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Ohio Auto Dealers Insurance
Ohio auto dealer insurance isn’t just a regulatory requirement. It is essential for safeguarding your investment and ensuring your business’s success. At Insured ASAP, we have provided Ohio auto dealers with comprehensive insurance packages for many years. Whether you’re selling brand-new imports or used family cars, we will help protect every aspect of your business.
Read on to learn more about what the state of Ohio requires, options for further protecting your dealership, and the unique benefits of working with Insured ASAP.
Ohio Dealership Auto Insurance Requirements
To legally operate in Ohio, all motor vehicle dealers must adhere to the state’s insurance requirements. The primary requirement is Garage Liability Insurance. This coverage is essential for obtaining and maintaining a dealer license. It protects against claims related to bodily injury or property damage resulting from dealership operations, including test drives and on-site incidents.
Minimum Liability Coverage Limits:
- Bodily Injury Liability: $25,000 per person and $50,000 per accident
- Property Damage Liability: $25,000 per accident
In addition to liability insurance, Ohio law requires dealers to secure a $25,000 surety bond. This bond serves as a financial guarantee of compliance with state laws and ethical business practices. It protects consumers and the state in cases of fraud, misrepresentation, or failure to deliver valid vehicle titles.
For dealerships with employees, Workers’ Compensation Insurance is mandatory to cover potential on-the-job injuries.
Does your dealership offer test drives? If so, you must maintain car insurance on all vehicles under your care, custody, or control to meet the state’s financial responsibility requirements.
At Insured ASAP, we stay current with Ohio’s dealership insurance regulations and will help you navigate them. Work with us to ensure your dealership is compliant and properly protected.
Other Options to Fully Protect Your Auto Dealership
We also recommend several other types of insurance to fully protect your auto dealership. A comprehensive auto dealer insurance package might look something like:
Dealer Open Lot Insurance
Protect your valuable inventory of vehicles from theft, weather damage, vandalism, and other risks. This coverage is crucial for maintaining financial stability, particularly if much of your inventory is stored outside.
Garage Keeper Liability
Ohio garage keeper liability insurance is essential for dealerships that offer repair services. This coverage safeguards customer vehicles while they are under your care, covering damages incurred during repairs or storage.
Defective Product and Faulty Work Coverage
This optional extension protects against claims arising from the sale of defective vehicles or parts, or from faulty service work that results in damage to a customer’s vehicle.
Customer Autos Actual Loss Sustained
This type of protection covers the actual loss of a customer’s vehicle while it’s under your dealership’s control, regardless of cost, providing significant peace of mind to both you and your customers.
Used Car Dealer Insurance in Ohio
Used car dealers face a unique set of challenges, including aging inventory, higher mileage vehicles, and a customer base that often relies on dealership financing. At Insured ASAP, we specialize in building insurance packages that meet the specific needs of Ohio used car dealers.
Whether you operate a small lot or a large-scale pre-owned dealership, our team will work with you to create a tailored policy that covers the most important risks to your business. From Garage Liability and Dealer Open Lot coverage to optional protections like Defective Product and Customer Autos Actual Loss Sustained, we make sure every part of your operation is accounted for.
Our fast, no-hassle quoting process and deep relationships with top-rated insurance carriers mean you’ll get competitive rates and comprehensive coverage as quickly as possible. If you’re a used car dealer in Ohio looking for better protection, Insured ASAP is here to help you every step of the way.
Why Choose Insured ASAP for Your Ohio Dealership Insurance?
At Insured ASAP, we understand that no two dealerships are alike. Whether you are a retailer of luxury vehicles or need used car dealer insurance in Ohio, we will craft an insurance package that matches the risk profile and needs of your business.
We leverage our connections with top insurance companies, numerous data streams, including public records, and our familiarity with Ohio dealership operations to quickly provide you with the best rates. 70% of business insurance shoppers receive an instant quote when working with Insured ASAP.
Request a Free Personalized Quote
Don’t wait for a loss to occur before securing the right protection for your dealership. Contact Insured ASAP today to discuss all your Ohio auto dealer insurance needs. We’ll help you understand what’s required of you, explore your coverage options, and ensure that your dealership is protected against the wide range of risks it faces every day.
