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Repossession
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Commercial Insurance

Where can you obtain bonding and insurance for a repossession business?


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Wiki User
2016-09-13 07:00:40
2016-09-13 07:00:40

Repo Business Insurance You can also contact me! I represent an Industry driven Program that was designed to package all of the coverages that are required by the major lendors. The hard coverages to acquire through your average broker are the wrongful Repossession and the Drive away coverage. This is a national program and writes as an admitted carrier in all but 5 states. Feel free to contact me with any questions that you may have i will be happy to help you out. My contact info is Michael@glbins.com 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. You best bet is to go with an agent that you are familiar with or one that was given as a referral by a close friend, relative or business associate. 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. Here is an additional opinion from another FAQ Farmer:

  • Most schools that offer licensing of insurance and sorts would be the best place to call, they will tell you where you can get them and they are not motivated by price.

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if i understood what i have been told they can not destroy your property to obtain the investment they are repossessing.The recovery papers are to obtain legal possession of the vehicle mentioned in the orders.


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