Garagekeepers Liability Coverage

GARAGEKEEPERS INSURANCE – 

WHAT ARE My CHOICES?

The Garage Liability policy is one of the most misunderstood types of business insurance policies. It is a unique type of policy and many seasoned professional insurance agents don’t really understand it well.  Attached to the garage liability policy, one often finds a coverage called garagekeepers insurance.  At the MVP Agency in Johnstown, OH we understand this form very well and hope to clear up some of the confusion about this policy type.

 The garagekeepers form is a coverage that can be added to the garage form and it allows for protection for the your clients vehicles, left in your care while you are repairing them.  This coverage includes both comprehensive and collision coverages for those vehicles.

 When purchasing this coverage, there are 2 more choices you will need to consider.  The first is the question of Direct coverage, verses Legal Liablity coverage.  If you purchase direct coverage, then your policy will pay the claims for collision and comprehensive coverage for your client’s vehicles whether you are at fault in the loss or not.  If you choose legal liability coverage, then these claims will only be covered if your repair or body shop can be found to be legally liable for the loss.  Of course the direct coverage will be a bit more expensive but you may choose it so that you can quickly pay the damages caused to any of your client’s cars. It may generate better client relationships too if you are paying the claim and not forcing them to file on their own personal auto insurance.

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Just Starting Out in Your Career?

Just Starting Out in Your Career? Here’s Boomer Esiason’s Advice to You

September 4, 2014 | Maggie Leyes | 0 chat

Starting out can often be hard: entering the workforce, getting married, buying a home, having a child. These are all first steps that can be as nerve-wracking as they are exciting.

But it’s important not to forget a critical step during this time—putting a strong financial foundation in place with proper life insurance planning. Neglecting that step can have devastating consequences.

Boomer Esiason, record-setting MVP quarterback and spokesperson for Life Insurance Awareness Month, knows this too well. He was just 7 when his mother died with no life insurance. His father struggled not only with his grief, but with keeping finances, work, home and kids in balance. “I was handed a life lesson early,” says Boomer. “It wasn’t the easiest life—my dad sacrificed a lot.

You can watch his story here:

https://www.youtube.com/watch?v=CeZWjRkxFgA

It’s a lesson that Boomer is now passing on to his children. His daughter, Sydney, just graduated from college and is transitioning to the work world. “It’s important that she grasp the whole picture, including the financial responsibilities that are hers now,” Boomer says. “She needs to understand that life isn’t just about tomorrow, but about the years to come when she’s a mother herself. And life insurance is an important part of that.”

Plus, youth and good health are on Sydney’s side. Life insurance at this stage is very affordable—much more affordable than most people think. Those 25 and younger overestimate the cost of life insurance by 10 times, according to the 2014 Insurance Barometer Study by Life Happens and LIMRA. In fact, a 22-year-old in good health can get a $250,000, 20-year level-term life insurance policy for about $12 a month.

I’m glad Sydney has embraced these new responsibilities,” says Boomer, “and I’d encourage those just starting down the path of a career, marriage and family to take the time to look into getting life insurance coverage, so they have that important financial foundation in place.”

by Maggie Leyes

Maggie Leyes is VP of content strategy for Life Happens. She has been working in the insurance and financial services industry for more than 15 years.