With the recent announcement that Zurich Insurance will be non-renewing a large portion of their Auto Dealerships in Florida, as well as other select states, it leaves many business’ wondering what do we do now? The obvious answer is to find replacement coverage, but where should you start? What should you look for? What questions should you ask?
In this blog Krystal Jackson, Vice President and Director of the Garage Division for Barbee | Jackson Insurance will address these questions and provide more information for Dealers working through this Zurich Insurance Non-Renewal.
For more information about Zurich Non-renewing Auto Dealers click the title, “Zurich Insurance to Non-Renew Dealerships”
Where should you start?
The first place to start with preparations of shopping for insurance is to have your current policy. When comparing both coverage and price it is important to know what you have for an apples to apples comparison. The next thing that will be needed when changing insurance is to have your Three-Year Loss Run Report. This is a report provided by your current carrier that shows the date of coverages and will state either no claims, or will provide a description of claim dates, amount paid, and information about the loss.
What should you look for?
When searching for insurance the most important thing to look for is an educated, experienced agent as it pertains to the garage and auto dealership insurance markets. There are few agents out there that truly understands the specific coverages and features Auto Dealers require. You can start by looking at their website, is it informative and helpful. If the website is basic and provides little information, or they have no information at all about garage insurance, you should probably keep looking as they may not have the necessary knowledge to address proper coverage for your business. If the website is inconclusive, interview the agent that is working on your quote. Ask them to explain coverage options and how they work. If they are unable to define the basic coverage options for you it is another indication to keep looking.
What questions should you ask?
Once you have established an agency or agencies to work with you on quotes, look to them for input. Discuss your operations with the agent. The only way to provide input and help protect your business is to know as much about it as possible. For example, do you just sell automobiles, or do you provide service as well. How much do you usually keep in inventory and how many vehicles you sell per year? Do you provide inventory vehicles for your salesperson to drive for personal use? Often, when doing the comprehensive policy review we can find areas of coverage that can be removed or reduced, as well as potential gaps that could be very costly.
Another important question to ask is about the carrier. As a Zurich Insurance customer you have been protected by one of the largest carriers in the country. Make sure that you are getting quoted with a quality carrier that will provide comparable claims service and coverage options.
Searching for replacement coverage doesn’t have to be painful. Working with an experienced, educated agent can make the process informative and smooth. The agents at Barbee | Jackson Insurance are available to offer all the above and more for Automobile Dealerships looking for insurance coverage.