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 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 newest insights and greatest practices whereas equipping them with the information essential to promote rental reimbursement coverage.”
“Enterprise strives to domesticate significant partnerships that assist strengthen our business and enhance the expertise for purchasers who need assistance after they’ve been in a automotive accident,” stated 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 offer this persevering with schooling course for insurance coverage professionals to boost abilities, present worth to policyholders, and keep forward of their business.”
A 2022 Enterprise survey of policyholders discovered that 60% realized 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 might 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 substitute 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 influence 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 mum or dad 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 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 supplied by most main auto insurance coverage corporations however is commonly neglected by policyholders. Based on that very same 2022 Enterprise examine,
“Enough protection is particularly vital as size of repairs continues to exceed pre-pandemic ranges,” the discharge says. “The newest knowledge from Enterprise reveals it could take greater than 16 days within the U.S. for collision-related repairs resulting from elements together with provide chain points, components delays, and labor challenges. Rental reimbursement protection helps cowl the price of a rental automotive, minimizing the inconvenience and decreasing 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 instances 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 very best proportion since This autumn 2020) is encouraging, Enterprise says different challenges stay.
In Q3, Alaska had the very best total LOR at 20.4 days; nevertheless, it fell by 1.5 days in comparison with the identical time final yr. 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 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 means of the rental automotive firm in case of an accident, or will your main coverage cowl an accident?
Lastly, bear in mind if you happen to’re the claimant, that means you aren’t at fault for the collision, you’re entitled to a comparable automobile, resembling one related in dimension, to yours that’s being repaired. Earlier than hitting the street in your rental, be certain to examine it to make sure that you’re not blamed for prior harm or points.
Photos
Featured picture supplied by Enterprise and A.D. Banker & Co.
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