term "garage keepers" almost sounds like repair shop insurance.
It's not. GKLL or "Garage Keepers Legal Liability" coverage is an
option that covers a risk that almost all used car dealers are exposed
to. GKLL covers vehicles in your care, custody and control that
you don't own. It covers cars that you are driving to establish
trade in value and vehicles that you are driving to determine if a
customer's complaint about a sold vehicle is valid. Last it
covers vehicles on consignment to you. Almost all car dealers
drive cars before they buy them. Almost all dealers have customer
complaints about vehicles from time to time. Some dealers take
cars on consignment. This is a important, inexpensive, coverage
that almost all dealers need.
hope he had the right coverage and a sharp agent
you hired new employees since you wrote your policy? Do you have more
inventory (or less inventory) then you did when you wrote your policy?
Do you have limits that are unnecessarily high? Are you doing
everything reasonable to keep your premium low while maintaining the
proper coverage to avoid problems? A quick insurance review can make
sure that you are saving every penny possible. Call us any time for an
insurance review. We can usually do it on the spot.
than passenger car coverage
Do you sell vehicles
other than passenger cars and light duty trucks? Do you
occasionally take them in trade? RVs, streetbikes, trailers,
medium duty and big trucks... Can these be included in your
dealer insurance policy? Not all insurance companies will cover
them. We have a carrier that covers all of these. You can
put all of them on your dealer policy with Motor Dealer Services.
Comprehensive vs. Specified Perils
dealers that want the most complete policy possible, with the least
exposure possible, Comprehensive is the only way to go. I have seen
quotes that list "comprehensive" on the proposal and then give a list
of covered perils. Comprehensive is an "all risk" / "open perils"
policy. It covers everything that is not on the exclusions list.
Specified perils policies cover only the perils specified in the list.
Typically the perils specified are: theft, wind, hail, aircraft, riot,
vandalism, explosion and smoke. Here are some examples of things not
covered by a specified perils policy. Tree limb falling on a vehicle,
building collapse, sink hole, flood, etc. If you are looking for the
most complete policy possible don't be mislead.
Is there information here that your agent didn't tell you?
Did it cost you money? We hope not.