Job Posting

TruePoint Insurance, Insuring Georgia

We are a rapidly growing Independent Insurance Agency currently searching for a CSR for our Pooler GA office.

Title: CUSTOMER SERVICE REPRESENTATIVE

Full-Time, In-Office, Monday-Friday 8:30am to 5:00pm

The right candidate will possess the following:

Skills/Abilities:

  • Strong listening, oral, and written communication skills
  • Goal oriented, highly motivated, and resourceful to achieve results
  • Ability to pay close attention to detail and accuracy
  • Ability to create and maintain business relationships with prospects and policyholders
  • Proven track record of trustworthiness, dependability, and ethical behavior
  • Fundamental understanding of office technology used by small business

Experience and Education:

  • Customer Service Experience (prior experience preferred)
  • Knowledge of Personal Lines, Life Insurance, and/or Commercial Lines products (preferred)
  • Property and Casualty license a plus
  • High School Diploma or GED
  • Associates or Bachelor鈥檚 Degree (preferred)

Job Related Training/Licensing:

Must have the ability to obtain a Property and Casualty license within the first year of hire.

Responsibilities:

  • Provide service to the public and policyholders in a pleasant and courteous manner
  • Be able to communicate clearly and professionally
  • Prepare forms and endorsements when required
  • Perform Billing and Customer Service duties in a timely and efficient manner
  • Meet customer service goals and assist with marketing goals
  • Be able to successfully navigate our Agency Management System and Carrier Websites
  • Perform other related duties as assigned

Pay and Benefits:

Salary will be based on experience, with the ability to advance based on performance and license. There will be an initial 90-day evaluation period to determine compatibility, salary increases, and bonus options. 聽Interested Candidates should send a resume to New job Candidate Pooler GA.

NO PHONE CALLS, PLEASE!

Do I need Commercial Auto Insurance

We all know the difference between a truck and a car. Right?

Car, truck or other.  The Volkswagon Thing test our standards.
The Thing; Car, Truck or ??

For most of my life, that was a straight forward question. Along comes the SUV and, more recently, the crossover, the once black and white responses it a lot grayer.

Here鈥檚 the good news.

Has your insurance agent ever asked if you needed, car or truck insurance? Probably not. 

Since Cars, Trucks, and SUV鈥檚 are all insured by the same policy, there is no need to ask. However, You will be asked to provide your vehicles VIN. This will give the insurance company the information they need.

Delivery Trucks are considered commercial vehicles.  Some can be difficult to insure.
Delivery Trucks considered Commercial

Who needs a Commercial Insurance Policy?

Business Autos cannot be adequately protected with a Personal Auto Policy. A commercial policy of some form must cover these vehicles.

Who decides whether my vehicle needs commercial auto coverage?  

Theoretically, any vehicle can be used for a business purpose. This requires extra effort from insurance carriers and agents as the work to provide adequate coverage.

I like to tackle that question from the other side. Who decides that a Personal Policy does NOT cover my vehicle?

Accurately communicating how you utilize your vehicle is critical. It allows your agent to confirm or deny that coverage exists for your situation.  

Business Auto Insurance also Covers Personal Use

The Commercial Auto Policy is more flexible than Personal Coverage. While protecting your car at work, it can also safeguard automobiles during personal use. While Personal Auto covers only personal use of your auto.  

If you use your vehicle in your business or profession, you may need Business Auto Insurance. In many cases, the need for Commercial Auto Insurance is obvious. Taxis, Tow Trucks, Delivery Vehicles, Cable Installers, Lawn Care providers are just a few examples.  

What you say may be more important than what you drive. 

How important is it for you to have your Company鈥檚 name, a business logo, or your phone number on your vehicle? I want my brand information anywhere and everywhere that I can afford to have it. While that may be great for business, it is also the first place I go to assist individuals regarding the need for commercial insurance. When vehicles have advertisements, there is little doubt. The question of commercial insurance or personal insurance is almost always resolved. If you鈥檙e driving a car with a business name or logo on it, you will almost always need a Commercial Auto Policy.

