Named after its founder, Enzo Ferrari, the Enzo is the most high-end and rare sports car that Ferrari makes. Ferrari only built 400 of these luxury cars and they often resell for $1 million. On Monday in Stamford, one out of the 400 Enzo Ferraris was damaged in a crash when it spun across three lanes on I95 and crashed into the center divider.
You can imagine how Michael Fux, owner of the car and New Jersey multimillionaire, reacted when he learned that his million dollar luxury sports car was smashed by his repairman. It was a technician for Miller Motorcars, who was driving the car with a passenger when the accident occurred. Thankfully, the driver and the passenger were not seriously hurt.
It’s situations like this that really show the importance of garagekeepers coverage. Garagekeepers coverage is an optional type of insurance that protects the garage business from loss to a customer’s car while in the insured’s care.
The three options garagekeepers coverage offers are:
- Direct Primary: This form of coverage protects the customer’s cars regardless of liability. This means that in the event of loss that was not a result of the insured actions such as theft or weather.
- Legal Liability: This coverage protects a customer’s car when damaged as a result of the insured’s negligence. For example, if the technician damaged the vehicle during a test drive or left the car unlocked and unattended.
- Direct Excess: This form of coverage offers protection to an insured for loss to a vehicle regardless of liability, just like direct primary. However the difference is that if the insured has no liability, the form will on only pay in excess in any other collectible insurance.
While working in the vehicle repair and dealership business it is important to protect yourself with adequate insurance. Contact us for more information on how garagekeepers insurance can help protect your business.