In 1997 GMAC Insurance launched the Motors Inventory Coverage program for franchised automotive dealership inventories, demonstrators and shop rental vehicles that are not financed by GMAC. That program now provides coverage for over 2,500 dealerships nationwide.
The Motors Inventory Coverage program is available to franchised automobile dealerships to protect vehicles that are not financed and insured under the GMAC Wholesale Floor Plan program. This program is underwritten by Integon Specialty Insurance Company, a wholly owned subsidiary of Motors Insurance Corporation of the GMAC Insurance family of companies.
The Motors Inventory Coverage Program is available to all franchised automobile dealerships that meet the underwriting standards and criteria for the program.
The coverages provided by the program are Comprehensive, Collision, and False Pretense.
- Comprehensive provides coverage for damage to a vehicle, except for collision or upset or other perils specifically excluded.
- Collision provides coverage for damage caused by colliding with another object or upset. In addition to providing coverage for vehicles involved in a collision, carrying Collision Coverage affords economic loss protection and so-called “drive-away collision."
- False Pretense provides coverage for thefts involving trick, scheme or device, including identity theft.
There are three types of vehicles for which coverage is written:
- Inventory - These are vehicles generally held for sale.
- Demonstrators - These are vehicles provided to anyone or any entity for his, her or its regular use.
- Shop - Rental - These are all other vehicles at a dealership including parts trucks, courtesy vans, loaner or rental cars, etc.
Coverage for each dealership is individually priced. Pricing is based upon a number of factors including:
- Individual dealership loss experience
- Location of the dealership
- Size of dealership - limits of exposure
- Deductibles chosen
A wide array of Comprehensive and Collision deductibles are available.
- Comprehensive deductibles feature a "per vehicle" deductible and a “per loss" aggregate deductible. The “per loss" aggregate is the maximum deductible a dealership will be charged. In certain states there are special “weather" comprehensive deductibles, which have aggregates differing from the normal comprehensive deductible or have no aggregate available.
- Collision deductibles are stated on a “per vehicle" basis.
- False Pretense deductibles are the same as the Comprehensive deductibles.
- Proven, efficient claims handling - expert claims personnel with over 60 years experience handling auto dealer physical damage claims.
- No monthly reports of values.
- Spot deliveries covered.
- Economic loss coverage in collision coverage.
- Coverage applies in the United States, its territories and possessions, Puerto Rico and Canada.
- Large selection of deductibles available.
- Free Loss Prevention / Control services.
- Special payments to move vehicles out of harm's way in the event of developing hurricane or flood activity.
To apply for coverage, a complete application must be submitted to the underwriting department by one of our representatives. A complete application consists of the completed application form and loss experience exhibits provided by your previous insurer(s) detailing losses that occurred during the immediate past three years
* This is a brief description for illustrative purposes, only. For a complete explanation of the terms, provisions, conditions, coverages, deductibles and exclusions of the program refer to the policy.
Applications or information may be obtained by contacting your GMAC account representative, your GMAC Insurance dealership insurance specialist, your GMAC Insurance account executive, or our Customer Service center at 800-729-4622 (option #4).
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