I occasionally drive my personal vehicle in work-related activities for my employer. Do I need Commercial Auto Insurance?

Remember, Business Auto Insurance is more flexible because it covers both commercial and personal use of your auto. Personal Auto Insurance covers your vehicle only when it is being used for personal activities. 

Check with your agent before using your car or truck for any use other than personal.

Performing job-related duties while driving your car does not mean you need to run out and buy a Commercial Auto Policy. Your employer may have a more cost-effective solution. If you are asked to use your personal vehicle for work-related activities, you should first determine if the business has Hired & Non-Owned Auto Coverage in place. This coverage picks up what your personal auto policy coverage excludes. If you would like additional information on Commercial Insurance Policies or want to learn more about Hired & Non-Owned coverage, contact a TruePoint Commercial Specialist at (912) 330-1265.

Making Mobilehomes Safer

Can you make your mobile home safer?
Making Mobilehomes Safer

Mobilehomes are vulnerable to serious damage from winds and storms since they are smaller and much lighter than stick-built or factory built homes. It is important to use reinforcements to make them more stable; such as tiedowns.

Tiedowns come in two basic types; over-the-top tiedowns and frame anchors. Over-the-top tiedowns are straps that resist lifting forces and minimize tipovers. They are usually used with single-wide mobilehomes. Strapping is placed with over the top of the roof or over the structure鈥檚 sides. Frame anchors are reinforcements that resist lateral forces, making a structure less vulnerable to sliding off supports

In order to stabilize a structure, the tiedowns must be properly anchored to a foundation, slab or the ground. Anchor types include the following:

路         Hard Rock Anchor

路         Concrete Slab Anchor

路         Cross Drive Rock Anchor

路         Drive or Barb Anchor

路         Auger Anchor

路         Disc Anchors

Straps and anchors have to be used properly and they have to meet various standards such as placement of anchors, anchor fittings, method of installation and ground/site conditions. When anchored to the ground, it may be necessary to make test its suitability as an anchor. If piers and footings are used they must be able to meet various requirements regarding weight support, dimensions, material quality, pier placement and other areas. Straps and anchors also have to meet requirements in order to be depended on to withstand the stresses winds and other forces.

Use of tiedowns varies by state, state regulations and soil type. Local building inspectors and mobile and manufactured home builder associations are excellent sources for anchoring and tiedown requirement information. Use of that valuable information, along with insurance, is great methods for fully protecting a mobilehome.


COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

“Do I need Flood Insurance?” South Carolina and Georgia residents should start here.

 

How much do you know about Flood Insurance?  Learn more here.
Learn about flood insurance before the waters start to rise.

Who needs flood insurance? Many residents of Georgia and South Carolina are exposed to flood risk. Those living in coastal areas are like to be more at risk. Consider the following:

  • River Road – It seems wise that anyone living on River Road should check in to flood insurance.
  • Coastal Highway – Another great clue that suggests there is a heightened risk for flooding.
  • Lowcountry Since floods occur in low lying area, it’s probably wise to consider flood insurance if you live in a region known as the Lowcountry.

Anyone with Lender Requirement

Understanding mortgage requirements for flood insurance Flood Zone, Flood Zone C, Flood Zone A, Flood Zone X, Flood Insurance. Georgia Flood insurance, South Carolina Flood insurance
Does your home mortgage require flood insurance?

Your homeowner’s policy does not protect against flooding. For anyone needing protection from rising waters, a separate Flood Insurance policy is required. This policy will provide specific coverage if your home is damaged by a local flood.

Residents in Coastal Georgia and South Carolina may find that they are required to purchase flood insurance. This requirement is most likely come for a lender. Mortgage lenders know the potential impact of floods as well as which homes are at greatest risk. Due to this risk, borrowers with homes located in a FEMA identified flood zone will likely be required to maintain flood insurance.

