Dealers open lot insurance, also known by the name auto physical damage coverage, is a type of insurance that provides coverage in case of physical damage for auto lot dealers. In other words, when you have cars parked on your lot to sell, there is always the chance that those cars could be physically damaged in some way. So, how do you cover your cars and your lot? You purchase dealers open lot insurance through the Boardwalk Insurance Group. If you aren’t sure exactly what that covers, read on below to find out more.
What is Usually Covered?
While the amount of coverage may depend on the area you live in and the insurance company you choose to buy the insurance through, below you can find a few of the things that are usually covered. This is usually split into two parts, so the amount of coverage is up to you as the dealership.
- Collision coverage is said to pay for the car being overturned or if it has collided with another object.
- Losses that can occur other than collision are different from policy to policy in most cases. It’s best to consult the insurance company about the specifics.
- The coverage of fire and theft will cover a car that is covered or equipment that is covered if it is stolen, struck by lightning or destroyed in an explosion.
- False pretense coverage covers things that happen to the cars under false pretense.
The best way to determine the type of dealer’s lot insurance that is right for your dealership is to get in contact with an insurance company such as Boardwalk Insurance Group. They will explain your options and answer all of the questions that you may still have after looking through the policies.
