If your policy has unaccompanied test drive liability coverage are vehicles stolen on unaccompanied test drives covered? No. To keep our lawyer happy we have to say “not with any company we’ve ever heard of.” In the event of an auto accident liability coverage helps prevent you from being sued. It covers damage to the property of others and medical bills. Liability coverage does not cover your car. Comprehensive & Collision covers your car. Unaccompanied test drive liability coverage is just that. Liability coverage, not comp & collision. “False pretense coverage” covers cars that you are tricked out of. The companies that offer unaccompanied test drive coverage don’t offer it on policies that include False pretense coverage.
For dealers that want the most complete policy available you can get an endorsement that covers all of the following: accounts receivable, valuable papers and records, computer & telephone hardware, fire department service charges, signs, building glass, sewer back up, pollutant clean up, fire suppression system recharge and debris removal. Some insurance companies offer this very inexpensive coverage to dealers with building coverage.
Have you been told that you can’t be insured? We have companies that will cover dealers with all of the following: new in business, salvage title car dealers, exporters, exotic cars, highline inventory, motorcycles, RVs, trailers, big rigs and of course claims.
Dealers in the car business for ten years or more remember bonds skyrocketing during the financial crisis. At first they stayed high. Then they came down slowly. We’ll bonds prices are better than they’ve ever been. Have you shopped your bond lately? Don’t pay too much. We work with multiple surety companies to help you save money.
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Dave Hoffman - Broker / Owner