Because the vehicle belongs to you, your garage liability and physical damage coverage generally respond first, with the driver’s personal policy sitting excess in many states. Documented license checks and a written test-drive policy help both the claim and your renewal terms.
Related FAQs
Your dealer license number, locations and lot descriptions, average and peak inventory values, annual units sold, service and parts revenue, payroll by class, a driver list, and three to five ...
Common exclusions include faulty workmanship on the specific part you repaired, mechanical breakdown of inventory, customers' personal belongings left in a vehicle, and intentional acts. Faulty work can often ...
In most states, yes. A dealer surety bond is a licensing requirement that protects your customers and the state, not your business, so it does not replace liability or ...
Open lot coverage is usually written on a reporting form at actual cash value or dealer cost, with the limit set from your reported monthly inventory. Under-reporting can reduce a ...