So many people make the mistake of only looking at numbers when choosing insurance. We understand you don’t want to break the bank, but you also need to protect the money in the bank. Many dealers are seeing an increase in their garage liability premiums and want to search for a cheaper option. But cheaper insurance premiums may cost you more money in the long run.
A Cheaper Insurance Policy Could Cost You More
Recently we reviewed a dealer’s insurance policy from the previous year… his premium was less than $1,000! Wow, this guy hit the jackpot, right?! Wrong. His policy coverages were very limited. If he had been hit by someone who didn’t have insurance at the time of the auto accident, he would have no coverage for his damaged automobile or his medical bills. Why is that? His policy did not contain uninsured motorist coverage (required by law) or physical damage coverage. He could’ve purchased this coverage for only a couple hundred dollars more but this accident could cost him tens of thousands of dollars. What effect could this have on his business? Is the insurance premium savings worth not having the insurance coverage that could’ve saved him a lot of money in car repairs and hospital bills? Are you willing to take that risk for you or a loved one driving your auto?
Finding The Insurance Policy Right For You
When shopping your insurance premiums, here’s a few tips to keep in mind:
- We recommend working with a trusted insurance agent that is familiar with the type of policy you are needing. Not all insurance agencies/agents are created equal. Make sure they are familiar with your industry and policy needs.
- Have an insurance professional review the quotes to make sure you’re comparing coverages apples to apples.
- Read the fine print! Many carriers have different policy coverage offerings, exclusions and policy conditions. If you have questions, ask your agent!
- Remember, your insurance premium won’t be the same as your neighbor down the street. Premiums are based off market conditions, claim history, and policy information.
We Know What Auto Dealers Need
At Dealers Risk and Insurance Services, we are happy to review quotes side-by-side and give you honest feedback about coverages, deductibles, exclusions, etc. As an independent agent that specializes in automotive dealerships, we are very familiar with the garage liability insurance policies and companies. We work with many different insurance companies and are always happy to obtain alternative quote options for new and current clients.