2213 S Ferdon Blvd
Dealership can be complicated for most insurance agencies because they simply don’t write enough car dealers to understand the coverage options. That’s where Barbee Jackson Insurance steps in!
Our Agents and Customer Support Staff are trained to handle any type of dealership or garage operation across the United States. Join more than 2,000 dealerships that trust Barbee Jackson Insurance with their insurance needs. Call today (850) 389-2001
The required amount of insurance according to the North Carolina Department of Transportation Division of Motor Vehicles is a surety bond in the amount of $50,000 and $25,000 for each additional location.
The price you can expect to pay yearly for the auto dealer bond is about $220. This is based solely on your credit score, so the lower your credit score the higher you will pay.
North Carolina Garage Liability Insurance
The Division of Motor Vehicles does not require a Garage Liability policy to be registered with the state, but that doesn’t mean you don’t need this type of policy.
These “What ifs” happen everyday to hundreds of dealerships across the United States and without the proper insurance you could be out thousands of dollars! Garage Liability Insurance is designed to protect you from these “What if” scenarios. The coverage breaks down to three key areas…Auto, Other than Auto, and the Aggregate.
The inventory is covered by an endorsement referred to as Dealer Open Lot (DOL) also referred to as Dealer Physical Damage. DOL provides coverage to the dealership inventory in the event that one or more of the vehicles is damaged.
An example that happened recently (2023) was one of our dealers suffered extensive damage to all the vehicles on the lot when baseball sized hail battered the inventory. The owner paid the lot deductible and the insurance company paid to repair or replace the damaged vehicles.
If so, then Garage Keepers Insurance could be put into place to cover customers' vehicles. Garage Keepers Insurance provides financial protection when you are in the care, custody and control of a client's vehicle.
For example, after your technician finished serving a customer's vehicle he/she took it out of a test drive. The technician got into an at-fault accident. Garage Keepers Insurance would pay to fix the customers vehicle
Barbee Jackson Insurance
Dealership insurance can be complicated and without the right team of experts handling your account you could be out thousands of dollars because of missing coverage. Call the team at Barbee Jackson Insurance to experience the difference! (850 ) 389-2001