When your truck is your business, getting into an accident can shut your business down. Every day your truck is off the road is another day your business is losing income. That’s why it’s important to make sure your truck insurance includes Rental Reimbursement with Downtime coverage.
Who needs rental reimbursement with downtime
If your truck is your source of income, Rental Reimbursement with Downtime can help get you back on the road in a rental vehicle or help you make your truck payments and cover other bills if your vehicle is inoperable due to an accident.
Limits and other details
When you select Rental Reimbursement with Downtime coverage truck insurance, you select a limit that determines the maximum amount Insurance Company will pay per day for your damaged commercial truck. Rental Reimbursement with Downtime coverage provides reimbursement for a maximum of 30 days for rental costs incurred to temporarily replace an insured commercial truck due to a covered loss.
Additionally, some Insurance Companies will provide assistance in locating a reasonable commercial truck replacement. If a reasonable replacement vehicle cannot be located, we will pay up to the vehicle’s daily rental limit during downtime with no waiting period – helping you reduce your downtime costs immediately.
If you elect not to make use of a reasonable replacement commercial truck, there is a 6 day waiting period before we will pay the vehicle’s daily rental limit during downtime.
Exceptions and restrictions
In order for your commercial truck to be eligible for Rental Reimbursement with Downtime truck insurance, your business must be one of the following business types:
- Owner Operator
- Scrap Metal, Scrap Auto and Recycling Services
- Dirt, Sand, and Gravel
- Debris removal
- Logging
- Other For-Hire Trucking Operations
Your commercial truck will also need to meet certain eligibility criteria. Eligible vehicle types include:
- Dually Pickup
- Flatbed Truck >16,000 lbs. GVW
- Refrigerated Truck >16,000 lbs. GVW
- Stake Truck >16,000 lbs. GVW
- Tank Truck > 1,400 gallons
- Dump Truck > 16,000 lbs. GVW
- Front Loader > 45,000 lbs. GVW
- Roll On Vehicle > 45,000 lbs. GVW
- Straight Truck > 16,000 lbs. GVW
- Tractor
- Trailer Interchange