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Repossession
Insurance
New York City

Where can a new repo company find insurance?

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Wiki User
2010-12-16 16:51:00
2010-12-16 16:51:00

Here are a few ideas:

  • Some insurers write new companies, but not all of them will. You may have trouble obtaining insurance until you have a "loss record" or track history for an insurer to examine. DO NOT CONFUSE tow insurance with repo insurance as they are different for example, if you have a tow policy you are not covered for things like wrongful repossession.
  • You are required to have wrongful repossession, commercial liability and auto insurance, as well as a dishonesty bond in most states when operating a repo business. Most insurance companies provide both bonding and insurance. It is usually best to use an agent that you are familiar with or one that was given as a referral by someone that you trust. If you are new to the insurance world, call your membership organization (if you belong to one) or your local chamber of commerce for a list of names of reputable agencies. Shop around from there. Make sure all quotes that you receive are provided to you in writing.

    Be certain that any insurer with which you do business is authorized (licensed) to transact insurance in the state in which the policy is issued. There are many entities that look like real insurers, but are fake and which only exist to take premium dollars. The only way to be sure is to verify with your Department of Insurance.

    You need a insurance broker that specializes in this line of insurance.

Few companies will give the coverages that are required by the banks to run a Reposession company. Many companies that do towing risks will tell you that they will look at the risk and quote it for you but will not offer the Drive away coverage, wrongful tow coverage.

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