What Kind of Insurance is a Replacement Vehicle Insurance?

[IsabelAnn]

Replacement vehicle insurance is an additional coverage to the vehicle damage insurance. Only vehicles already insured under vehicle damage insurance can purchase this additional coverage. During the insurance period: If the insured vehicle, while in use, suffers body damage due to an insurance incident listed under Article 1 of the vehicle damage insurance, requiring it to be sent for repair, the insurer will cover the costs incurred by the policyholder for renting a replacement vehicle, within the limits specified in the insurance contract. Partial loss: During the mutually agreed repair period, the compensation is calculated by multiplying the daily compensation amount agreed upon in the insurance policy by the actual number of days from when the vehicle is sent for repair and the handover procedures are completed until the repair is finished and the pickup procedures are completed.