Used Auto Dealership Insurance
Used Auto Dealership Insurance: Protecting Your Business and Your Customers
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Running a used auto dealership requires a significant investment of time, effort, and money. With so much on the line, it’s important to protect your business with comprehensive auto dealership insurance. This insurance can help you mitigate the financial impact of accidents, theft, liability claims, and other potential risks that come with running an auto dealership.
Auto Dealership Insurance Programs
There are a variety of insurance programs available to auto dealerships, each designed to address specific risks and concerns. Some of the most common types of auto dealership insurance include:
- Commercial property insurance: This type of insurance covers the physical building, equipment, and inventory of your dealership in the event of a fire, theft, or other type of damage.
- Liability insurance: Liability insurance helps protect your dealership against lawsuits or claims related to accidents or other incidents that occur on your property or as a result of your business operations.
- Business income insurance: If your dealership is forced to close due to a covered loss, business income insurance can help cover lost revenue and expenses during the downtime.
- Garage liability insurance: This type of insurance is specifically designed for auto dealerships and covers a wide range of risks related to your dealership’s vehicle storage and maintenance operations.
When selecting an auto dealership insurance program, it’s important to work with a trusted insurance broker to understand your specific needs and determine the best coverage options for your business.
Auto Dealership Average Insurance Premium
The cost of auto dealership insurance varies widely depending on a number of factors, including the size and location of your dealership, the types of vehicles you sell, and the level of coverage you need. On average, auto dealerships can expect to pay anywhere from $3,000 to $15,000 or more per year for comprehensive insurance coverage.
However, there are many factors that can impact the cost of your auto dealership insurance premium, including:
- Location: Dealerships in areas with higher crime rates or more frequent weather-related disasters may see higher insurance costs due to the increased risk of theft or damage.
- Inventory: The value of your dealership’s inventory and the types of vehicles you sell can impact your insurance costs, as higher value vehicles typically require more comprehensive coverage.
- Size: Larger dealerships with more employees and a higher volume of vehicles may see higher insurance costs due to the increased risk of accidents and liability claims.
Auto Dealership Insurance Companies
When it comes to choosing a small business insurance company, there are many options to consider. Unfortualtely for used auto dealerships, the dealers industry has been one of the hardest hit industries in the US. This class of business has experienced some of the highest instances of claims amongst other business types.
When searching for an auto dealership insurance company, it is a good idea to work with an insurance agency, like Auto Dealers Insurance Group, to provide quotes from the country’s largest dealership insurance providers.
While these larger insurance companies are a good starting point, it’s important to work with an experienced insurance broker to find the best coverage for your specific dealership. Insurance brokers can help
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