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Research

Don’t just take our word for it.

A majority of parking and insurance industry experts have emphasized the need for effective and measurable valet training to control risk and reduce costs.

A Special Report from the National Parking Association describes How To Improve Your Insurance Risk Rating: “Next to generating revenue, saving money by reducing costs is a key to running a successful business. … improving your company’s insurance risk rating, will result in lower rates and paying less for coverage. Five main components that will reduce your losses and improve your risk rating are:

  • best safety practices
  • best hiring practices
  • best training practices
  • best claims management practices and
  • contracts.”

The benchmark study of valet training practices conducted by casualty insurance students Identified challenges facing many valet parking firms. Successful companies know that great training is a a great recruiting and retention strategy. Insurance carriers are clear on their stance: Reduce risks, reduce costs.

Pro-active training efforts will head off regulatory intervention and ensure compliance. Training needs will continue to grow with increased technology, accelerating repair costs and customer demands for safe and professional care for their vehicles. And if you’re not conducting effective training for your valets, you can be sure your competitors are.

The BGSU study found that training on how to operate exotic/luxury vehicles has not been a priority in most valet firms. The risk exposure you face with damaging these vehicles is huge; expensive cars are expensive to fix.

Also consider the costs to repair popular domestic and foreign brands: In 2013 the average repair cost for low-speed collision damage was $3,300. Minor bumper repairs cost average $1260. And when electronic sensors are present repair costs are substantially higher. These costs can quickly consume your SI deductible and impair your risk rating – further proving the need to train your valets to safely and professionally operate your customers’ cars.

Explore our archives of relevant blog posts and research papers.

Commercial Properties and Valet Parking - Risk vs Reward
Garage Liability and Garage Keepers Insurance - What's the Difference?
Keys to controlling business and auto insurance costs - The Cincinnati Insurance Blog
Trust Your Car to Valet Parking Insurance
Valet Parking - