Garage Insurance - What To Look Out For

If you happen to own a motor trade business, you may be aware of the benefits of an insurance policy

. It is always important to protect yourself from any eventuality that may occur. An insurance policy will help you to recover quickly from any accident.

If you happen to own a garage, a garage liability insurance policy may prove to be extremely useful. The term garage is a loosely used word. In any garage liability insurance policy, the word 'garage' refers to any motor trade business that deals with buying and selling of automobiles, or an automobile repair business, or a service station. Any business that does not belong to any of the above categories will not be covered by garage liability insurance.

There are quite a few types of garage insurance. The most recommended type of garage liability insurance is the comprehensive type. This insurance policy, as the name suggests, will take care of almost everything. It will provide cover for fire accidents, mishaps, theft, arson, and the like. Once you select the insurance policy, you do not have to worry about your garage. The premiums that you will have to pay are quite small when they are compared to the cover that you will be entitled to.

There is also a policy for used car dealers. This also comes under the category of garage insurance. This should not be confused with the garage keeper's insurance policy. In case of any fire or damage to a customer's vehicle, garage keeper's insurance policy will not provide cover, but garage liability insurance will. If you use your garage for parking or for storage of other cars, you can select a garage liability insurance policy for complete coverage. You can also individually insure various components of a car, like the stereo system and other electronic equipment. This is not generally found in other insurance policies.

In case you run an automobile dealership business, you should first register every automobile before applying for insurance. In some countries, it is mandatory for automobile dealers and garage owners to possess valid garage liability insurance. If you do not have one, your license may be cancelled. The insurance company will provide complete claims management service. In case of any accident, you can put in a claim on your insurance policy. For this, you will have to produce a copy of the First Information Report (FIR), a copy of your insurance policy and vehicle and land documents.

The insurance company will investigate your claim and will provide the money if the claim is valid. This process usually takes only a few days. You can even pay your premiums in different installments through the flexile payment options offered by the insurance company. Unless it is absolutely necessary, you should not approach an insurance agent. You should contact the company directly. This can be done by visiting the website of the insurance company and you can obtain a quote online. Remember that an insurance policy is designed to protect you from unforeseen events.

by: Neil Anderson

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