More insurance questions, help scottwax!

06-23-2002, 08:21 PM

Well I plan to be doing more cars and a lot of people ask if i am insured and bonded. I know what it is to be insured, but what is bonded? lol, most of you are probably thinking I am such an idiot right now

. Also, what type of insurance will I need and how much do you think it will cost me. Thank you!

**imported_seres** · 06-23-2002, 09:21 PM

Hi Al,

I asked my dad some about this -- he used to do insurance -- and here was his reply:

"I really didnt do much commercial insurance so I`m not much help.There is a garage keepers liability policy that service stations and repair shops have that would cover the situation we talked about earlier. (in referral to my other post about driving other people`s cars) I think that would be a good policy to have if a person had a shop. It would also cover general liability if someone was injured on the propery. Not sure how it would work if you are working at home.

Most of the time when folks talk about being bonded,they are talking about a dishonesty bond or a performance bond. Contractors have to by a perfomance bond sometime to insure the completion of a job. Dishonesty bond would cover you if you stole something. I was bonded in the insurance and banking business ."

06-24-2002, 10:17 AM

how much do u think it would cost for this?

**imported_seres** · 06-24-2002, 12:21 PM

My dad said it`s been too long since he`s dealt with bonds, so he`s not sure of the cost, but he did find this link -- maybe this will help....

http://www.communityins.com/bonds%20insurance.htm

**Detailing NY** · 06-24-2002, 05:14 PM

Insurance cost me 300.00 for the year, that is a general liability policy. It covers you from damaging the paint on the car to some personel stuff you have. It also covers you that if you are spraying tire dressing and some gets on the floor and the little old lady slips and falls because of it and goes to sue you, you are covered by that policy.

**imported_seres** · 06-24-2002, 05:21 PM

NYD,

Thanks for the info!!! Does your policy cover you for picking up and delivery of cars?

**Scottwax** · 06-25-2002, 12:16 AM

Sorry, I was out of town this weekend. Like NY detailer, I just have general liability-my car insurance guy did the policy as a rider. Pretty cheap, but it would not cover pick-up and delivery. You can expect to pay $$$ for that since you would want at least $1 million in liability insurance-wrecking a Porsche and injuring others will cost serious money should it happen.

**laynlow** · 06-25-2002, 12:20 AM

Also, if you own your own business it is a very good idea to have an umbrella policy. These policies will cover anything that your other policies miss, and believe me there is always something. One mil is a good number.

**jkochis** · 06-25-2002, 11:52 AM

Originally posted by laynlow

Also, if you own your own business it is a very good idea to have an umbrella policy. These policies will cover anything that your other policies miss, and believe me there is always something. One mil is a good number.

Agreed, and in general they are not very expensive - under $200.

**Detailing NY** · 06-25-2002, 09:18 PM

No my policy does not cover pick up and drop off, that insurance is real expensive and really not worth it for me to have. I make every one come to me or i come to them.

One thing everyone should understand is the larger amount your policy is the more $$ someone can get by sueing you, if you have a umbrella policy that is even more money they will get.

There is such a thing as being over insured, you need to sit down with an agent and actually go over the needs of the insurance.

Also remember when you do a customers car get a vehicle check-in report and have the customer sign off on it, this will show all prior damage & swirl marks on the veh showing that you did not cause this damage, and if they go to make a claim with the insurance co you can provide them with this and they have no claim.

NYD

**samiam513** · 06-25-2002, 09:40 PM

I found this list a while ago.

http://autoint.com/vehicle_inspection_form.htm

How do you evaluate a dirty car? You can`t exactly see every scratch.

**imported_seres** · 06-25-2002, 09:47 PM

Great form link, Samiam, I was just thinking about posting a question about how a form should be.

And, I second the question -- with a dirty car, it`s hard to judge where various scratches, etc. are.

**laynlow** · 06-25-2002, 10:13 PM

Originally posted by NY detailer

One thing everyone should understand is the larger amount your policy is the more $$ someone can get by sueing you, if you have a umbrella policy that is even more money they will get.

There is such a thing as being over insured, you need to sit down with an agent and actually go over the needs of the insurance.

Its not that black and white. There is also a term called under insured. If you have an insufficient policy to cover whatever business situation you find yourself in, the plantiff might just decide to sue you personally. THAT is where an umbrella policy steps into action. Just because you carry a certain amount of insurance, that in no way means it is avalible to the plantiff. If that was the way it worked there sure would be a lot of Yugo`s having accidents that were insured for $100,000.