(a) As used in this Code section, "liability insurance policy" means an automobile liability or motor vehicle liability insurance policy issued or delivered in this state to the owner of such vehicle or issued or delivered by any insurer licensed in this state upon any such motor vehicle then principally garaged or principally used in this state.

(b) Whenever any insurer undertakes pursuant to any automobile liability or motor vehicle liability insurance policy to pay benefits to a third party on behalf of an insured for loss of use of such a motor vehicle, the liability of the insurer for payment of the benefits to the third party shall commence as of the time of the incident or occurrence which results in the loss of use of the motor vehicle; provided, however, in no event shall this Code section be construed so as to require the payment of loss of use benefits in an amount which is greater than the actual loss of use suffered.

(c) The provisions of this Code section shall be applicable to all automobile liability or motor vehicle liability insurance policies pursuant to which an insurer undertakes to pay benefits to a third party on behalf of an insured for the loss of use of such motor vehicle issued, delivered, or renewed in this state on or after November 1, 1982.