Protecting the Car Lot
When you own a car lot, you are responsible for a large amount of inventory that is very expensive. In order to keep your inventory protected, you can get car dealer insurance. This is similar to the insurance that you would get for a personal vehicle, but it covers all of the cars on your lot.
This kind of insurance will protect the lot from a variety of issues. Cars are protected in the event something goes wrong in the garage when a car is serviced. It will protect not only you as an owner but the mechanics who worked on the vehicle. Most policies will cover everything from natural disasters to vehicles like floods or lightning to car thefts. In the event that you work on cars that you don’t own, the insurance will protect the lot from any damages that might occur. A common coverage is for cars that are damaged from a test drive or that are damaged when a potential buyer comes back to the car lot. It can also protect you if you are scammed. This would be if someone took a car for a test drive and stole the car.
One of the benefits of having insurance on the cars that you have at your lot is that you won’t have to pay money out of your pocket to have them replaced. There is a lot more paperwork to file, but it’s worth it if something happens to your inventory.