1. What does “Drive Other Car BI Coverage” cover?
Drive Other Car (DOC) BI Coverage: What is it and Why Do You Need It?
Drive Other Car (DOC) Business Interruption (BI) Coverage is an insurance policy that offers protection against the financial losses incurred when you are involved in an accident while driving someone else’s car. This policy will cover the costs of repairing or replacing the car, medical bills and legal fees associated with the accident, plus any income lost due to the temporary shutdown of the vehicle.
What Does DOC BI Coverage Include?
DOC BI Coverage provides coverage for the following:
- Repair or Replacement of the Vehicle – This coverage covers the costs of repairing or replacing the vehicle that you were driving at the time of the accident. It also covers any associated repair costs, such as car rental fees or towing fees.
- Medical Bills – This coverage covers the costs of any medical treatment that you or the other drivers or passengers involved in the accident may have needed. This includes hospitalization, doctor visits and physical therapy.
- Legal Fees– This coverage will cover the legal fees that you incur from filing a lawsuit against the other party in order to pursue compensation for the damages you have suffered.
- Lost Income– This coverage will reimburse you for any wages or salary you would have earned had the accident not occurred. This coverage is also applicable for lost business opportunities, contracts and/or business relationships.
Why Do You Need DOC BI Insurance?
It is important to have DOC BI Coverage because you may be liable for the costs associated with a car accident even if you are not driving your own vehicle. Without the right coverage, you may be forced to pay out of pocket for the costs of property damage, medical bills and legal fees, which can be incredibly costly.
DOC BI Coverage is especially important for those who use their cars for business purposes, such as for Uber or Lyft drivers, delivery services, and other freelance work. The coverage is also beneficial for anyone who may borrow someone else’s car from time to time such as family, friends or colleagues.
In conclusion, while DOC BI Coverage is not required in every state, it is still a beneficial type of coverage to have in case of an accident. It is important to understand the coverage limits and exclusions associated with DOC BI policies before purchasing a policy to make sure you will be adequately covered.