Help Center

Motors Inventory Coverage (MIC) FAQs

  • What dealerships are eligible for coverage in the Motors Inventory Coverage program?

    Any franchised auto dealership is eligible for consideration.

  • I finance and insure some of my vehicles in a floorplan program. Are the vehicles I do not insure or finance in the program eligible for Motors Inventory Coverage?

    Yes. Motors Inventory Coverage is available for any vehicle, new or used, financed or not, at a franchised auto dealership that meets the program's underwriting standards.

  • Does the Motors Inventory Coverage program provide coverage for a theft that occurs as a result of forgery of a title or other documents or identity theft?

    Yes, in most cases. To learn more, please consult the false pretense section in our policy.

  • Are my dealer trades covered by Motors Inventory Coverage?

    Yes, once the vehicle ownership paperwork is completed, your dealer trades will be covered, based on the terms of your policy.

  • Are spot deliveries covered by Motors Inventory Coverage?

    Yes, where they are allowed under state laws and regulations.

  • If I take a car to hold for sale on consignment, is that vehicle covered by Motors Inventory Coverage?

    Yes. However, it is a good idea to have a written consignment agreement between you and the owner of the vehicle so there's no question that the vehicle has been left with you on consignment.

  • If I rent a car while on a business trip, is it covered by Motors Inventory Coverage?

    Yes. The Motors Inventory Coverage policy provides physical damage coverage for any vehicle you or your employee borrows or rents on a short-term basis; however, this coverage does not include any coverage for liability.

  • If I take a boat, trailer, motorcycle, or some other type vehicle in trade for a vehicle, is it covered by Motors Inventory Coverage?

    Yes. But boats are covered only while on land, and a vehicle must be a land motor vehicle.

  • Does the Motors Inventory Coverage program require monthly reports of values?

    No monthly reporting is required. At the inception or renewal of any policy, you provide us a value determination survey. This survey reports the value of your inventory, demonstrators, and shop rentals by month during the prior year.

  • How are the limits of Motors Inventory Coverage determined?

    When you provide the values of each type of vehicle in the value determination survey, we quote or issue the policy with limits equal to the highest monthly value in each category (inventory, demonstrator, or shop rental) from the prior year. The charge for the inventory insurance is based on an average value from the prior year to take into account fluctuation in values for that class of vehicle. The limits for demonstrators and shop rental vehicles are the same, since there is very little fluctuation in these values.

  • What if my loss exceeds the values on the Motors Inventory Coverage policy?

    If the values you or your agent reported for the prior year on the value determination survey can be substantiated by your books, the policy will cover you for any limit needed in excess of the limit on the policy. This agreement does not apply to losses due to false pretense. False pretense losses are subject to special annual limits within the policy.

  • How are rates and prices for Motors Inventory Coverage determined?

    Your specific rates and premiums are based on the individual characteristics of your dealership, including past loss experience, location, deductible choices, and limits.

  • How do I get a Motors Inventory Coverage quote or policy?

    Simply call 1-800-729-4622 (option #4), Mon-Fri, 8 am - 5 pm ET, or contact your dealership insurance specialist, your insurance account executive, or your Ally representative.

    To get the best rates possible you will need to provide us with loss information covering the last 3 years. This must be on the business stationery of the company providing your coverage.

  • How do I pay for Motors Inventory Coverage?

    The premium quote you receive will have payment instructions for putting your selected coverage in force. Payment plans are available if your term premium is greater than $2,400.

  • If I pay by monthly installments, is there a service charge or interest applied?

    No. There is no service charge or interest applied.

  • If I have my insurance through the Motors Inventory Coverage program, can I report claims to my Insurance representative?

    Yes. Your Insurance representative will be happy to assist you.

  • Is PDR, or paintless dent removal or repair, used in repair work estimations under Motors Inventory Coverage?

    Yes. PDR is an effective way to repair some damage. It is used in estimating repair work and repairing damaged vehicles that are covered.

  • Is there a discount or a deductible if paintless dent removal (PDR) is used for a Motors Inventory Coverage claim?

    No. Not all damage can be repaired by paintless dent removal (PDR).

    With hail damage, for example, only part of a car can be repaired by PDR. The savings incurred by the use of PDR is reflected in the reduction of the cost of the loss.

    Since rates are determined in part by loss experience, keeping the cost of losses down reduces the need for additional rate.