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Posts Tagged ‘dealership’

Illiois Used Car Dealers Insurance Coverage

Friday, January 21st, 2011

This articles discusses the different coverages that are available for used car dealers. Certain coverage or limits discussed here may be suitable for the used car dealers in Illinois. There are thousands of used car dealers in Illinois with about 700 registered used car dealers in the City of Chicago. Coverage types and limits may vary according to state.

Generally, used car dealer insurance is expensive due to the fact that the insurance company has little knowledge of who will be sitting behind the wheel during test drives. Also, liability coverage limits for used car dealers are higher than those in personal auto insurance. In the State of Illinois used car dealers must maintain a minimum liability limits of $100,000 for bodily injury per person, $300,000 for bodily injury per accident, and $50,000 property damage per accident (100/300/50). The State of Illinois does not require more than the statutory limits of $20,000 bodily injury per person, $40,000 bodily injury per accident for the uninsured motorist.

The following is a list of certain mandatory coverages and other optional coverages that owners of used car dealerships need to consider as they shop for insurance coverage.

GARAGE LIABILITY: Provides protection for liability resulting from the maintenance and the ownership of the garage (ie because of ownership/use of a Covered Auto, and because of “Other than Covered Auto.”) Basically Garage Liability provides protection for the premises (ie slip and fall) and for auto accidents. Again, Garage Liability limits for used car dealers must be maintained at 100/300/50 in Illinois.

AUTO LIABILITY: Provides protection for the used car dealer in the event of being sued because of an auto accident. As mentioned earlier there is a minimum limit in each state, and the State of Illinois requires 100/300/50 from all used car dealers. This coverage is almost always included as part of the GARAGE LIABILITY.

DEALERS OPEN LOT: Provides physical damage coverage on vehicles that are owned by the dealer. Physical damage coverage includes Collision Coverage (if and when vehicle collides with another object, or overturn) and may also include one or more of the following coverages: (1) Comprehensive Coverage aka ‘other than collision’ coverage which encompasses all other losses resulting from anything other than collision, (2) Specified Cause (less coverage than in 1) which includes certain coverages specified in the policy such as fire, lightning, explosion, theft, windstorm, hail, flood, mischief and vandalism; or [3] Fire and Theft (less coverage than 2). Insurance companies may set coverage limits per vehicle (for example, the policy may contain a limit of $25,000 per vehicle, maximum 275,000 for the lot.) This limit may be a problem for certain dealers that sell expensive vehicles.

Coinsurance Clause: That is the percentage which will determine if the Insured is fully covered on a partial covered loss. If your policy states that your coinsurance is 90%, then the coverage on the Dealer Open Lot listed on your policy must be 90% or higher of the actual value of your inventory, in order for the insurance company to pay your loss in full.

Example: An SUV was a total covered loss with a value of $35,000. If your policy states that you have 90% coinsurance, and your actual inventory was $300,000 at the time of the loss, then you need $270,000 (90% X 300,000) for you to be 100% covered on that loss. Let us assume that your policy has only $200,000 coverage on dealer open lot. These numbers mean that you had only 74% coverage of the amount you were supposed to have (200,000/270,000). In that case, the insurance company will pay you only about $25,900 for the lost SUV (35,000 X 74%), without considering any deductible.

Coinsurance Clause is meant to penalize people who purchase less than what they actually have or the Under-insureds (some hope to save money by getting less insurance?) Lower coinsurance percentage is better for customers, and have higher premiums too.

GARAGE KEEPERS LIABILITY: The need for this coverage is based on whether or not a particular used car dealer does repair/ body work on vehicles that are not owned by the dealership. This coverage is similar to the DEALER OPEN LOT coverage, but the coverages goes to the vehicles that are not owned by the dealer, but are in the dealer possession.

FALSE PRETENSE: Covers losses of vehicles if the dealer is voluntarily scammed or cheated. For example, if someone comes to test drive a vehicle (with the approval of the dealer) and they run away with it then the loss would be covered under this coverage.

E & O COVERAGES: Certain errors and omission coverages related to the operations of used car dealers may include: Truth in Lending/Leasing Liability (negligently breaking the law related to lending), Federal Odometer and Prior Damage Disclosure Liability (losses resulted from the negligently breaking the law of odometers,) and Title Errors and Omissions (coverage for losses resulting from negligent preparation of titles.)

