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In addition to an�auto dealer bond, Oregon dealers are also required to purchase garage liability insurance. Learn more about this policy below, and request a quote from Single Source Insurance today.
In Oregon, garage liability insurance is similar in purpose and function to commercial auto insurance. It is not a substitute for the general liability insurance that any business should have. Instead, it is a supplement that provides additional protection against the risks of vehicle-related business operations.
While general liability covers claims for bodily injury, property damage, and personal injury and associated medical costs incurred by third parties, it does not cover damage to or loss of vehicles. In Oregon, commercial auto insurance is not available to repair shops, car dealerships, parking garages, towing services, and other businesses that involve having custody, care, and control over customers� vehicles. This is why garage liability policies are so important.
In Oregon, motor vehicle dealers applying for a new business license or renewing an expiring license must submit proof of garage liability insurance with their application. The policy must be sufficient to pay up to $25,000 for bodily injury to or death of one person in any one accident or $50,000 for bodily injury or death to two or more persons in any one accident. It must also cover $20,000 for damage to or destruction of the property of others in any one accident.
While other auto-related businesses also risk being held financially liable for damage to customers� vehicles and are not eligible for commercial auto insurance, they are not specifically required by law to purchase garage liability insurance. It is still a good idea to purchases this policy, nevertheless, to help mitigate risk.
Customers can easily be injured on the premises of a business that repairs or services motor vehicles, and customers� vehicles can be damaged or destroyed while being towed, valet parked, or waiting to be worked on. Garage liability insurance, also known as garage keeper�s insurance, covers damage to customers� vehicles, whether it is the result of a fire on the business premises, an accident while the vehicle is being test driven by a mechanic, severe weather such as a tornado or hurricane, the malicious actions of a thief or vandal, or some other cause associated with business operations.�?Garage keeper’s insurance also covers bodily injury resulting from such events.
There is no way to accurately estimate the cost of any given garage liability insurance policy other than to request a quote. Garage coverage can be bundled with any number of other coverages, such as Workers Compensation or business personal property, to create a custom-tailored business owner�s policy (BOP).
Coverage limits and the deductible amount chosen by the policyholder can impact the total premium you will pay. You could end up paying as little as $300 per year or as much as a couple thousand per year, depending on the specific needs and factors of your business.
The agents at Single Source Insurance will help you navigate the complex subject of garage liability insurance and customize a policy to meet your specific needs.
