Insurance

Determining the best solution to protect your investment is not difficult IF you are choosing only between single-interest and insurance you obtain separate from your lienholder. Ninety-nine percent of the time, the dealer is better served by working with a specialized agent in choosing the coverages needed and controls he requires. As icing on the cake, it is generally less expensive as well.

In the past, licensed transport companies typically carried all the necessary coverages to protect the dealer who hired them. Those coverages include not only liability, but also CARGO coverage.

For whatever reason, there has been a rash of claims involving physical damage loss while in-transit via licensed transport companies with NO available cargo insurance.

The last Texas legislative session voted into law several changes that affect our dealers’ daily business:

The two policy forms most used in Texas are the Auto Dealers Coverage Form and Garage Coverage Form. The data included here is based on the Auto Dealers Coverage Form and is not intended to provide all the nuances and/or explanations of every coverage and/or exclusion.

For the purposes of this narrative, we will hit only on the ‘high spots’ and those I believe to be of most interest to the typical Independent Auto Dealer.

So many of our dealer customers also have rental income properties, and that trend is on the increase across the industry. One negative result is dealer-owners getting hit for claims for which they are not or should not be responsible.

The law does not require your tenants to purchase their own insurance. Nonetheless, given its benefits to both landlords and tenants, you, as landlord have the right to require that purchase prior to leasing a property.

The ‘WHY’ is important:
For the purposes of this narrative, we will hit only on the ‘high spots’ and those I believe to be of most interest to the typical Independent Auto Dealer.

Pictures from a recent HIADA meeting. Ricki Harper from the Mullen Insurance team spoke at the event. It was a great turnout and wonderful to meet with so many dealers.

The two policy forms most used in Texas are the Auto Dealers Coverage Form and Garage Coverage Form. The data included here is based on the Auto Dealers Coverage Form and is not intended to provide all the nuances and/or explanations of every coverage and/or exclusion.

For the purposes of this narrative, we will hit only on the ‘high spots’ and those I believe to be of most interest to the typical Independent Auto Dealer.

That is a question we hear every day and one we have heard for thirty-plus years. Yes, there are some insurance and bond coverages that are dictated and required by law for every Texas dealer. But, that is only the beginning of the answer.

Your operation is unique to you. Only you, in discussion with an experienced garage insurance agent, can determine what and how much protection you and your business need to satisfy your insurance philosophy and stay within budget.

Let’s begin with those areas determined by State Statue:

That is a question we hear every day and one we have heard for thirty-plus years. Yes, there are some insurance and bond coverages that are dictated and required by law for every Texas dealer. But, that is only the beginning of the answer.

Your operation is unique to you. Only you, in discussion with an experienced garage insurance agent, can determine what and how much protection you and your business need to satisfy your insurance philosophy and stay within budget.

Let’s begin with those areas determined by State Statue:

When was the last time you provided your agent with a look at your entire insurance portfolio?

There are many steps you can take to protect your business, live in the now and prevent an urgent crisis before it ever occurs.

One of the best ways to protect yourself and your business is with an annual insurance checkup. The time spent can help you understand your exposures, prevent gaps and save you money.