So many people make the mistake of only looking at numbers when choosing insurance. We understand you don’t want to break the bank, but you also need to protect the money in the bank. Many dealers are seeing an increase in their garage liability premiums and want to search for a cheaper option. But cheaper insurance premiums may cost you more money in the long run.
A Cheaper Insurance Policy Could Cost You More
Recently we reviewed a dealer’s insurance policy from the previous year… his premium was less than $1,000! Wow, this guy hit the jackpot, right?! Wrong. His policy coverages were very limited. If he had been hit by someone who didn’t have insurance at the time of the auto accident, he would have no coverage for his damaged automobile or his medical bills. Why is that? His policy did not contain uninsured motorist coverage (required by law) or physical damage coverage. He could’ve purchased this coverage for only a couple hundred dollars more but this accident could cost him tens of thousands of dollars. What effect could this have on his business? Is the insurance premium savings worth not having the insurance coverage that could’ve saved him a lot of money in car repairs and hospital bills? Are you willing to take that risk for you or a loved one driving your auto?