
“Clients come to A.D. Banker trusting our persevering with schooling content material to be instantly impactful for his or her present shoppers and future prospects,” Harris stated. “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 extensively out there and provided by most main auto insurance coverage firms however is commonly missed by policyholders. In line with that very same 2022 Enterprise research,
“Sufficient protection is particularly necessary as size of repairs continues to exceed pre-pandemic ranges,” the discharge says. “The newest knowledge from Enterprise exhibits it might probably take greater than 16 days within the U.S. for collision-related repairs on account of components together with provide chain points, elements delays, and labor challenges. Rental reimbursement protection helps cowl the price of a rental automotive, minimizing the inconvenience and lowering frustration throughout what can already be a worrying 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 occasions are on a downward trajectory, provide chain challenges have softened, and practically 2 in 5 retailers (38%) report they’re absolutely staffed and never trying to rent (the best proportion since This autumn 2020) is encouraging, Enterprise says different challenges stay.
In Q3, Alaska had the best general LOR at 20.4 days; nonetheless, 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 general 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 Client Tip supplied 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 stated.
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 or not 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 by the rental automotive firm in case of an accident, or will your main coverage cowl an accident?
Lastly, keep in mind in case you’re the claimant, which means you aren’t at fault for the collision, you might be entitled to a comparable automobile, similar to one comparable in measurement, to yours that’s being repaired. Earlier than hitting the highway in your rental, be certain that to examine it to make sure that you’re not blamed for prior injury or points.
Photographs
Featured picture supplied by Enterprise and A.D. Banker & Co.
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