I work with over 100 dealers across the country so I see and hear a lot of things. Over the last year, on more than one occasion I’ve had a dealer stand up in front of a 20 Group and say “I thought I had good insurance, until I actually filed the claim”. This is something I hear year after year. Many dealers only find out they didn’t have the right coverage when they need it the most.
Insurance is one of those items that has its own language. As dealers, most of us only deal with it once or twice a year when buying or renewing a policy, and then we move on to other things. I’m no different, but I have learned a few things over the years.
– It only matters if it’s in writing. Verbal agreements don’t stand up in court.
– Build a comparison chart and outline every piece of coverage, then list the coverage for all competing insurers line by line. Ask the rep to help.
– Hire a retired insurance rep to review your coverage, looking for holes in coverage.
– And the big one. Provide the insurer with a list of hypothetical loss scenarios and have them outline how they would respond to each one (I have 20 items on my list).
Insurance follows the old adage, “you get what you pay for.”
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