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I am starting a car rental company, what type of car insurance do i need and where can i get this? |
I am starting a car rental insurance company. I am having trouble finding out how I can get these cars insured and who will offer me this kind of insurance? My renters will be using their own liability insurance but I want basic coverage for the vehicles. Any information will be greatly appreciated. I work for Toyota Rent A Car, inside of a Toyota dealership. We have the same policy, the renter uses thier own personal auto insurance, but we have a small umbrella policy in case there's a hit and run on the lot, hail storm, etc. The policy that we have is tied with the policy that covers all of our new and used vehicles at our dealership. Rental car insurance is a very specialized insurance, I would check with your local auto dealerships and see what companies they use, and then call the insurance company directly and see what they can do for you. Laws, licensing, and procedures vary greatly from state to state, so I can't really recommend any names or companies as they may or may not work with your state or situation. Personally, I don't recommend selling the "extra" insurance to your customers. It's more trouble than it's worth. We tried it in the past and ended up loosing a lot of $$. It's alot less hassle if the customer uses thier own full-coverage auto insurance that transfers to a rental. If they don't have the coverage, they don't rent, simple as that. And call the insurance every time to verify. They may provide paperwork, but that doesn't always mean that it's valid. It could have been cancelled due to non-payment, suspended driver's license, etc. Good luck in your new venture. You will definitley find it one of the more interesting jobs out there. If there is anymore I can help with, please email me. Speak with people at Hertz or Avis and find out. I would strongly recommend that you talk to a business counselor before you do anything especially spend money. I'd call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE. The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting a car rental company and force you to also understand all of the aspects of this business including the customers you'll concentrate on (your market ) and how you'll go after them. You'll need to register the business with your state controller's office and make sure that you have any city and county licenses if any are needed where you live. All of this will come out in a business plan. You'll also need to talk to an insurance broker or agent. Try this link : http://www.ychange.com/small-business-co... and read some of the articles especially the ones about a business plan and starting a business. Good Luck |
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