How disrupted would your life be without your vehicle? Here’s why you might need Loss of Use Coverage.
How would you get to where you need to be on a daily basis if your vehicle is out of commission? Do you have a second car, could you use public transit, or would someone loan you their vehicle? It’s always good to be prepared if something does happen to your vehicle in order to continue with what is going on in your life. MPI has an extension product called loss of use coverage which provides you with money towards a rental vehicle. You have coverage if your vehicle is stolen or accidentally damaged. It will also pay for reasonable costs of other transportation no matter who is at fault There are two levels for vehicles and is also available for motorcycles and mopeds.
The premium rates are dependent on what level you choose as well as what territory you reside in. However, if you have merits you’ll receive a safe driving discount which will reduce the premium. Note the coverage will end once you get your vehicle back, when a settlement offer is made or once the coverage limit has been met. If your vehicle was in a collision, coverage will begin immediately. If your vehicle was stolen coverage will begin the day after you report the claim at 12:01 a.m. Ultimately, you know what coverage you need to keep your life business as usual after situations of theft or collision. Know the options and choose what will work best for your life and needs!
Feel free to get in touch with any questions you may have.