Needs to Cover Against Risk

Where can i buy flood insurance, ky flood insurance, commercial flood insurance in Georgia or South Carolina or business flood insurance
Flood Loss versus Cost. You do the math!

FEMA flood zones are divided into one of many categories. These categories or buckets identified the flood risk as very risky or a Special Flood Hazard Area (SFHA). Somewhat lower-risk areas are considered Moderate Flood Hazards. There are two moderate flood hazard groups; Zone B and Zone X (Shaded). Finally, the areas that are exposed to potential flooding yet have the least risk are identified as minimal flood hazards. This grouping also has twp categories; Zone C and Zone X (Unshaded)

Even if the risk is small, you should still consider getting flood insurance. Everyone should consider buying flood insurance. This includes those without a mortgage, and those not required to have flood insurance.

When you are looking to learn more about flood insurance in Georgia or South Carolina, you should speak with the team at TruePoint Insurance. They will make work hard to make sure that your decision is as simple as possible.

Insuring A Mobile or Manufactured Home

Insuring a mobile or manufactured home requires an increased level of understanding.
Understanding Mobile and Manufactured Home Insurance

Insurers commonly provide coverage for mobile/manufactured homes by modifying a conventional homeowner policy with provisions called endorsements. The endorsements change key definitions and other elements of a conventional policy to fit a mobile or manufactured home situation. The result is a modified homeowner package that protects the home, outbuildings (unattached garages, sheds, etc.) and personal property. They also provide insurance for personal liability. Regardless of the type of home you own or live in, it is important that you learn about the coverage options that are available. You may find that different policies vary considerably in coverage and price.

Coverage for mobile/manufactured homes is generally offered using two approaches. Some policies include a laundry list of items (or perils) that may cause a loss. Other policies protect your home against everything EXCEPT for a host of specified perils. Either approach includes liability coverage that protects you for injuries or losses to others which you accidentally cause.

Property Insurance Needs

Mobile home, manufactured home, or modular home.  You need to know!
Mobile, Modular, or Manufactured? Insurance need to Know.

Any coverage option you choose is likely to reflect the fact that mobile homes are, well, mobile. Therefore coverage is affected by the fact that mobile homes:

  • are able to move under their own power (or are capable of being easily transported);
  • are more susceptible to wind damage,
  • tend to lose value with age.

The mobility of such homes creates a special need to protect the financial interest of the business that lent the money to purchase the home. For example, a mobile home owner who lives in Ohio decides to drive his home to Arkansas. The soon-to-be Arkansas resident “forgets” to mention his plan (and his new address) to his Ohio Mortgage Company. The Ohio lender would be out of luck if the policy didn’t include protection for this whimsical act. Another way in which a mobile or manufactured homeowner policy differs from conventional homeowner coverage involves coverage for unattached buildings. This coverage is usually minimal for, say, $2,000. Such a provision helps keep the premiums for policies lower by avoiding paying claims on very low value structures. The coverage is likely to be offered on an actual cash value basis. Unfortunately, mobile and manufactured homes tend to lose value over time.

The policy is likely to include a provision that requires you to get permission to move your home. Once granted, you’re likely to get thirty days of special transportation protection for collision; sinking, upset or stranding (a special, higher deductible may apply during the move). Another common coverage feature is coverage for your attempt to move the home in order to prevent damage from an insured cause of loss. For example, you move your mobile home fifty feet to get away from a neighboring trailer that is on fire. IMPORTANT: coverage for moving endangered property usually has a modest limit (several hundred dollars is typical) because of owners who may be too heroic or clumsy for anyone’s good.

Liability Insurance Needs

The liability protection connected with mobile or manufactured homes is, for all practical purposes, identical to the liability provided to conventional home owners. Why? The likelihood of guests to be hurt at your home, or your probability of being sued, tends to be the same. The important thing to remember is that your agent is a tremendous source for getting the information you need to be sure that your home and property are adequately protected at a reasonable price.


COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Insuring A Trust

Insurance for a Trust account.  Be sure to involve a insurance professional to make sure all bases are covered.

Homeowner and other policies that protect private residences have, for most of their history, been written assuming that the property owner is an individual or married couple. Policies traditionally defined an “insured” or covered person as an individual, married couple or spouse of the individual listed on the policy. However such policies had to respond to a, formerly, rare form of home ownership鈥.trusts.

Besides use as a residence, a home is also often a primary financial asset. As property owners become more sensitive and savvy in handling their finances, the use of trusts to pass on property has expanded. A trust refers to any asset that is controlled or owned by an artificial entity, the trust agreement. Typically, the property owner becomes the trustee, having rights to use the home as a residence, but the legal ownership resides in the trust. The trust allows for tangible property to be passed along to heirs with much more for favorable tax treatment. However, there are consequences that affect insurance coverage and which should not be ignored.

If your home or personal property (furniture, furnishings, etc.) have been transferred into a trust, it is important to share this information with your insurance agent. Then you both may take steps to make sure that the insurance needs of both the trust and the property-users are covered. It is particularly important that liability protection remains intact.

Depending upon the insurer, your homeowner, auto and umbrella policies may have to be modified so that the trust arrangement is specifically recognized and is protected by the policies. It may be that the policy wording already handles things by including trusts or trustees within the meaning of “insured.” In other instances, endorsements may have to be added to include the proper additional insurable interest so that property and liability coverage expands to protect the property held in trust and the trustees.

The existence of a trust means you need to get an insurance professional involved to make sure you can still trust the protection of your various insurance policies.


COPYRIGHT: Insurance Publishing Plus, Inc. 2016+6

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Insurance 鈥 A Matter of Trust

What is insurance?  It's not a good or product.  Is it a service?  Some might consider insurance a service, but I personally see it as a promise.  A contractual promise that should only be entered into with trusted parties.
Insurance is not a product, nor is it a service. Insurance is a promise, a contractual promise that should be entered into with trusted parties.

Insurance policies involve trust. Insurance policies are written agreements that involve at least two parties. One is the insurance company that provides the applicable form of protection. The other is the party who is protected by the policy. These two parties have a contractual relationship with each other. The insurer agrees to protect the insured if the insured agrees to pay for the protection.

The trusting relationship begins before any policy is issued. Insurers want to provide policies to persons who meet their qualifications. Qualified persons are discovered by using applications. Besides collecting identifying information, applications also gather details that determine if a person is eligible for a given policy. The information also helps the insurer decide how much to charge for the coverage, what level of coverage it should agree to grant and the conditions for providing the protection.

The insured should also to be able to trust the insurer. He, she (or a business entity) has to rely on the company actually issuing the type of coverage it promises. The insured also trusts the company to pay for a loss (that is eligible under the coverage) and to handle any loss fairly and efficiently. Both parties must approach the contractual agreement honestly and fairly. The contract is affected if either party fails to act in good faith.

It is critical that you or someone you trust understands the details of your insurance policy.
Do you know the details of your insurance policy? Who does?

When an insurance company refuses to cover an eligible loss without a valid reason or when an insured refuses to pay for the policy; these are instances of breaking the contract. An insured may also break the contract if he or she either withheld information or intentionally supplied false information. Of course the information must involve some significant item that would have affected the company’s decision to accept the insured. Breaching a contract may allow an insured to sue a company for coverage or allow a company to void the policy it issued.

Whenever policies are not handled in good faith, there are consequences that impact more than just the two parties. Third parties, such as other businesses or persons, may also be harmed by insurance contracts that turn out to be invalid. Modern economies depend upon the role played by insurance contracts. It would be impossible to handle large transactions without a way to protect all parties against possible losses. Further, many parties would not even attempt certain types of transactions without the support of insurance, such as large building projects, major equipment sales, vehicle rentals and numerous other transactions.