E & O COVERAGES: Certain errors and omission coverages related to the operations of used car dealers may include: Truth in Lending/Leasing Liability (negligently breaking the law related to lending), Federal Odometer and Prior Damage Disclosure Liability (losses resulted from the negligently breaking the law of odometers,) and Title Errors and Omissions (coverage for losses resulting from negligent preparation of titles.)

Other Coverages: Like all other businesses, used car dealers may need additional coverages such as:

Property Coverage: May include coverage on the building, office equipment, etc.

Workers Compensation: To cover all work related injuries of employees.

Business Auto: Needed if used car dealer owns a specific vehicle for services (such as a service truck).

Other coverages may also include business interruption, extra expense, employee dishonesty, umbrella coverage, signs, crimes and robberies.

Learn more about Used Car Dealers Insurance. Stop by Ed Sneineh’s site where you can find out all about Used Car Dealers Insurance Quotes and what it can do for you.

How To Negotiate For A Good Car Loan

Tuesday, August 10th, 2010

Most of the people are not sure that bargaining is a part of availing good car loans. You should know that it is quite possible to bargain to some extent with the car loan companies. Unfortunately, not all the car loan companies are flexible with their loan rates but still depending on what they are offering you and your knowledge of the car auto loan market there is a certain degree to which the auto loan company would agree to reduce the rate of interest.

Although it might not be a wise thing to do, you can still bargain for quite a lower down payment depending on the type of credit history you have. Most often, people with good credit history are in better position to bargain compared to people with poor or not perfect credit.

So, you will now want to find out the companies that are open for bargaining. Well, most of the offline car loan companies are quite strict with their rates but still there can be some offline companies which are ready to bargain but don’t expect any striking reduction in either your down payment or interest rates.

Although most offline companies can be strict with their interest rates, the online car loan companies are quite flexible. Although the competition is tough between offline and online companies, they online counterparts are found to be more open in dropping their rates a bit just to get a client.

However if you have a bad credit history, then you would be fortunate to a good deal in car loan leaving aside bargain. People with bad credit can rather refer to online car loan companies to offer them car financing provided their credit rating is not that bad. One will have to check on FICO score to see what the credit rating is. This will determine the interest rate, which ranges from 5 percent, with good credit; up to 20 percent with very bad credit.

Although most of the online and offline car loan companies are not ardent in doing business with bad credit holders you can still plead your case by stating exactly the reasons for your bad credit and the steps you have taken to repair your credit.

If you are not confident about you credit score and you are in the market for a bad credit car loan then you most learn how to get a subprime auto loan

Auto Repair During The Life Of Your Vehicle

Thursday, June 10th, 2010

The majority of us today have to have some auto repair done on our cars or trucks these days during the life of the car. There are a great number of makes and models out there now all with various costs of replacement parts and repairs. While the most of us are on the road a good deal of our time day to day it can be usually often required for auto repair and service.

There is a great selection mechanics for getting repairs done on your car or truck depending what you need to have done. Generally you can expect to know how long you are going to wait once you stop in to see the mechanic. If there is more than just basic maintenance getting done you should know exactly how long until you get your car back and get back on the road.

Ordering parts or having some basic repairs done can be frustrating and time consuming. However with the help of friendly staff at your local auto repair company it should be painless. Some basic information is needed for quickly find and make repairs such as the make and model number. You may want to shop around to compare prices doing so can save you a good amount of money.

Many of the possible concerns you may have with your car can be solved with a simple diagnostic tool connected to your Vehicles main computer. Just a simple link is made with the diagnostics tool it can let you know of any problems that exist and if replacement is needed. Once this system check is done you will know for sure if there are going to be any parts needed to get ordered and installed.

There are numerous ways of keeping your car up and running on the road and not just sitting in the Auto Shop often. In addition to having your regular check ups made its a good idea to change out filters as needed for best performance. Many cars and trucks run the best when this type of maintenance is done in addition to changing out the spark plugs every couple of years depending on your Make and model.

Damage prevention when you are driving on the road its vital to make sure the tire pressure is enough for the type of car you are driving. The tire thread is also a very important thing to check routinely to prevent a possible accident. With the colder weather in the north with icing streets you could be more prone to accidents and get a huge repair bill in the event of a incident.

