A Guide to Motorcycle Dealers Insurance Coverage
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According to the National Highway Traffic Safety Administration,
there has been at least a 30 percent increase in fatalities and
injuries related to the operation of motorcycles. In the same respect
there has been a definite increase in the number of motorcycles
that have been purchases in the United States as well, as this
is no longer the pastime of Harley Davidson enthusiasts.
Everyday people go about purchasing motorcycles and obtaining
motorcycle licenses as well these days, and for this reason being
a motorcycle dealer in the United States is quite a profitable
niche, especially in certain areas of the United States where the
sun shines most times of the year. It can be all too easy to make
good money with a motorcycle dealership, but it is important to
realize that just as motorcycle owners must purchase motorcycle
insurance coverage policies, it is also necessary that a dealership
owner purchase insurance to cover the fleet of motorcycles that
they have on the lot yet to be sold.
There are a variety of reasons and instances in which a motorcycle
dealer should have appropriate medical coverage, but most of them
are common sense and in many places insurance is required by law.
Test Drives
Chances are that your customers like to test drive the motorcycle
that they are looking at before they drive it; it just makes
sense. If something happens while the motorcycle is out on a
test drive, the dealer is liable. This applies to accidents that
are the fault of the test driver, other people, collisions with
public property, and other things. Stuff happens, and it is important
to protect yourself with every bit of coverage that you can possibly
afford, especially when it comes to test drives.
Theft or Damage
As much as we would like to think that it does not occur, as a
motorcycle dealer you also have theft to worry about. All of
the precautions that are taken to prevent theft, theft does still
occur so it is important to protect against it. Just as people
have policies to cover the possible theft of their bike, so should
you as a motorcycle dealer. The same goes for damage, whether
it is damage due to wind or flood or damage due to vandalism
or some other act. This means lost money to the dealership, which
means less money out of your pocket not to mention a potential
lawsuit.
Acts of God…and
Just About Everything Else!
Insurance is meant to cover the inevitable, and as a motorcycle
dealer you have a great deal more to lose than a lot of other
dealerships out there. Motorcycles are nearly 25 percent more
likely to be involved in an accident that seriously injures or
even kills a person, so it is important to take all of the necessary
precautions to protect yourself, your business, and your customers.
While motorcycle dealer insurance is a good idea for many reasons
and legally required in many areas, it is just good business!
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