Certainly there are many times when one party fails to handle their insurance obligations in good faith. However, such instances are the exception. Our economy and standard of living are made possible because most parties deal with each other honestly and we all benefit when that happens.


COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Preparing to buy your first Child Car Seat

Buy the right seat for your kid

Do you know the four stages or steps for car seats?  Rear-facing seats for newborns.  At 20 pounds a forward-facing Toddler seat is appropriate.   Step three, booster seats for age four or forty pounds.  The stage ends at age 8 unless the child reaches 4'9" beforehand.
Forward facing seats at 20 lbs or more

Many of us avoid or delay decision making. Especially if we are dealing with a new set of issues. Decision making can be extremely stressful.

It’s not surprising that first-time parents report elevated levels of stress and anxiety. In a relatively brief time period they will be expected to make a large number of often critical decesions.

Before you can take your newborn home you will have to decide which Child Safety Seat is right for your situation. The car seat is vital for your child鈥檚 safety! The child鈥檚 car seat comes down to your judgment and perceived importance of seat safety options, the seat integration to your vehicle, budget, and other factors relating to what best fits your family. Safety is obviously paramount, but you also have to consider Georgia Car Seat Laws. These laws have been designed with your child’s safety in mind and should provide valuable insights. Make sure you鈥檙e up to date with the car seat laws in your state and review your vehicle manual for proper fitting.

According to Georgia Consumer Protection:
The 4 Steps for kids car seats are:
1. Rear-Facing Infant Seats in the back seat from birth to at least one year old and at least 20 pounds.
2. Forward-Facing Toddler Seats in the back seat from age one to about age four and 20 to 40 pounds.
3. Booster Seats in the back seat from about age four and 40 pounds to at least age eight, unless 4鈥9鈥.
4. Safety Belts at age eight or older, or taller than 4鈥9鈥. All children age 12 and under should ride in the back seat.

2020鈥檚 Top Rated Car Seats:

According to www.safety.com: (Updated April 16, 2020)

Bringing Home Your Newborn? You should consider the Britax B-Safe Infant Car Seat.

Want a Child Car Seat that adapts to the changing needs? Look into the Graco 4Ever DLX 4-1 Infant to Toddler Car Seat. This seat can be used in any of the four different positions.

Still, driving a small car? There’s a child safety seat for you.  The Graco SlimFit 3-1 Convertible Car Seat is for those parents still fight to keep the choice of vehicle. Wait there’s more the SlimFit 3-1 is another Child Car Seat designed to adapt with your child growth. This seat has been designed for children between 5 and 100 pounds.

A Child Passenger Safety Technician can show you how to install or inspected this critical addition to your auto.

Need help installing your Child Safety Seat? Maybe you need the comfort of a second opinion. Regradless, the organizations listed below have provided a helping hand for new parents in the past. You may want to make a quick call beforehand. Below is a list of places you can call and schedule an appointment to have a Child Passenger Safety Technician show you how to install your car seat or have it inspected.

If there not old enough to be a backseat driver, then your sure don't want to count on them to take care of the child car sear.
I hate this seat belt. I can never get it fastened.

1. Georgia Child Occupant Safety Project:

Peachtree Street, NW
15th Floor
ATLANTA, GA 30303 (404) 657-2700

2. Georgia Governor’s Office of Highway Safety:
Use the link below and then select your location from the provided map. This will provide information related to your local resources.

https://www.safekids.org/inspection-stations#KY

3. The National Child Passenger Safety Certification

Use this link for access to a national directory. In many cases, you will be provided multiple location options.

