Selling used cars can be a rewarding and profitable business, but (like most businesses) it is not without risk. Between maintaining an expensive inventory that is subject to the weather and the liabilities of conducting test drives with customers, it’s easy to see why insurance protection is so important.
Specialized used car dealership insurance policies are designed to protect dealerships, both large and small, and the vehicles on the lot. Some of the available coverage options include the following. 
- Auto Liability: If an accident on dealership property leads to a lawsuit, this coverage can help fund the legal expenses.
- Garage Liability: Does your dealership also house a garage? This coverage option protects liabilities associated with the ownership and maintenance of a garage.
- Garage Keepers Liability: For garages that do repairs/body work on non-owned vehicles, this coverage protects against the possibility of damaging vehicles while temporarily in your possession.
- Errors & Omissions: Also known as E&O insurance, this provides protection from any mistakes made by your dealership that could negatively impact a customer, such as untruthfulness or failing to disclose vital information about a vehicle.
- Dealers Open Lot: Covers damages to vehicles that are owned by your dealership, including hail, vandalism, theft, fire and more.
- Surety Bonds: Dealership bonds are a type of guarantee that your business is operating in compliance with state laws.
- False Pretense: In the event that you’re scammed or otherwise fooled, this option helps cover associated losses. For instance, a “customer” may claim to be someone they’re not and steal a car during a test drive.
Your insurance agent can help you get the best customized coverage to protect the interests of your dealership. Give us a call today!