Don’t Be At Mercy of Insurance Salesperson

Shop, Compare Before Making a Purchase

Dollar for dollar spent, dealers may have the most complicated insurance programs, compared to other industries. Yet most dealers are not sophisticated when it comes to purchasing insurance.

Many dealers are uneducated regarding insurance exposures and pricing, leaving themselves at the mercy of an insurance salesperson. There are ways to protect yourself and to help ensure you are getting a good deal.

To start, here is a Top Five list of items that can help.

• Most insurers are able to price coverage almost anyway they please. Carriers will attempt to raise rates unless competitive pressure exists.Independent agents receive different rates from the same insurers. Many times these agents do not shop coverage to all insurers.
  
• Dealers must be aggressive and assertive when negotiating rates and ensure that coverage and pricing is “apples to apples” when seeking quotes from agents.
  
• Buying insurance should not be a rush decision. Take 90 to 120 days to compare coverage, pricing, cash flow and service.
  
• Dealers should use insurance agents with dealership experience.

These five tips, if you will, are just a start. You also need to be versed about insurance concerning errors and omissions, floored vehicles, business interruption, prior damage, workers compensation, thefts – the list goes on and on it seems.

For assistance in purchasing new coverage or reviewing current insurance policies, contact Dan James at (801) 399-3377 or (801) 322-5200.