Insurance for loss of earnings as a result of a motor incident

Trebor1234

My van has been in a body shop for almost two months now. I am losing income everyday it's there. Yet it's not financially viable to rent a replacement. Can anyone please recommend loss of earnings insurance for this kind of eventuality ie accident or mechanical breakdown? This would obviously not be in retrospect but instead for future protection. Thank you.

Car_54

Maybe better posted in the insurance section. 

It isn't really a motoring issue, you really want over for any sort of accident or illness.

Or just ask an insurance broker?

CliveOfIndia

Trebor1234 said:

Can anyone please recommend loss of earnings insurance for this kind of eventuality ie accident

Well for the "accident" scenario, would a standard motor insurance policy that includes a courtesy car do what you need?  Very often a guaranteed courtesy car is an optional extra, and you often have to pay more if you want a guaranteed car "of the same type" as the insured vehicle (rather than just a courtesy car of the lowest "class", or whatever they call it).

But if you're looking for a general "loss of earnings" insurance that will cover your income for whatever reason, you'd need a purpose-designed policy (this is not something that would be covered by a standard motoring policy).  There are plenty of insurers who offer "income protection" insurance, but they do tend to be quite pricey, so you need to weigh up the cost against the likelihood of the situation occurring.  And make sure you check the small print carefully - very often they will only start paying out after 30 days of illness, that kind of thing.  So make sure you understand what level of cover is actually being provided - and whether it's actually worthwhile for your particular circumstances.

DullGreyGuy

Trebor1234 said:

My van has been in a body shop for almost two months now. I am losing income everyday it's there. Yet it's not financially viable to rent a replacement. Can anyone please recommend loss of earnings insurance for this kind of eventuality ie accident or mechanical breakdown? This would obviously not be in retrospect but instead for future protection. Thank you.

Key Asset insurance is available for likes of MOT test centres if their rolling road breaks or Printers if their large format printer goes kaput. Dont recall using it on motor vehicles but in principle there is no reason why it couldn't be. It was a fairly unusual product a decade ago when I last dealt with it so no idea if the market has expanded or it withered away during covid when lots stopped writing PPI/ASU due to similar issues. 

Alternatively there is Business Interruption insurance which some include the breakdown of a key asset but again not sure if a motor vehicle and the majority of BI policies are just about premises not equipment, 

Mildly_Miffed

Trebor1234 said:

My van has been in a body shop for almost two months now. I am losing income everyday it's there. Yet it's not financially viable to rent a replacement.

Your daily income is less than van hire costs?