Collection Expense Insurance
Definition - What does Collection Expense Insurance mean?
Collection expense insurance provides coverage for travelers who need to leave their car behind due to personal reasons or car problems. The policy covers the cost of repairs, if applicable, the cost of travel for one person to collect the car wherever it may be left, and the cost of car storage, if applicable.
Insuranceopedia explains Collection Expense Insurance
Collection expense insurance provides extra protection when it comes to traveling by car. In any event that the traveler's car breaks down or they need to leave it behind, collection expense insurance covers all the necessary expenses needed to retrieve their car, such as any repairs. Moreover, it covers the cost of storage before and after a scheduled repair while the insured is still traveling, until such time that they come back to collect your car. For collection expense insurance claims to be valid, the policyholder needs to inform their insurance agent of the specific dates of their journey.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.