How to Reduce Insurance Costs for Your Auto Dealership

Written By Charlotte Insurance on February 19, 2024. It has 0 comments.

auto dealership owners discussing ways to lower their insurance costs

Running an auto dealership can be expensive. You not only have to pay for your employees’ salaries, as well as upkeep and maintenance of your buildings and outdoor property areas, but also ensure that your technology is up to date, and more. That said, adding on the cost of insurance may seem like the straw that broke the proverbial camel’s back, as far as your budget is concerned. Thankfully, there are some things that you can do in order to lower your monthly premiums but still protect your livelihood.

Bundle Your Policies

You need a number of insurance policies in order to ensure that every possible circumstance is covered and that you meet all your state’s guidelines. These policies tend to include:

However, you don’t have to get them all from different insurers. If you choose one company to manage all of your insurance needs, you may qualify for a bundle discount. This is how the insurance company rewards you for giving them your business. Another advantage of this is the fact that you’ll be able to keep an eye on your coverage and make adjustments without having to call multiple companies.

Check Your Policy Limits and Required Coverage Amounts

There are some state minimums that you need to meet as far as insurance coverage is concerned. With that said, these can change over time, depending on how the regulations have changed. As a result, you may end up paying for more coverage than you need by law, so lowering those amounts can adjust your premiums, making them lower. Remember, though – it’s important to ensure that you’re not leaving yourself open to being underinsured. Be sure to consult your insurance agent before reducing coverage amounts.

Install Security Measures

Another option involves taking additional measures in order to keep your inventory and property safe. While you may not be able to move all of your for-sale vehicles indoors, you can place locked barriers around the perimeter of your lot in order to deter thieves. In addition, things like security cameras, flood lights on motion detectors, and additional locks on the doors can help keep your company’s inventory safe. The more security you have, the lower your insurance premiums may be.

Also, since cybersecurity is something to keep in mind, enhancing your computer security measures to make it more difficult for hackers to get into your system can lower your cybersecurity insurance premiums. It may cost a bit extra, but you’ll have peace of mind, and this is something that you can use in your advertising in order to entice customers.

Have Questions? Contact Charlotte Insurance

Want to learn more about lowering your auto dealership’s insurance costs? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.

Leave a Reply

Your email address will not be published. Required fields are marked *