In 2019, hail damage claims exceeded $10 billion for the eleventh consecutive year. What is even more shocking is the increasing threat that hail poses for automobile dealerships. In fact, a 2018 storm that produced baseball-sized hail in the Dallas-Fort Worth area caused $1 billion in property loss. Needless to say, when a storm system begins to roll in, dealership owners need to have confidence in their hail coverage.
While many are familiar with the term “Tornado Alley,” fewer have heard of “Hail Alley.” Hail Alley is a region that encompasses the Front Range of the Rocky Mountains in Wyoming & Colorado, western Nebraska & Kansas, as well as Northern Texas. The area averages between 7 and 9 hail events each year, and contains 4 out of the top 5 states for losses caused by hail.
There are very few ways to protect a sizable car lot from damage, making insurance vital for any dealership. However, many policies are filled with hidden restrictions and exclusions that do not play in the favor of dealerships. If their coverage is lacking, they could be left footing the bill for much of their damaged inventory.
At Hailios, we recommend that auto dealers explore the option of parametric hail insurance. Rather than being paid based on losses sustained from a hail event, parametric hail insurance kicks in when a measurable event meets or exceeds a set threshold. This allows for expedited claims processing, allowing a dealership to access their money and return to normalcy sooner.
Our new Eyewitness sensors support businesses by collecting property level data in real-time during weather events, streamlining the claims process by providing insurance providers with instant access to the information they need.
At Hailios, we’ve revolutionized the collection of environmental data. Our free-standing systems empower insurance providers to make more accurate and timely decisions. If you’re a business owner preparing for hail season, contact us by emailing firstname.lastname@example.org or by calling 1-719-375-1622, and we’ll help find a solution that’s right for you.