If you are planning on buying a new car in the near future do make sure to check out the average auto repair costs. In many instances a locally manufactured automobile has cheaper and move available parts. Not only are the parts more readily available but there may be more parts in stock. Many foreign cars do cost more to repair especially for longer periods of ownership. This is why in many countries there are more locally produced car and trucks than foreign ones.

Since there are so many choices out there for servicing your car or truck you can be rest assured to save some money and have a wide variety of selection to fit your schedule. Since most of us spend a good amount of time on the road today getting back and forth from the office or your home its good to know there is reliable auto repair services fit for you.

Looking to receive some auto repair for your car? Then contact your local auto service specialists for everything from painting jobs to collision services!

Going To The Best Car Dealerships

Sunday, May 30th, 2010

There are places all around the country where you can find cars. But how do you find these places. One of them is the many car dealerships scattered about the country. Some of these dealerships are located in small towns, but most of them are in the great big cities and very rural areas of the country.

Buying a car can be one of the most important parts of any persons life. It requires a lot of thought and a lot of money in order to be done correctly and safely. By safely, it is meant that doing this should be done after it is thought about so that you will not default on your loan payments or buy a lemon car.

Lemon is a term that generally refers to a car that is bought and always has something wrong with it. It does not matter if the radiator is bad or if attachments keep falling off. There are many ways a car can be a lemon, and when buying a used car, these cars should be watched out for. They are just money traps and the owner only wants to get rid of it.

There are many ways to tell if a car will be a lemon or not, but buying a car from a safe source is by far the best way of knowing. A dealership cannot sell a bad car because it will hurt their reputation and could be grounds for a lawsuit. A person off the street will not have to worry about it because they could disappear if they wished and never have to deal with the person they sold the lemon to.

This is the very reason why dealerships are the very best choice if you are buying a new car. They will not sell you bad cars so you do not have to worry about that. There are many ways to go about finding a good dealership in your town or neighborhood. Asking some of your neighbors where one is can be a good start to finding one.

Another way to find cars is on the internet. This source can be used to find cars from all over the provinces. It can even find the dealerships that exist in the far north where there are not many people living in the towns. The internet can be a great source.

While it is true that there are dealerships in very rural and largely unpopulated areas, most of the dealerships in the country are located in urban centers. This ensures customers because there are many more potential customers from a larger populations. Giant cities and urban centers such as Toronto and Vancouver house hundreds upon hundreds of dealerships.

In essence, finding car dealerships is the safest way to go about buying a brand new car or a used car. People are not to be trusted because they could just be trying to get rid of their lemon. If this is the case, you could be stuck giving up a lot of money on a car that does not even work. A dealer is the way to go.

Looking to lease a car or inspect your automobile for any possible repairs? Then contact your local dealership to receive the answer to your automotive problems!

How To Save Money On Auto Repair Work

Tuesday, May 18th, 2010

A car has become such an essential part of our lives that we may not know what to do when breakdowns occur. The cost of having auto repair work done is something which many of us worry about. The idea of needing to pay to have a vehicle fixed may not be so bad if we know how to keep auto repair costs under control. Here are a few ways that you can do so at the same time that you ensure you are getting quality service.

The first thing you need to do is make sure you perform maintenance tasks regularly. This can include changing oil, checking the levels of engine and transmission fluid, and monitoring tire pressure. By doing so, you make sure that either you notice small problems before they become larger, and that delicate parts in the engine and transmission are protected against the wear and tear that can cause them to break down.

Part of keeping costs as reasonable as possible is learning about the vehicle that you are driving. If you do, you will learn how to tell the signs that repairs are needed. You may even end up learning how to perform small repairs that can keep you from needing to visit your mechanic on a regular basis. Remember, even small repairs can end up costing you a lot of money over time, so learning how to do minor tasks can help you save money in the long run.

Do you know how bills are calculated when you do have repair work done? Learning this can be one of the ways that you can keep car repair costs reasonable. When a mechanic works on your vehicle, there is always a cost for labor and a cost for parts. There may be other fees and charges such as waste disposal, but on average, most of the cost comes from parts and labor.

