What is a requirement for claiming under Optional Loss of Use?

A requirement for claiming under Optional Loss of Use is that the claim must exceed the deductible. This means that the monetary amount for loss of use that the policyholder is claiming has to be greater than the predetermined deductible amount set forth in their insurance policy. Deductibles are designed to reduce small claims and are a way to ensure that the insured shares in the costs of insuring their vehicle. If the costs associated with the loss of use are below this threshold, the insured may not receive reimbursement for this type of claim.

This highlights the importance of the deductible in insurance claims, as it sets a minimum threshold that must be met for coverage to apply.