Collection Expense Insurance
What Does Collection Expense Insurance Mean?
Collection expense insurance offers coverage for travelers who need to leave their car behind due to personal reasons or mechanical issues. This policy covers various costs, including the expenses for repairs (if applicable), travel costs for one person to retrieve the car from its location, and car storage fees (if applicable).
Insuranceopedia Explains Collection Expense Insurance
Collection expense insurance provides additional protection for travelers when driving their car. If the traveler’s car breaks down or needs to be left behind during a trip, this insurance covers all the necessary expenses to retrieve the vehicle, including repairs. Additionally, it covers storage costs both before and after any scheduled repairs while the policyholder is still traveling, until they return to collect their car. To ensure that collection expense insurance claims are valid, the policyholder must inform their insurance agent of the specific dates of their journey.
