In 2019, New Mexico had $2,205,237,000 in commercial insurance claims paid. If you're searching for the right coverage for your business, there are many options on the market. Garagekeepers liability insurance is available for any company that services vehicles.
Fortunately, an independent insurance agent can help you find a policy that fits your budget. They work with several carriers so that you don't have to. Connect with a local expert to get started today.
What Is Garagekeepers Insurance?
If you own a New Mexico company that works on, sells, or services cars of any kind, there are specific coverages you'll want to have. Garagekeepers liability will protect your business from financial ruin. Check out what this commercial insurance policy covers.
Garagekeepers liability insurance: Pays for the replacement or repair of your customer's 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 exact costs for your New Mexico commercial insurance will vary. Since every insurance company uses your personal data, your pricing will be different from anyone else. 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
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What Does Garagekeepers Insurance Cover in Nevada?
Several New Mexico businesses could fall into the category that needs garagekeepers insurance. This coverage is specific and necessary when handling vehicles. Take a look at the kinds of industries garage keepers insurance would apply for.
- 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
- Natural disaster
Garagekeepers Insurance Limits
How much coverage do you need to have for your garagekeepers policy? The limit will vary from entity to entity. Carriers will account for the maximum value of cars in your care, custody, and control at any given time.
When a catastrophe or natural disaster takes out your entire lot of vehicles, you'll be on the hook without this commercial coverage. This could be in the ballpark of hundreds of thousands of dollars in damage. A garagekeepers policy will help pay for the loss.
What Does Garagekeepers Insurance Not Cover in Nevada?
While it's good to know what is covered under your New Mexico policies, it's equally important to know what's not. Garagekeepers insurance will have some exclusions like every other policy you own. Some of the most common are listed below.
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
How to Connect with a New Mexico Independent Agent
In New Mexico, there are approximately 154,804 small businesses. When you're one of them, you'll need proper protection for a loss. Garagekeepers liability insurance can help cover all the what-ifs.
An independent insurance agent will have access to multiple markets so that you get the best choices in town. They are able to shop your rates so that you're protected. Connect with a local expert on TrustedChoice.com in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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