In the rental car industry, claims are an inevitable part of the process, but they can also cause a headache. For businesses, dealing with claims takes time away from their customers. Renters may also be confused if they get into an accident and don’t know whether or not their insurance will cover the costs of damage. Viking Client Services knows this process inside and out and serves a resource for renters and rental companies alike.
Whether you’re renting or running a business, here are a few essential things to know about rental car insurance and claims.
What Renters Should Know
In most cases, if you have insurance for your own car, it will cover at least a portion of your rental car if it gets damaged or in an accident. However, it’s important to know what kind of coverage you have: liability, collision, and/or comprehensive. For example, if your insurance doesn't include collision coverage, you will be responsible for payments if you get into an accident while driving a rental car. This is when rental car insurance is a good option. Rental car insurance often has low or no deductibles, so it may be worth getting if you have a high deductible on your current auto insurance. You should also consider rental car insurance if you are traveling outside of the U.S. or Canada, since most U.S. policies do not provide coverage abroad. Some credit cards may also offer coverage when you use them to pay for a rental car.
What Renters Should Do After an Accident
After any kind of accident, it’s important to exchange contact and insurance information right away as well as take pictures of the damage to one or both vehicles that occurred. As soon as possible, contact the rental car company to let them know what happened. Usually, rental car companies will have you fill out their own version of an accident report. Next, contact your insurance and learn which damages you may be responsible for paying. Keep in mind that the rental car company will need to fix the car promptly, so whether or not you were at fault for the accident, you will need to pay the deductible to the rental car company.
What Businesses Should Know
As a rental car business, managing claims and coordinating repairs on damaged vehicles can feel daunting. These tasks can easily take up a lot of your time and resources, ultimately limiting your availability for new business. This is why it’s important to find a way to streamline the claims and repair processes.
To take a proactive approach, there are several ways to monitor the condition of your vehicles and the behavior of the drivers. For example, advanced risk management software can give insight and help your business make smart financial decisions. Vehicle health alerts can be another tool that alerts you if something is wrong with the vehicle while it is being used.
What Businesses Should Do After an Accident
When a vehicle comes back damaged, it’s important to have a process in place for handling repairs. Fostering relationships with a few repair shops in the area is a good way to build trust. It’s also a good idea to get multiple quotes on a damaged vehicle. Be sure to let your team know your process so that everyone is on the same page and can make quick, informed decisions. Striving for a quick resolution will make your customers happier and ultimately save you money in the long run.
How Viking Client Services Can Help
Viking Client Services steps in when it comes to resolving claims and streamlining communication. For over 25 years, we’ve been trusted partners of many of the leading rental car companies in the nation, dealing with issues related to claim management and subrogation. We help our clients and their customers recover the cost of an accident, providing guidance every step of the way, no matter how complex the situation. If you’re in need of a partner to help guide you through the claims process, or are curious to learn more, contact us and see how we can help.
