In an increasingly competitive market where the demand for used cars is surpassing supply, used car dealerships face a unique set of challenges in safeguarding their valuable assets. For used auto dealers operating in this high-demand market, it has become more critical than ever to secure their investments by having the right insurance coverage. Therefore, many of them turn to agency retailers to find an insurance package that caters to the unique requirements of their business.
One example of such a package is the exclusive insurance program offered by Aegis Specialty Dealer, which mitigates risks associated with property damage, vehicle defects, collisions, and many other potential liabilities commonly faced by used auto dealerships. If you’re an insurance retailer, read on to discover the best insurance options for your clients.
Understanding the Insurance Needs of Used Auto Dealers
Used car dealerships encounter many risks in their day-to-day operations related to various aspects of dealership activities, including test drives, inventory management, and customer claims:
- Test drives are a necessary part of the car-buying process in that they help the customer decide on the car, but they come with risks. Unfortunately, they can result in accidents that lead to property damage, injuries, or liability claims for both the dealership and the customer.
- Sometimes, there is a risk of theft or loss due to unexpected events like fires, natural disasters, or even sneaky vandals.
- Customers can claim vehicle defects, undisclosed damages, or that someone misled them.
By partnering with insurance programs designed for the automotive industry, dealerships can get solutions to address their unique risks.
Introducing the Exclusive Used Car Dealer Insurance Program
At Aegis Specialty Dealer Division, we recognize that each dealership is unique. Ultimately, a one-size-fits-all insurance policy won’t cut it. Our exclusive insurance program goes beyond offering comprehensive protection. Moreover, it embraces a personalized approach to cater to the distinct needs of the dealership.
Whether your clients specialize in new or used cars, motorcycles, recreational vehicles, or specialty vehicles, our customized insurance solutions can fit their business like a glove.
Key Coverage Options for Used Auto Dealers
Here are the common coverages under used car dealership insurance.
Garage Liability and Garagekeepers Liability
Garage liability insurance provides coverage against claims for bodily injury, property damage, or personal injury during operations. Conversely, garagekeepers liability insurance protects auto dealerships when they have customers’ vehicles in their care, custody, or control.
Commercial Property Insurance
This type of insurance covers physical assets like buildings, inventory, equipment, and fixtures against risks like fire, theft, vandalism, or natural disasters.
Commercial Crime Insurance
This type of insurance safeguards used auto dealers from financial losses related to theft, embezzlement, fraud, forgery, or employee dishonesty.
Other coverage includes general liability, auto dealers’ errors and omissions (E&O), and excess/liability coverage.
Benefits of the Aegis Specialty Dealer Division Program
By utilizing the exclusive insurance program offered by Aegis Specialty Dealer Division, you can provide your clients with a host of benefits, including:
- Tailored coverage options
- Competitive pricing
- Expert claims handling
- Risk management support
- Exceptional customer service
Conclusion
Insuring used car dealerships requires more than generic insurance solutions. With our program, your clients can experience the peace of mind that comes from having comprehensive protection tailored precisely to their business needs. Contact Aegis Specialty Dealer Division today to learn how our exclusive insurance program can work wonders for used car dealerships.
About K2 Insurance Services
K2 Insurance Services strives to create a leading underwriting and distribution franchise in the program insurance market. We’ve bridged the gap between agents and client payments with our efficient ACH payment system. Partnering with us gives agents the advantage of ACH payment capability that allows for direct billing through the firm. Call us today at (866) 429-1638 to find out how you could partner with K2 so you could offer top-tier insurance coverages and modern features to your clients.
