Running an auto dealership requires a substantial investment, and that investment is exposed to a variety of potential risks. Auto dealers face both substantial property risks and substantial liability risks. New & used auto dealer insurance offers dealerships in Massachusetts financial protection from many of the risks they face.
New & used auto dealer insurance is a specialized form of commercial insurance that’s intended for automotive dealerships. Because dealerships often face multiple risks, these policies usually come as package policies that bundle at least several coverages together.
The vast majority of auto dealerships in Massachusetts ought to have auto dealer insurance in place. This generally includes both new car dealerships and used car dealerships regardless of how many vehicles or what type of vehicles they sell. Even RV dealerships or motorcycle dealerships can likely benefit from an auto dealer insurance policy.
Most of the coverages included within an auto dealer insurance policy are either property-related coverages or liability-related coverages. The former protections normally safeguard assets that a business has in its possession, while the latter usually guard against liability claims and lawsuits.
Some of the property coverages that auto dealers might need or want include:
There are many liability coverages that auto dealerships might need or want:
An insurance agent who’s familiar with auto dealer insurance policies can help dealerships sort through all of the coverage options and select the protections that are right for them.
Auto dealerships are generally required to post bond in order to legally operate within Massachusetts. Bonds normally aren’t included in an auto dealer insurance policy itself, but many insurance companies also offer bonds and insurance agents are frequently familiar with the required surety bonds. An insurance agent who can help with policy selection can also likely assist a dealership with any surety bonds that it needs.
Auto dealer insurance policies’ premiums are based on many different factors, and they vary from policy to policy. An independent insurance agent can help dealerships compare policies from several insurance companies to see how much a policy that meets specific needs will be.
In most cases, policies tend to be affordable even though their premiums vary. The cost of carrying insurance almost certainly is less than what a major claim would be if something happened.
For help insuring an auto dealership in Massachusetts, contact the insurance agents of Garrity Insurance. Our independent agents can show you multiple new & used auto dealer insurance options, and they have the expertise needed to help you choose the policy that best protects your dealership.