Insurance

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.

Some things lend themselves to regular check-ups and some things do not.  Insurance too often falls into the latter category.  

With the speed of today’s life and our day-to-day activity, it can be too easy to sign the renewal paperwork, write a check and move-on.  That works very well for a lot of dealers for a lot of years.  As long as your insurance needs remain unchanged, it is likely your current policy is providing the correct protection — likely, but not positively.  And the scary part is that you will not realize where the coverage is lacking until you have a loss jeopardized by inadequate protection.  

The best time to review your insurance is: