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 obtainable on-demand, in line 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 trade and enhance the expertise for patrons who need assistance after they’ve been in a automobile accident,” stated Yvette Burke, Enterprise Mobility Alternative and Leisure Division world gross sales vice chairman, within the launch.
“We’re completely happy to collaborate with A.D. Banker to offer 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 line 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.
“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 shopper challenges and influence 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,” stated Dan Harris, Profession Licensed chief income officer and president, within the launch.
Profession Licensed is the mother or father 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 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 broadly obtainable and provided by most main auto insurance coverage corporations however is usually missed by policyholders. In line with that very same 2022 Enterprise examine,
“Sufficient protection is very necessary as size of repairs continues to exceed pre-pandemic ranges,” the discharge says. “The newest knowledge from Enterprise exhibits it could take greater than 16 days within the U.S. for collision-related repairs as a result of elements 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 retailers (38%) report they’re totally staffed and never trying to rent (the very best share 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 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 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 should be added to insurance policies, he stated.
Collision Recommendation CEO Mike Anderson shared some questions policyholders ought to ask their insurance coverage carriers.
To begin with, know what your coverage covers for leases. Will or not it’s for the whole 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 automobile firm in case of an accident, or will your main coverage cowl an accident?
Lastly, keep in mind in the event you’re the claimant, that means you aren’t at fault for the collision, you’re entitled to a comparable automobile, akin to one related in dimension, to yours that’s being repaired. Earlier than hitting the street in your rental, ensure 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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