A Review Of Automotive Dealership Insurance

There is no doubt running a car sales business is a hard task. You constantly have to formulate strategies to safeguard expensive stock as well as deal with all sorts of customers. With many risks at hand, getting an automotive dealership insurance package might be the best thing you could do for your business.

There are a plethora of insurance companies that offer solutions that are specifically geared for car dealerships. The best packages cover both vehicle and casualty insurance. Whether you are an independent dealer or part of a franchise, this is something that you should not miss out on.

As there are plenty of service providers, it is important to only engage industry professionals and do your best to avoid quacks. Getting the right type of service often takes time and calls for diligence. A good way to start would be to ask those close to you for referrals. If you know how to use the internet well for research, it should not take long to get a reliable service provider close to you.

Packages vary from company to company. The four most common solutions for dealers are franchised, individual, open lot and pollution insurance. Knowing and understanding where your business falls here is essential in ensuring you get a package that is tailored to your needs.

Franchised coverage is usually targeted at dealerships that function exclusively as part of specific vehicle brands. It would be a good idea to inquire if your franchise is covered by your preferred insurer prior to making a financial commitment. Majority of the top brands are covered by almost all service providers nonetheless.

If patience has never been your strongpoint, the eligibility requirements may seem difficult for you. A typical applicant may be asked to submit information about the rating of his business, its crime report, financial statements and staff. When applying for franchised coverage, one can only get an appointment by going through a licensed broker.

Independent dealer packages are usually customized for used vehicle dealers. Their solutions usually focus on the most probable risks that such dealers are exposed to and often include garage liability. The key eligibility requirement is that one must have an average sale rate of 10 vehicles per month. Your dealership must also be at least two years old to qualify for coverage.

If you only have stock on an open lot that you are looking to clear on behalf of owners, you should opt for open lot coverage. Nevertheless, you should know that this option may not be available in all states. The risks that this option covers include earthquakes, hail and flooding. Submission requirements include financial statements and loss run reports for three years.

Most states have enacted legislations to help lower the impact of pollution on the environment. As garages are known to pollute the environment significantly, most dealerships often experience run ins with the authorities. This aspect is what gave rise to pollution coverage. It includes provisions for waste disposal and cargo transportation. One can get it regardless of the type of his dealership.

With everything you need to know in the palm of your hands, your business should be safe. Coverage will help you stay safe from uncertainty. Apply for it for a hassle free life.