Submitted by: Felipeka Atkinson

Garage insurance is a significantly misunderstood policy form. Many professional insurance agents are confused about precisely when to use it and much more importantly precisely how. You can use a garage liability policy to protect a used car dealer, usually referred to as dealer’s insurance, or you can use this same form to protect an automotive repair shop or to set up body shop insurance. The trick is to know the symbols. If you own a automobile dealership or an automotive repair shop and are purchasing insurance for your enterprise, it is advisable that you locate an agent who specializes in the garage insurance form to assist you with this purchase so you don’t end up with the wrong form and perhaps come across yourself without coverage after a big loss.

As I mentioned earlier, both sorts of businesses, auto repair and or body shops and utilized car dealers both will need the garage policy. But exactly what type of operations are covered in these policies is driven by the symbols shown on the policy. This is especially crucial. If your organization is automotive repair or body work but your policy is set up with symbols that would apply to a car dealership, you could obtain yourself with out coverage in the event of a liability loss.

So how do you know if you have the correct symbols and thus the correct form? Pull out your garage policy and look at the initial page. Beside each type of coverage, normally to the left, there will be a least one two digit number between 21 and 31. These symbols will describe what is protected by the coverage shown beside that symbol. Here is a list of the most frequent symbols and what each 1 protects:

Symbol 21 Any auto

Symbol 22 All owned autos

[youtube]http://www.youtube.com/watch?v=60SD4RexVlo[/youtube]

Symbol 23 Owned private passenger autos only

Symbol 24 Owned autos other than private passenge

Symbol 25 Owned autos subject to no fault laws

Symbol 26 Owned autos subject to Uninsured Motorists law

Symbol 27 Specifically described autos

Symbol 28 Hired autos only

Symbol 29 Non-Owned autos employed in the Garage Enterprise

Symbol 30 Autos Left for Service/Repair/Storage

Symbol 31 Autos on Consignment

As you have probably figured out, if you are an automobile dealer and you have symbol 30 on your policy, you would find yourself with out coverage. So why not just put symbol 21 on all coverages? Well, since code 21 is the broadest coverage, you would have to pay additional for this insurance policy and in some instances you may be purchasing insurance protection that you didn’t genuinely need to have.

Take some time to look at your policy carefully and review the symbols for each line of coverage to make certain that they are appropriate for the work you do. If you need to have aid with this procedure, consult your agent. If you agent doesn’t specialize in companies needing garage policy, ie dealers insurance and auto repair shop insurance, then come across 1 who does. This protection is just too vital to leave up to an agent who is practicing on the job learning on your policies.

About the Author: automobile insurance comparisons-Automobile Insurance Comparisons

carinsurance2011.tk/

Source:

isnare.com

Permanent Link:

isnare.com/?aid=706997&ca=Arts+and+Crafts