In New Jersey, there are 884,049 small business owners. If you have an auto repair shop, dealership, or more, you may need specific coverage. Garagekeepers insurance is often used for certain industries.
An independent insurance agent can help you decipher which coverage is right for your operation. They have access to numerous markets, giving you options on policy and premium. Connect with a local expert to begin.
What Is Garagekeepers Insurance?
Garagekeepers insurance in New Jersey will pay for the replacement or repair of your customers' vehicles. Any damage that may occur while they are in your care, custody, and control would be included under this policy. If you run an auto repair shop, this coverage will apply when you fix a customer's car or take it for a test drive.
How Much Is Garagekeepers Insurance?
The cost of any business policy varies. Garagekeepers insurance will be subject to the amount of coverage you select, among other factors. While you can't know your exact pricing without a quote, you can understand how it's figured. Check out how carriers determine your garagekeepers insurance premium below:
- Your experience level as a business owner
- The type of business you run
- The amount of coverage you would need
- The value of customer vehicles at any given time
- Safety procedures in place for accessing customer vehicles
- Your loss history
- How long you've been insured
What Does Garagekeepers Insurance Cover?
Garagekeepers insurance in New Jersey will provide coverage to several industries. All of them are car-related. Take a look at the types of businesses garagekeepers insurance would apply to:
- Tow truck operators
- Quick lube shops
- Auto glass shops
- Auto body shops
- Auto repair shops
- Valet services
- Auto emissions sites
- Auto detailing shops
- Auto painting shops
- Auto sound installers
The types of damage that garagekeepers insurance will apply to:
What Doesn't Garagekeepers Insurance Cover?
Your New Jersey business could have a list of exposures. Like any other commercial insurance policy, there are exclusions. Your garagekeepers insurance will not include several coverages. Some of these items may be added to other policy options.
What your garagekeepers insurance won't cover:
- Bodily injury
- Property damage of a non-customer auto
- Business property
- Business equipment
- Inadequate workmanship
- Contents of your customer's vehicle
- Parts & labor
Garagekeepers Insurance Limits
Garagekeepers insurance will have a set limit of protection that is preselected. It will be based on the number of customer vehicles you may have in your possession at any given time. Your garage policy will set a maximum amount for a loss.
You will be responsible for deciding the limit of coverage necessary for a worst-case scenario. If a claim occurs that takes out your entire lot at once, and you have to replace all customer vehicles in your care, custody, and control, how much will you need? It's a tough question, but you'll have to choose. Once a number has been selected, it will only cover up to that figure.
How to Connect with a New Jersey Independent Agent
When you're searching for garagekeepers insurance in New Jersey, it can be confusing. The right coverage for your operation can be hard to obtain if you're unsure where to start. Instead of going it alone, consider using a licensed professional.
An independent insurance agent has access to several carriers. This gives you options on coverage at an affordable price. Connect with a local expert on TrustedChoice to start saving today.