Garagekeepers insurance helps protect businesses that temporarily take possession of customer vehicles. If a customer’s vehicle is damaged while it is in your care, custody or control, Garagekeepers coverage can help pay for covered losses caused by fire, theft, vandalism, collision, severe weather and other covered events.
This coverage is designed for Colorado businesses that repair, service, store, park, tow, wash, detail or otherwise handle vehicles owned by customers. Garagekeepers insurance is commonly purchased by auto repair shops, body shops, towing companies, tire stores, oil change facilities, detailers, car washes, dealerships, valet services, parking garages, transmission shops and other automotive businesses responsible for customer vehicles.
How Much Does Garagekeepers Insurance Cost in Colorado?
Many small Colorado automotive businesses may pay approximately $750 to $3,500 per year for Garagekeepers coverage. Businesses that store more vehicles, handle luxury or specialty vehicles, provide towing services, keep vehicles overnight or need higher coverage limits may pay $3,500 to $10,000 or more annually.
The final premium depends on the type of automotive business, number of customer vehicles kept on-site, average and maximum vehicle values, property location, security controls, storage practices, prior claims, selected limits and deductible. Pricing can also vary depending on whether the coverage is written on a legal liability, direct primary or direct excess basis.
What Is the Difference Between Auto Garage Liability and Garagekeepers Insurance?
Auto garage liability and Garagekeepers insurance protect against different risks. Auto garage liability generally helps cover bodily injury, property damage and certain vehicle-related claims arising from garage operations. For example, it may respond if a customer is injured inside the shop, an employee damages another personās property or a mechanic causes an accident while test-driving a customerās vehicle.
Garagekeepers insurance is specifically designed to protect customer vehicles while they are in the business’s care, custody or control. For example, it may help pay if a customer’s vehicle is damaged by a fire inside the shop, stolen from the property, vandalized overnight or involved in a covered collision while being moved or serviced.
Garage liability does not automatically provide complete protection for damage to customer vehicles. Many Colorado repair shops, body shops, dealerships, towing companies, parking businesses and other automotive operations need both Garagekeepers insurance and auto garage liability coverage to address these separate exposures.
Which Carriers Offer Garagekeepers Insurance?
Castle Rock Insurance and its specialty partners work with a broad network of commercial insurance carriers that may offer Garagekeepers coverage for Colorado businesses. Depending on your business type, vehicle exposure and underwriting eligibility, coverage may be available through carriers and programs such as Travelers, The Hartford, CNA, Chubb, Liberty Mutual, Nationwide, Markel, Great American, Philadelphia Insurance Companies, Berkshire Hathaway GUARD, Progressive Commercial, Farmers, USLI, Kinsale, Nautilus, Westchester and other admitted and specialty commercial insurance markets.
Because every automotive business has different vehicle handling, storage and liability exposures, there is no single carrier that is best for every situation. Castle Rock Insurance and its specialty partners review available insurance markets to help Colorado businesses find competitive pricing and the right combination of Garagekeepers insurance, auto garage liability, commercial auto, commercial property, business income, workers’ compensation and commercial umbrella coverage based on their operations.
Get a Garagekeepers Insurance Quote Today
Damage to a customer’s vehicle can create significant financial pressure for an automotive business, especially when multiple vehicles or high-value vehicles are involved. Castle Rock Insurance and its specialty partners make it easy to compare Garagekeepers insurance options from multiple commercial insurance carriers. Contact us today for a personalized quote and let us help protect your Colorado business while customer vehicles are in your care.
