Claims happen, but what does someone do when their vehicle is stolen, not driveable or requires repairs? How will they get to and from work and other commitments? There is insurance that can be purchased on a policy to give some peace of mind in these situations called Loss of Use Coverage.
What is Loss of Use Coverage?
This coverage will pay for alternate transportation costs that result from the loss of use of your vehicle due to an insurable claim. The coverage could be used to rent a similar substitute vehicle or public transportation fares such as those for a taxi or bus. Depending on the type of claim, coverage can begin as early as the time of the loss and continue until the repairs are completed, the vehicle is replaced or a settlement is made.
How do I Know if This Coverage is Right for me?
Do you commute a fairly long distance to work? Do you have access to a spare vehicle or someone who can drive you in the event you cannot use your vehicle due to a claim? If not, then you should look into adding Loss of Use coverage on your vehicle policy!
How Much is Loss of Use Coverage?
The cost of the coverage depends on the limit selected through the insurance company as well as specific rating factors. Want an exact cost right now? Get an auto quote online here or contact a Swift Digital Insurance broker by phone here.
Loss of Use coverage isn’t necessary for everyone, if there are still questions about if this coverage is right for you do not hesitate to contact us, we would be happy to help!