Most people that are involved with running their business are aware of the fact that finding an insurance company is not hard to do, but may be tedious. There are thousands of insurance companies, brokers, and agents who are in the marketplace looking for customers like used car dealers. The reason why is the lucrative premiums of the insurance and because the insurance is mandatory. Every used car dealer must have the insurance, and must pay the big buck to comply with the law. Just about every agemt/ broker is going to try and get as many clients as possible. That resolved, the concern you have is finding a policy that will work to your benefit. Here are a few pieces of advice that should make it more than possible for you to get the used car dealership insurance you need.-Face to Face Dealings
Even though plenty of people have begun to using the internet to further their businesses, don't try to do things the easy way by looking online and having conversations over the phone with people who are thousands of miles away. Putting aside any debate over the legitimacy of the company, you need to schedule a face-to-face appointment with your agent/ broker and need to physically be at your appointments no matter what. Not only does this make it easier for you to have your concerns addressed right off the bat, it also allows you to see whether or not that company is the one you should be doing business with.
-The Cheaper Policy Isn't Always The Best Policy
Although people will usually want to spend as little as they can, when it comes to your insurance plan it is absolutely essential that you select based on the coverage you need. Naturally if you can find a good deal that covers your needs, put the pen to the papers and sign as fast as you can. No matter what, you need to approach this process from the perspective of getting the best policy as opposed to the cheaper one. As a general rule of thumb, the more coverage you want the higher the prices are probably going to be.
Used car dealers have certain common coverages in their policy. These coverages include:
a. Garage Insurance- which provides insurance for both auto liability coverage and other-than-auto or premises liability. Your state may set a limit on the minimum coverage that you must carry. In the State of Illinois the minimum mandatory limits are $100,000 bodily injury per person, $300,000 bodily injury per accident, and $50,000 property damage per accident. Other-than-auto coverage must be the same and includes among other things premises liability such as slip and fall. All garage insurance come with a state mandatory limits on Uninsured Motorist (in Illinois it is $20,000 bodily injury per person, $40,000 bodily injury per accident.)
b. Dealer Open Lot: Or physical damage (comprehensive and collision) on dealer's own vehicle, subject to certain limits.
c. Property insurance to cover office furniture or building.
d. Workers compensation to cover employees and workers from work related injuries.
e. Garagekeeper liability in the event dealers allow customers to leave their own vehicles for repair.
- Know What You Need
Some companies will be trying to sell you any and every policy they have as soon as you walk in the door. This can be overwhelming if you do not have something in mind when scheduling a meeting. While these agents may not necessarily be trying to pull the wool over your eyes, it is to your benefit to know what type of coverage you are looking for. That way you can save time at your appointments because you won't have to go through a bunch of policies you do not need. That is a factor that will only help you in making your decision.
Insurance is an important investment regardless of if you are a family, individual, or an incorporated business. It is vital for protecting your business assets and wealth and making sure that you always have options. In many cases the policies available can work with any budget and insurance companies are more than interested in having you as a customer. All you need to do is select the right policy for your situation. If you show up to your meetings in person, are aware of the fact that you might have to pay a bit more for your ideal policy, and know what is being offered, finding used car dealership insurance might be easier than you think.