Non-Standard Auto Coverage

What is a non-standard driver.  They come in many forms and there are many reasons one might be classified as non-standard.  Risky, more accidents, tickets, and multiple accidents are just a few reasons.  The most common thread of non-standard drivers is that most pay significantly higher premiums.  Are you a non-standard driver?
Non-Standard Drivers come in many forms

Most properly licensed persons who drive cars (including vans, SUVs, hybrids, crossovers or pickup trucks) are eligible for policies designed for standard and preferred drivers. In the insurance world, standard and preferred refer to those who typically:

  • 路Drive vehicles that are relatively inexpensive to repair or replace
  • 路Do not use their cars for business
  • 路Have good driving habits
  • 路Do not suffer impairments that seriously affect their ability to drive
  • 路Do not rack up an inordinate amount of annual mileage
  • 路Have few accidents and/or traffic violation

Drivers who fall outside of the typical range of vehicle operators qualify as non-standard drivers.

Is you auto insurance breaking the bank?  If so you might have a non-standard auto insurance policy
Expensive Auto Insurance

Generally, non-standard drivers cause more losses so insurance companies may charge them substantially higher premiums or restrict the amount and type of coverage. Besides charging higher premiums, non-standard insurers often charge additional amounts for tickets and accidents. Limits are controlled by offering limits that match what is required by state laws or offering limits slightly higher than these minimums, but which are far less than what is provided by standard and preferred programs. Non-standard programs often are more restrictive, excluding coverage for situations such as special or custom vehicle features (stereo systems, custom wheels, special paint jobs, engine enhancements, etc.). These programs may also bar coverage for more situations, such as when a loss involves a car that the driver has either rented or borrowed.

Being classified as a non-standard driver is often a temporary situation that can change with the passage of time, such as newly licensed drivers, or drivers who had a period of several tickets or accidents. Other situations involve the opposite, where drivers may be re-classified because of having a medical impairment or who reach a very advanced age. Other reasons for re-classification may be due to the vehicle, such as operating a car that is too old to be written by standard insurers, as well as cars that are highly customized, are very expensive or are designed for higher performance.

There are a number of reasons why a driver鈥檚 only option is the non-standard market, including merely having a preference for a minimum amount of insurance protection. However, it is a market that provides full coverage (protecting against legal liability for causing loss to others and protecting against damage to one鈥檚 own vehicle), though the coverage is not as broad or economical as what is available from the standard market. Regardless, this market performs a critical role that permits a greater number of drivers and vehicles to get needed insurance protection.


COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Georgia Auto Dealers: The Dealer’s Blanket

Auto Dealers don’t have a big enough basement when a storm is bearing down.

What is a Dealer’s Blanket? It has nothing to do with auto dealer giveaways. The Dealer’s Blanket is a form of business insurance that provides physical damage coverage for Auto Dealers. You may have heard it referred to as Open Lot Insurance or Dealers Open Lot Insurance. Regardless of the name, this policy is essential protection for many car lots.

Consider your own car insurance. In many ways, the Dealer’s Blanket looks similar to your personal auto policy. The primary purpose of the policy is to provide protection against dealer loss. Specifically, losses resulting from comprehensive and collision protection. While there are many similarities, there are also some significant differences.

Personal Auto policies provide liability coverages. Liability coverage is not the purpose of the Dealer’s Blanket. It is a coverage that they have access to, but it is not provided by the Dealer’s Blanket. Liability protection for auto dealers is provided by the Garage Liability Policy.

Insurance companies require Georgia individuals to provide identification to insure their autos. We refer to this identification as a VIN or vehicle identification number. This serves two main purposes. First, it gives insurers a nearly fail-proof input for pricing their exposure as it relates to your specific vehicle.

While the VIN provides accurate information related to the vehicle’s replacement cost. What it fails to do is provide insights into the present condition of your vehicle. To address this shortcoming, you may even go as far as require you to provide a current photo of your car.

Individuals insure against comprehensive and collision risk. For the most, new and used car dealerships insure against the same. What differences exist?

If you're an auto dealer, is it important to have an insurance agent that specializes in Georgia car dealerships?  TruePoint Insurance in Pooler, GA.  (912) 330-1265
Auto Dealer insurance specialist in the Low Country and Georgia’s Coastal Empire

Auto Dealers in Georgia and other states use the Dealer’s Blanket to transfer comp and collision risks. What is the Dealer Blanket and why auto dealers need them?

