Drive-away Liability Insurance
DRIVE-AWAY LIABILITY COVERAGE applies when you locate a vehicle and “drive it away” to your lot or directly to an auction.
Here, the liability portion of your drive-away coverage is referred to as Non-Owned Auto Liability coverage.
For instance, if you’re driving a vehicle away and strike something or someone (causing bodily injury or property damage), the NOA coverage will respond.. If that was the wrong vehicle you were driving away, that’s where your Wrongful Repossession coverage kicks in.
To consider another scenario for Hired & Non-Owned Coverage, imagine you send two employees to a recovery scene, one driving his or her personal vehicle. The second employee is dropped off to recovery the collateral, while the first employee drives his own vehicle. If the employee in his own vehicle is involved in an accident, that counts as a non-owned vehicle under your policy, which would respond in this instance.
The number of Drive Away Recoveries you perform on an annual basis is a very important factor for your policy and is typically specified in the policy or contract itself. Drive Away Coverage has a $1,000,000 policy requirement.
Contact our team at Recovery Insurance Services today for more information or to get started with the drive away coverage you need for your business.
PLEASE NOTE: Drive Away Liability Coverage is only available as part of a full repossession insurance package. We are not currently writing individual policies for Drive Away Liability Insurance.