Insurance for the Shop?
02-15-2016, 04:29 PM
#2
Le Mans Master
It depends on your coverage so talk to your agent. I got nervous having uninstalled parts tools and equipment, and the car in a detached garage after reading some horror stories related to fires. I made an adjustment in my homeowners for proper coverage. After the fact is the wrong time to have to find out. At a business their insurance, at your place possibly homeowners or auto comprehensive.
02-15-2016, 07:55 PM
#3
Racer
As the article mentioned, you should make sure you have coverage while your car is in the shop. Otherwise you're in the weird state of having to review the shop's insurance periodically to make sure you are still covered. I'd think that's pretty uncomfortable with your car's fate in someone else's hands, plus you get a professional advocate should something go badly wrong.
02-21-2016, 08:24 PM
#4
Your comprehensive coverage would cover you fastest, subject to your deductible. If they saw liability on the garage, they would subrogate (arbitrate or sue) the garage policy, and try to recover your deductible also. If they get 60% back, you get 60% of your deductible back. Of course, you could present a liability claim directly against the garage policy, but the burden of proof would be on you. Still, the insurance company might investigate and simply admit liability and pay your claim. They only owe ACV though--actual cash value, meaning depreciation if applicable, almost never replacement cost. Your own company usually is much gentler on depreciation, and if they have to pay replacement cost, the other company generally has to cough it up in subrogation.
02-22-2016, 08:10 AM
#5
Safety Car
Thread Starter
This gets even more interesting if you have a dedicated race car. A lot of race cars reside in the shop when they're not on the track. This is especially true if you're a Arrive and Drive sort of person.
What sort of insurance do you carry on your race car? What about all those expensive race parts that your shop has stacked in the corner? Think expensive wheels.
Richard Newton
What sort of insurance do you carry on your race car? What about all those expensive race parts that your shop has stacked in the corner? Think expensive wheels.
Richard Newton