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Learn more about this policy below, and request a quote from Single Source Insurance today.
Garage liability insurance protects motor vehicle dealers with garage facilities from certain claims arising in the course of doing business. This can include claims such as damage to customers� vehicles while being towed or serviced. It also covers vehicles owned by the dealership that are used in operation of the business.
Specifically, this policy protects the policyholder against having to pay out of pocket for medical and legal expenses stemming from third-party injuries, property damage caused by the policyholder�s equipment, or damage caused by products manufactured or sold by the policyholder.
Some types of liability are specifically excluded from these policies�most notably damage to customers� vehicles left with a dealer for service or repair. This includes damage due to fire, theft, weather events, and vandalism or collisions on the dealer�s premises.
Coverage for these excluded on-premise losses can be obtained by adding a �garage keeper�s� endorsement to a garage liability policy. Different levels of garage keeper�s coverage are available for different premium costs. Bear in mind that garage keeper�s liability insurance does not cover customers� belongings, such as the contents of a glove compartment, after-market GPS, etc.�unless you add an endorsement to extend coverage to customers� personal property.
The state of Arizona requires auto dealers to purchase garage liability insurance along with an�Arizona auto dealer bond. These are required in order to obtain and keep an auto dealer’s license. Garage liability insurance provides specialized coverage for dealerships selling and servicing new or used cars, trucks, motorcycles, RVs, and so on. It can also provide coverage for stand-alone auto body shops, repair shops, oil and lube shops, tire shops, and other businesses engaged in auto repair or maintenance.
Like all insurance policies, this policy protects the policyholder, who would otherwise be legally responsible for paying the cost of covered losses. The financial risk is transferred from the policyholder to the insurance company in exchange for the premiums paid by the insured. Except for whatever deductible amount the policy establishes, the insurance carrier pays each claim against the policy up to the maximum amount specified in the policy documents.
The exact amount of your policy will depend on the specific coverages and deductibles you choose. In most cases, premiums can be paid monthly, though there may be a discount for paying an entire year�s premium at one time.
You can rely on Single Source Insurance to get you the best deal possible on the insurance you need for your dealership or repair facility. Request a quote today!