You may also be surprised how much money you can save if you are willing to do a little leg work and research. You should never go with the first quote you get for any major repair work. By taking the time to call several different garages you will usually be able to save some money on the cost of a repair job. There are many people who are afraid to call around to see what kind of savings they can get and these are people who end up paying too much for their auto repairs.

Always remember to get a written estimate before the work begins and make sure you understand what all of the charges are for. Be warned that some garages may try to tack on the cost of testing that was not performed in order to increase the price. Be prepared to stand your ground and demand an explanation for any charges that don’t seem to make sense. It can be the difference between paying what you expect and paying a lot more than you want to.

The age of your car can influence how much it will cost to maintain it. Newer cars tend to cost more for regular maintenance but, because they have not been driven as much, will usually not have the kind of wear and tear that can lead to repair work being done. Of course, if you take good care of a car, it can work well for many years, which is another reason why performing regular maintenance is so critical.

Don’t let the idea of repair bills frighten you away from the idea of owning a car. There is no way to avoid doing any repair work but if you are careful about how you treat your vehicle and remember to shop around and deal with reputable mechanics you may find that the cost of maintaining your car is not nearly as bad as you imagine.

If you are having trouble with your vehicle you should take it to your nearest auto repair shop, as soon as you can. If you aren’t able to do this the likelihood that the repair will become more sever increases.

Finding The Best Auto Repair In Canada

Tuesday, May 18th, 2010

When it comes to auto repair, there are a few things that you will need to keep in mind when looking for proper operation of your vehicle. There are a lot of different elements and parts that can fail on a car. Any one of these goes out, and you are looking at a costly repair.

Many times we are able to do the auto repairs ourselves if we have the basic knowledge of how a vehicle functions. Things like filters and batteries are able to be fixed on our own without having to find a specialist that will make the repairs for us.

Change all of your filters yourself. This again can easily be done by the person who has basic knowledge of a car. This will be a very cost effective thing that you will be able to do in order to make the most out of your money as well as time. These simple home repairs are easy to do and often times require very little actual knowledge of cars.

Another area that a lot of people are scared of when it comes to their vehicles, is the battery. This is an area that often times a person will take the car to a mechanic in order to have the battery replaced. This is a wasted trip to the mechanic. Why pay to have something done, when you can easily have it done yourself?

One other aspect of auto repair is the battery. This should be a case of simply taking the old one out and replacing it with a new one. There are people that will let someone else charge them to replace their battery. This is a routine maintenance item that you should be able to do on your own.

If the time arrives that you absolutely must have your care repaired, then make sure that you find an auto repair shop that can do the needed work for you at a reasonable price. Many times this can be the difference between having a wonderful experience that will make you want to go back, and one where you will be out a lot of money and very little to show for it.

Ask around to your friends and neighbours, to see who they recommend for their auto repair. Many times your friends will have a particular mechanic that they use for their repair needs. This is a good way to find a place that will thing about your car needs first and your money second.

If you are unsure, then consider having your friends and neighbors, many times this will be as good of a reference as you will be able to get when looking for a person to work on your car. They will be able to give you all of the information that you need when it comes to the type of work that they do as well as the cost for them to do that work. Auto repair is not rocket science. Often times it is simply a matter of knowing what you need to do and how to go about doing it. In the end all that really matters is that you keep your car up and running with as little trouble as possible.

If you are having trouble with your vehicle you should take it to your nearest auto repair shop, as soon as you can. They can perform any repair that is needed such as re-painting or glass replacement.

Things To Consider About Auto Repair

Tuesday, May 18th, 2010

The weather is lovely as you drive along. There have been no major problems for some time. Perhaps you hit a bump. Now the car is driving funny and making odd noises. Do you stop? Do you continue to drive and hope that the problem goes away? Do you turn up the radio or CD player to block the noise? Most likely, you will have to deal with the problem. Something will need fixing. Maybe you can do the auto repair yourself. If that is not the case, it will need to be fixed.

Doing your own work

Performing your own repair work can save a lot of money. That is assuming that you know what you are doing. You will need to go to your local auto parts store. They are there to help you do your own work. You can often get useful advice from employees. In some cases, they may offer free diagnostics. You can bring batteries, alternators and starters in. They will check them for you, free of charge. Some places may offer free diagnostic scanning. It can tell you if you have a bad sensor, or other part.

