Whether you are new to selling used cars or have years of experience in the field, one of the most important things you can do to protect your business is to ask your current or prospective insurance agent about options for tailoring used car dealer insurance policies to fit your business’ needs.
1. Is There Coverage for Premises and Stock?
Keeping your showrooms and inventory protected is a critical part of running a successfully used car dealership. Enquire about general liability coverage for any accidents that may occur on your property. Additionally, ask about coverage options for property damage or theft. A solid insurance plan can include these elements.
2. Are There Policies for Transit and Driving?
Whether it is to a storage yard or a car show, moving vehicles can have inherent risks. Make sure your business is protected from collisions or personal injury that can occur in cars operated by customers or employees. An experienced insurance company can discuss options regarding road-related events with you.
3. Does Liability Change for Cars and Trucks?
Liability insurance policies may vary depending on the types of vehicles you sell. For example, a dealer who specializes in the sale of used classic cars may have different insurance needs than a dealer who sells a range of modern tractor-trailer trucks. Consult with your insurance agent for a plan that suits your business.
Used car dealer insurance can also depend on your location and size. By gathering the whole picture of your used car business, you can adequately protect your company.