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In addition to an�auto dealer bond, Indiana dealers are also required to purchase garage liability insurance. Learn more about this policy below, and request a quote from Single Source Insurance today.
Garage liability insurance is a specialized form of liability insurance designed specifically to meet the needs of car dealerships and other auto-related businesses. General liability and commercial auto insurance policies by themselves don�t cover all of the risks such businesses face in the course of their daily operations.
Garage liability policies combine certain features of general liability and commercial auto insurance so that both bodily injuries and property damage arising from garage operations are covered�other than bodily injuries to employees (which is covered by Worker�s Compensation).
To gain coverage for customers� vehicles left on the business�s premises for repair or being towed to or from the insured�s location, dealerships and garages usually add a garage keeper�s endorsement to their garage liability policy. The phrasing used extends coverage to damage or loss of a customer�s car �while the insured is attending, servicing, repairing, parking, or storing it in your garage operations.�
Proof of liability insurance (or membership in a risk retention group) is required by the office of the Indiana Secretary of State Auto Dealer Services Division for all applicants seeking licensing as an auto dealer. The minimum coverage amounts required are:
Garage liability policies transfer the liability for paying damages from the insured to the insurer. Specifically, it covers third-party injuries and property damage resulting from accidents that occur during test drives of dealer-owned or customers� vehicles, including damage to the customer�s vehicle.
The garage keeper�s endorsement also extends the business�s liability protection to include coverage for damage to customers� vehicles and personal property within those vehicles from any cause, such as:
The factors entering into the premium determination for an Indiana garage liability policy include the coverage limits, the deductible selected by the insured, and what specific coverages are included. Typically, the annual premium will fall somewhere in the $300 to $2,000 range.
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!