Many people can do their own car maintenance. Items like air filters, oil changes and windshield wipers. This allows you to save money on simple auto procedures. However, you may not have the necessary tools for some tasks. Some things may involve a lot of skill and labor. You will need to find a mechanic.

Repair shops

When considering an auto mechanic shop, start with references. Word of mouth is a very good source. Do family members or friends know a good mechanic? Maybe someone that you work with knows a mechanic. Many businesses have websites, these days. You may be able to find several online.

Do you have any businesses in mind? Make sure that you check them out. Contact the Canadian Better Business Bureau. The BBB may have information about them. Look into online car forums and discussion groups. You might be able to talk to people in your vicinity about repair shops.

It is a good idea to check out the business in person, first. Notice if it seems to be well organized. Talk to some of the customers there. Do they seem satisfied? Are they repeat customers? This may help you to make up your mind.

Try to get a free repair estimate before the work. This gives you the opportunity to shop prices. In some cases, you may incur a diagnostic fee. This may depend on the type of problems that you have. Try to get several estimates. Are the prices close? Go to the one that seems the most organized. Price is not that important, unless there is a huge difference.

Final thoughts

If you drive long enough, you will have problems with your car. Maybe the problem is not major, and you can do the work yourself. That is good. Many auto parts places will be very helpful to you. It is in their best interest. If you have to take your car somewhere, check them out first. Utilize online and word of mouth sources. Get estimates before the work is done. This may help you to have control over auto repair costs.

If you are having trouble with your vehicle you should take it to your nearest auto repair shop, as soon as you can. They can perform any repair that is needed such as re-painting or glass replacement.

Things To Understand About Car Dealerships

Thursday, May 13th, 2010

It may be time to replace that old car of yours. Will it be new or used? You might live in Alberta or Ontario, it matters little. Car dealerships have common practices. The more you are aware of, the better deal you may get. Here are some tips for buying your next car, on the lot.

The salespeople will do their best to help you. Most people in the business are honest. However, they also are trying to feed their families. If they do not sell you something, they make no money. Keep this in the back of your mind. You have to take care of yourself.

Know what you want. This will help you stay focused. If you want a particular brand and type of car, do not settle for less. Someone may tell you that one particular car is as good as the one you seek. Keep in mind, their motivation. If you want a certain car and they do not have it, they lose commission money. It is in their best interest to sell you something that they have.

There is nothing wrong with substituting another car for your desires. However, make sure it is an informed decision. Do your homework before you walk on the car lot. Read as much as you can about the car that you want. Go to Internet forums and discussion groups. Communicate with people that actually own that type of car. This will give you firsthand knowledge.

Another tip, do not be afraid to walk away at any time. There are many cars out there for you. Do not let anyone rush you into a decision. This is something that you will be paying on for several years. You will have to depend on it for your transportation. It is OK to take as much time as you need.

Are you trading in your old car? This may or may not be a good thing. The best way to handle a trade in is after the fact. Tell them that you probably will not be trading anything in. Try to get the best deal that you can. When you think that you have the best possible price, then mention the trade-in. Here is why.

Suppose the trade-in is part of the deal. You have no idea what they are giving you for your car. This is especially true for new car deals. Often times, there is a large markup on new car prices. This will usually be thousands of dollars. You may think that you are getting two thousand dollars for your old car. In reality, they may have planned to give you the same deal without your car. In other words, you might literally give them your old car.

Shop around for car loans. You do not have to let the dealer handle the financing. Their rates may not be the best. When you make your car deal, it should not be based on monthly payments. Make sure it is about the actual price of the car. Otherwise there can be hidden fees.

Final thoughts

Many people in Canada are looking at cars, these days. There is no need to rush the process. If you want a particular car, do not settle for less. Remember that salespeople are trying to feed their families. They only make money if you buy. The more you pay, the more the car dealerships make. Your deal should always be based on the total cost of the car, not the payments. You may face many hidden charges that way.

If you’re looking for a new vehicle, just need a tune up or need some repairs done one your current vehicle, the best place to go is your nearest car dealership.

The Power Of Knowledge Before Visiting Car Dealerships

Thursday, May 13th, 2010

When you are in the market for a new car in Canada then here are some tips to help get you started. Car dealerships usually are the place you will go. Like Rambo going back to war you will need the tools to help you win the battle and get you the new car you want and need within your budget. Here are some tips to get you started.

