What does Rental Reimbursement mean? Read on to discover the definition & meaning of the term Rental Reimbursement - to help you better understand the language used in insurance policies.
Also known as the "Extended Transportation Expense Coverage," this option pays $30 per day, for up to 30 days (for a maximum of $900) towards the cost of a replacement or rental vehicle, if the insured vehicle is temporarily disabled for more than one day due to a covered accident. Higher daily limits exist, and vary by state.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Rental Reimbursement. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: