Enterprise and A.D. Banker & Co. have relaunched a continuing education course about rental reimbursement coverage for insurance professionals.

The refreshed course includes new data and is now available on-demand, according to a press release.

Enterprise covers the cost so it’s free for those who take the course and it counts toward license retention when using the Enterprise enrollment page.

The press release says the course keeps agents informed “on the latest insights and best practices while equipping them with the knowledge necessary to sell rental reimbursement coverage.”

“Enterprise strives to cultivate meaningful partnerships that help strengthen our industry and improve the experience for customers who need help after they’ve been in a car accident,” said Yvette Burke, Enterprise Mobility Replacement and Leisure Division global sales vice president, in the release.

“We are happy to collaborate with A.D. Banker to provide this continuing education course for insurance professionals to enhance skills, provide value to policyholders, and stay ahead in their industry.”

A 2022 Enterprise survey of policyholders found that 60% learned about rental reimbursement coverage from insurance agents, according to the release. It also found that 41% of eligible policyholders had rental reimbursement coverage despite 59% of drivers saying they would pay more to ensure their out-of-pocket costs were covered on a claim.

“Ensuring policyholders are adequately covered for their vehicle replacement needs can make all the difference in customer retention and satisfaction,” the release says.

The release says the course discusses rental reimbursement coverage, as it relates to:

• • Pertinent automotive claims statistics
  • Current client challenges and impact on customer satisfaction
  • Policy and endorsement language provisions

“As an industry leader in insurance continuing education, A.D. Banker brings 45 years of experience to our partnership with Enterprise,” said Dan Harris, Career Certified chief revenue officer and president, in the release.

Career Certified is the parent brand of A.D. Banker.

“Customers come to A.D. Banker trusting our continuing education content to be immediately impactful for their current clients and future prospects,” Harris said. “We are thrilled that Enterprise has, once again, delivered cutting-edge research to stand behind the growing need for this auto policy endorsement.”

Rental reimbursement coverage is widely available and offered by most major auto insurance companies but is often overlooked by policyholders. According to that same 2022 Enterprise study,

“Adequate coverage is especially important as length of repairs continues to exceed pre-pandemic levels,” the release says. “The latest data from Enterprise shows it can take more than 16 days in the U.S. for collision-related repairs due to factors including supply chain issues, parts delays, and labor challenges. Rental reimbursement coverage helps cover the cost of a rental car, minimizing the inconvenience and reducing frustration during what can already be a stressful time for policyholders.”

In October, Enterprise reported that the overall collision-related length of rental (LOR) dropped to 16.3 days during Q3, a decline of 1.2 days compared to Q3 2023.

While LOR and repair times are on a downward trajectory, supply chain challenges have softened, and nearly 2 in 5 shops (38%) report they’re fully staffed and not looking to hire (the highest percentage since Q4 2020) is encouraging, Enterprise says other challenges remain.

In Q3, Alaska had the highest overall LOR at 20.4 days; however, it fell by 1.5 days compared to the same time last year. The next highest were Colorado and Rhode Island, both at 19.5 days.

North Dakota had the lowest overall LOR at 11.6 days, a 0.7-day decline from Q3 2023, followed by Washington D.C. and Hawaii at 12.6 days each.

In a 2022 Consumer Tip provided by the Society of Collision Repair Specialists (SCRS), the Database Enhancement Gateway (DEG), and Collision Advice, DEG Administrator Danny Gredinberg noted that having full coverage insurance doesn’t automatically include rental reimbursement; it must be added to policies, he said.

Collision Advice CEO Mike Anderson shared some questions policyholders should ask their insurance carriers.

First of all, know what your policy covers for rentals. Will it be for the entire length of repairs regardless of how many days or only up to a certain dollar amount? Also, should separate insurance coverage be purchased through the rental car company in case of an accident, or will your primary policy cover an accident?

Lastly, remember if you’re the claimant, meaning you aren’t at fault for the collision, you are entitled to a comparable vehicle, such as one similar in size, to yours that is being repaired. Before hitting the road in your rental, make sure to inspect it to ensure that you’re not blamed for prior damage or issues.

Images

Featured image provided by Enterprise and A.D. Banker & Co.