Individuals are likely to have the same vehicle all year. Most will own vehicles for many years, some several decades. Used and new auto dealers can’t stay in business by holding on to cars for years or decades.

Successful auto dealerships turn their inventory several times each year. The average US Car Dealer’s inventory turnover is more than 13 times. A dealer with an average inventory of 50 cars would have 650 policy endorsements each year. Those policy changes would be required just to keep up with the new inventory vehicles. To avoid overpaying, they would also need 650 approvals to remove sold vehicles. That would present a serious problem! Making over four insurance transactions every business day seems inefficient. Creating issuers for both the dealer and the insurance company. With so many transactions, it’s also possible the process may put the dealership at risk. Failing to record just one transaction could end in a multimillion-dollar loss. Not a claim! Failure to record a newly purchased vehicle is a problem. the sale was never recorded on the books of the insurance company, the auto lot will be on the hook financially. How many Georgia auto dealers do you know that could serve such a substantial loss.

Let’s give the insurance companies some credit. Recording real-time vehicle information was throughout the policy year doesn’t work. With that said, how do Insurance companies keep track of Georgia Auto Dealer risk?

How to Auto dealers address comp and collision risk.?

Comp and collision is priced and transferred via the Dealer’s Blanket. How it’s done varies between insurance companies and between dealers. If you’re a Georgia car lot, you must understand how your risk and premiums are calculated. The insurance company can not be expected to know how your business changes. Often, the difference between good and bad insurance boils down to communications. Having a good a local Georgia insurance agent can go along way. This thought is easy If your one of those people that respect the value of local contacts.

Insurance markets can not totally eliminate risk. The only way to totally eliminate risk is to avoid it. For those in the business of selling vehicles, this is not an appealing option. The Dealer’s Blanket is a great way to transfer risk. But, it is critical that all parties are on the same page. Problems are largely dependant on establishing the necessary communication process. A critial first step is understanding the Dealer’s Blanket. Combined with accurately communicating auto inventories, car deals can significantly reduce financial exposures.


WARNING: Accurate Inventory Critical

Auto Dealers can easily protect their inventory. Calculating the required coverage can be sticky at times. Photo Credit attribution 1

There are two primary approaches to calculating dealer open lot premium:

Non-Reporting Forms – This method is most often used by smaller used car dealers. Georgia Car lots with inventories of $100,000 or less will in most cases use the Non-Reporting method. This may not necessarily be by their choice. Often the cost associated with the monthly reporting eliminates dealers with smaller inventories.

At the beginning of each policy period, the dealer must declare a coverage amount. CAUTION REQUIRED! When a loss occurs, and a claim is submitted, the insurance company will most likely review and calculate the dealer’s inventory. If it is higher than the declared amount, THERE COULD BE A PROBLEM. The underreporting will likely trigger the coinsurance clause. As a result, the dealership will bear the financial responsibility for the difference.

Monthly Reporting Form 鈥 This method requires the dealer to periodically update the insurance carrier. This forces dealers to take on additional work, but this method is cost-effective. It always reduces concerns associated with paying coinsurance.

The Dealer’s Blanket is important. But there are many additional coverages that Georgia Dealerships should consider. Some of the most common insurance coverages for Auto Dealers include:

  • Commercial Property
  • Business Personal Property
  • Workers Comp
  • Business Income
  • Garage Liability
  • Garagekeepers
  • EPLI
  • Business Income
  • and Cyber Liability.

We mentioned GarageKeepers, which is another coverage that is specific to the Auto Industry. This coverage protects vehicles of customers that have been left in your care. Dealers that also offer repair work will most likely need to add this coverage too.

  1. Attribution 2.0 Generic (CC BY 2.0) Photo by John Lloyd, taken on October 22, 2009, distributed by Flickr