No add'l replies needed - Anyone well versed in auto dealer insurance?
- Thread starter ShannonO
- Start date
- 5,290
I have a little bit of experience with this. I would think your best bet is to talk to the underwriter. You may find someone on here with a lot of experience with dealers, but I doubt it. It can be a tricky market that I usually pass on. You may be best to pass on it.
- Thread starter
- #3
. I'm not trying to write this business - I have some questions because I have a customer that I think has some holes in their personal insurance but I don't know what options are available on a dealer policy to be able to help them plug those holes. So I'm hoping to find someone who does write these types of policies that can answer some general questions about the coverage.
- 5,290
Still the same answer. Call the underwriter for the policy and tell them that you may be writing a policy with them in the future. That's not a lie, who knows, maybe one day you will. Then ask about how the policies are written. Do not, I repeat, do not tell them you are calling on a current policy. That's what I would do in this situation, and have done in the past. Good luck.
- 2,624
- Thread starter
- #6
Yes - they own a car dealership & have an agent for that. I handle their personal lines policies. But I have a hunch they have a gap in coverage on the business owned/dealer plate vehicles they are bringing home but I don't know how that coverage works so before I make recommendations on their personal policies I'd like a better understanding of the dealer coverage.
Al3x Lee
Guru
- 952
Hi Shannon,
I'm new to the forum but write Commercial P&C. Normally inventory sitting on the lot is covered under garage and dealers commercial auto symbol 31. You would need to know the total value of the lot as well as the maximum value of any single vehicle.
If he wants to drive the autos home on dealer plates for personal use it has to be rated on his garage and dealers policy. He will be rated as a driver using "Furnished Autos for personal use". You could write this on symbol 22 and 29 for liability.
Hope this helps
myfakename
Super Genius
- 163
I write 40+ car dealers. Everything from multi location franchise dealers, to 1-2 man operations with minimal ADPD limits.
Having said that, the dealership can provide "drive other car" coverage for the owner, (or whoever they list) that can provide liability coverage outside of the course and scope of business in a non-owned vehicle. It can also provide physical damage coverage, for personal use, non-owned autos. This provides coverage for the named individual and anyone residing in their household.
If done correctly, there likely ISNT a gap in coverage.
Al3x Lee
Guru
- 952
Coverage under that endorsement does not apply if the auto in question is owned by that individual or by any member of his or her household; or the auto is used by either of these individuals while working in a business of selling, servicing, repairing, or parking autos.
That endorsement is meant for someone who doesn't have a personal auto policy to drive a rented or borrowed vehicle. I don't think that coverage fits the scenario in question as these vehicles are owned by the business
myfakename
Super Genius
- 163
I guess i did read the question somewhat wrong.
An owner should be listed as a Class I driver, furnished for personal use.
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