Limo Insurance: What Have You Done For Me Lately?

Loss of use of a damaged vehicle can have more impact than the actual claim: Repair costs? Replacement vehicle costs? How will you handle upcoming business you've committed to?

LimoDirect’s Loss Recovery Program Is Like “Found Money”

When shopping for limo insurance, price isn’t everything. A wise limousine operator will also look into what kind of claim support he or she can expect from the company chosen to insure his or her limousine(s)…the company’s life blood.  After all, that is really what you are paying for.

Very few limo insurers put a lot of thought into the total impact a serious claim can have on a limousine company. Besides the obvious claim of the insured limousine, there are many other issues that the limo company must face. How long will the repairs take and will I have to rent a replacement vehicle? Will I have to replace the vehicle? What about the contracts and upcoming business I have committed to? In total, loss of use of the damaged vehicle can add up to as much or even more than the original claim.

One limo insurance company, Lancer’s LimoDirect, has its claim team assist its policyholders, at absolutely no cost to them, to recover monies from other insurance companies for out-of-pocket expenses which are either below their collision deductible or not insured at all, including cost of replacement vehicle(s), vehicle downtime and related revenues and expenses.

Lancer’s LimoDirect Loss Recovery Program is a free policyholder benefit which allows its policyholders to keep 100% of monies recovered on your behalf versus paying a vendor a 30%-50% fee for assisting in the recovery.

The process is made simple for its policyholders. LimoDirect assigns a professional limousine insurance claims expert to the policyholder with a claim. The claims expert quickly locates the adverse party and promptly sets up the claim on the policyholder’s behalf with the other insurance company. This step allows them to give an early notice of “loss of use” of the affected limousine.

The claim professional then documents the claim and guides the LimoDirect policyholder through the process, including:

  • Sending estimates and photographs for the insured and providing loss of use documentation such as revenue reports,contracts, replacement vehicles, etc.;
  • Obtaining an agreed cost of repair;
  • And, most importantly, getting their limousine back on the road in revenue service.

Here’s an example of what the insurer’s Loss Recovery Program did for one of its policyholders:

“Lancer’s loss recovery service has saved us almost $390,000! Over the past five years, Lancer has recovered almost $1.3 million in property damage and loss of use for us. We used to pay around 30% for third-party loss recovery, but with Lancer, it’s
included as part of a comprehensive benefits package. Lancer knows how important loss recovery is for a limo company. That’s why they provide the service — and fight so hard for every dollar we’re due.”

Rich Doherty, Director, National Fleet Services,
EmpireCLS Worldwide Chauffeured Services, Secaucus, NJ

When it comes to insuring your limousine company, price isn’t everything… be sure to look into exactly what your limo insurer will do for you and how much of your money they are willing to protect!