New Mexico Dealership Insurance

New Mexico dealerships are required to carry two forms of insurance in order to be licensed to do business. The first is a Surety Bond in the amount of $50,000 and Garage Liability policy with minimum limits of liability $50,000 Combined Single Limit (CSL). There are more coverage options available and that is where Barbee Jackson Insurance has the advantage. As one of the nation’s largest Dealership Insurance Agency’s our team will work to design the right policy that fits both your needs and your budget. Getting started is just a phone call away (850) 389-2001.

Types of Garage Operations We Cover

• Franchised Car Dealerships | Sales and Service
  
• Used Car Dealers | Sales and Service
  
• Body Shops
  
• Auto Repair Facilities
  
• Semi-Truck Dealerships | Sales and Service
  
• Farm Equipment Dealers | Sales and Service
  
• Powersport/Recreational Vehicle Dealers | Sales and Service
  
• Detailers
  

Garage Insurance Program Coverage Options

• Garage Liability Insurance with limits up to $1 Million
  
• Dealer Physical Damage Coverage to protect your inventory from losses such as an accident or weather related
  
• Garage keepers for those facilities that have repair shops and want to protect the vehicles while be repaired
  
• Surety Bond in the amount of $50,000 which is designed to protect the state and the customer against a dealership committing fraud
  
• Business Auto for vehicles owned by the business
  
• Workers Compensation that provides wage replacement and medical benefits for employees injured on the job
  
• Errors and Omissions provides coverage from claims caused by negligent acts , errors or omissions
  
• False Pretense protects against claims for fraudulent acts, tricks, or selling a vehicle that the dealership did not have the right to sell
  
• Diminished Values allows you to recover the diminished value of a vehicle after a covered loss

What is the difference between Dealer Physical Damage and Garage Keepers?

Dealer Physical Damage, also referred to as Dealer Open Lot (DOL), provides coverage against physical loss, such as an accident or weather related event, to vehicles owned by the auto dealership. This coverage type is most common for dealerships without a service department and only sell vehicles. Garage Keepers Insurance protects your customers vehicles that you are in your care, custody and control. This coverage is most common with repair shops and dealerships with a repair facility.

3 Different Types of Garage Keepers Insurance

Dealership Insurance – Furnished versus Non-Furnished Auto

A dealership has the option to opt for a Furnished or Non-Furnished Auto. Furnished auto means the person listed on the policy can use the dealerships inventory for both business and personal use. This means the listed driver can take any of the dealerships inventory and drive it home, to the store, on vacation, just like having a personal automobile. They can use the auto for business use also, to-and-from the auction, repair shops, and test drives.

What’s great about having a Furnished Auto is you do not need to maintain personal auto insurance if the vehicle you are driving is owned by the dealership.

Having a Furnished Auto does cost more than a Non-Furnished Auto, because of the higher exposure to a loss. The costs vary depending on the driver information and state insurance laws.

Need more Info? Checkout our Blog - Furnished versus Non-Furnished Auto

What Information is Needed to Get a Quote?

• Business Name
  
• Business Address
  
• Employee names, date of birth and driver license number

The Barbee Jackson Experience

Thousands of Dealerships and Repair Shops choose Barbee Jackson Insurance for one reason…Knowledge! We are considered the insurance specialists in all things related to Garage Operations. Our staff can design a policy that gets you the right coverage and our insurance companies will fight to get you the best price. Coverage can be bound in less than 24 hours over the phone. Call us today to get started (850) 389-2001