You will want to know the type of car you want and what you wish to spend before you go in. You can be a dad looking for a mini van for the family or a construction worker attempting to find that ultimate utility truck. Whatever you are looking for it is on a lot somewhere in Canada.

Start out your prep by looking online. You can get all the information you need to get you ready for the lot. Use these resources and study them thoroughly to stop you from paying for an over priced car. For trade in information you can know what the real value of your car is. You will have the job of getting the most for your current car or truck. A dealer will give you as little as possible for it to make the most money when they sell it again.

Once you have done your basic research about vehicles and trade in value then the next step is choosing the dealer you want to visit. Most car dealerships have websites you can visit and research their inventory. You will need to narrow down the ones that you like the best.

Once you have chosen the dealership, check out their online inventory. This will usually include all of their new and pre-owned vehicles. You are going to notice that the prices will be higher than what your research has told you, especially for the pre-owned cars. That’s ok, it gives you bargaining room. Make sure to pick a second and third choice in case the one you want has already been sold. Write down, or print out, the specifics of the vehicle to include: make, model, color, and mileage and VIN number.

Once you have found the perfect car you have two options. You can fill out the online credit application and start your purchase there or you can go to the dealership. It is preferable to go to the dealership.

Once you arrive, know that car dealerships are in existence to make as much money off of you as they can. You will be met by a salesperson who should be dressed in a professional manner. Your dealer may bargain with you or they may try to sway you to another vehicle. Avoid this type of information and sway tactics as they are trying to make more money from you.

Bottom line is having clear vision when you are going for a new car on the lot of car dealerships in Canada. You will need to be knowledgeable when it comes to fair pricing. Otherwise you may be a prisoner of war in the over priced car market.

If you’re looking for a new vehicle, just need a tune up or need some repairs done one your current vehicle, the best place to go is your nearest car dealership.

Safety For Professional Drivers On the Highway - Emergency Tools

Thursday, March 25th, 2010

A professional mechanic has thousands of dollars invested in hand tools because he or she has to repair virtually any part of any car. Having the correct, appropriate as well as specific tool simply allows them to work faster, more easily and efficiently and at the end of their workday at their garage or auto dealership make more money.

Generally it can be said that the two most frequent causes of breakdowns are either running out of gas and flat tires. While it can be said that in 2010 with cell phones readily available as a standard communications and safety for most motorists and the general public that help in the form of local CAA, AAA, auto manufacturer or big box store roadside assistance or available tow truck can be had readily easily if not in a flash, that it never hurts to carry an empty, gas can - just in case of emergencies like this. Either it may come in handy for you, or to help out another stranded motorist on the road. A word of caution though. Never carry that gasoline container full of gas. It’s a safety and fire hazard in your trunk.

It seems now that virtually every new engine, transmission or other major components now installed in foreign and now standard North American - USA, Canadian and Mexican made NAFTA vehicles are made to metric standards.

Carry an old towel as well, in these situations and regards, since installing tire chains can be a most wet and dirty job. A word of seasoned advice, from a professional driver well knowledgeable about roads and automotive repairs is that if you have never accomplished this task, under duress, then you may well want to practice ahead of time on a dry day in the comfort of your driveway, or perhaps in a parking lot on a quiet Sunday afternoon. You might even want to keep your tire chains easily stored away in an old duffel or gym back. Old hockey bags are great for this purpose. This way they are easily spotted in a pinch and well will not be a nuisance either in your trunk, or truck storage areas.

Lastly and interestingly one of the most versatile and important items in the bottom of your auto and household tool kit can be duct tape - the grey fabric with the stick-to-anything adhesive. In an emergency duct-tape can patch or hold up any of a variety of things. More than one car, truck or SUV has limped many many miles or kilometers into a service station, garage or auto dealership with a ruptured water hose held temporarily together with simple Canadian tire duct tape. A few strips can hold your trunk lid closed, if it is over loaded or even if the trunk latch itself is broken. You can even make the letters for a simple yet effective “Help ” sign that is readily visible at night - safety and emergency means - with this solid performer due to duct tapes highly visible light reflecting qualities.

Fort McMurray Chrysler Town & Country Service Center