Garage Keepers Insurance

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Garage keepers insurance adds a layer of protection for businesses that handle cars and other types of vehicles, including watercraft. It is an optional form of coverage that can help block additional risks associated with storing, repairing, servicing, and altogether keeping someone’s vehicle on your premises. Here’s what you need to know about the garage keepers liability insurance.

What is garage keepers insurance?

A garage keepers coverage serves to cover costs that arise due to damage or theft of vehicles while they are under the care of a business. This type of insurance is suited for a number of different businesses, and not only for those that work with cars. See below for a list of the types of garage keepers coverage that we offer to our customers!

How much does garage keepers insurance cost?

The cost of your garage keepers liability insurance is determined based on the following factors:
  • The amount of coverage that you wish to obtain
  • The average number of vehicles located on your property
  • The value and types of the vehicles you will repair and service or the vehicles in the inventory
  • The annual revenue of your business
  • The years of experience that you have gained in the industry
  • The location of your business
In addition to the above, a $500 or $1,000 per-vehicle deductible is usually included in the policy to be paid by the insured in case of an incident. Anything above the deductible is covered by the insurance company. The lowest cost at which you can get this type of insurance is $2,000 per year. Contact us to find out more about how much your policy would cost!

Types of garage keepers insurance that we offer

We offer the following types of garage keepers insurance to our clients:
  • Boat Dealer Insurance

The boat dealer insurance policy is intended for boat dealers that sell new or used boats, as well as repair, maintain and rent watercraft. The policy may cover a dealer’s complete inventory, protection from damage during maintenance, as well as vandalism, theft, and more. Liability coverage can also be included in the policy.
  • Boat Repair Insurance

Boat repair insurance is useful for businesses that provide repair and maintenance for yachts and recreational boats and watercraft. Coverage may include instances of damage to vessels while in the care of the business, complaints against completed operations, and more.
  • Heavy Truck Dealer Insurance

Dealers of heavy trucks can obtain insurance coverage for their operations to cover their inventory. This insurance will protect their vehicles from damages that arise on-premises, during test drives, maintenance, and more.
  • Heavy Truck Repair Insurance

Businesses that repair heavy trucks can obtain garage keepers insurance to secure coverage of any vehicles that they accept for repair works. If a truck is damaged while it is in the care of the business, as a result of an accident or due to natural events, the policy will help cover the damages.
  • RV Dealer Insurance

Garage keepers insurance for RV dealers guarantees that their inventory will be protected from damages that occur due to accidents, weather events, when customers test the vehicles, as well as instances of vandalism. Liability and dealer physical damage (also known as dealer open lot) coverage can also be included.
  • RV Repair Insurance

This policy provides RV repair businesses with insurance for the vehicles that are left in their care for repair and maintenance. It covers instances of damage to such vehicles due to accidents, while on the business premises - such as if the vehicle is moved and damaged in the process. These types of insurance are offered in the following states:
  • Alabama
  • Arizona
  • California
  • Florida
  • Georgia
  • Michigan
  • New Mexico
  • North Carolina
  • South Dakota
  • Texas
  • Utah

What type of protection does garage keepers insurance offer?

A garage keepers insurance policy offers coverage for damages to a customer’s vehicle while it is in your care. Such damages may arise due to fire or adverse weather conditions such as windstorms and hail, vandalism, collision during test drives, accidents during storage, and more. Vehicle theft can also be included in the coverage.

What type of property is excluded under garage keepers insurance?

Usually, damages that are due to bad workmanship, use of defective or low-quality parts, and expired warranties are not covered by this policy. A customer’s belongings that are in the vehicle while it is in your care are also not covered. This includes radar detectors and non-permanently installed stereo equipment. Adding an endorsement that covers such belongings is possible though it may not be enough to avoid liability if something happens to a customer’s belongings.

Difference between garage keepers insurance and garage liability insurance

Garage keepers insurance and garage liability insurance are sometimes confused. These are two different types of insurance with different coverage. While garage keepers insurance covers damages to customers’ vehicles, garage liability insurance protects your business from instances of bodily harm and property damage that occur during the daily operations of your garage business. It can be said to be a combination of commercial liability insurance and general liability insurance. Damages that are covered include third-party injuries and property damage, structural repairs, and liability costs up to the limits of the policy.
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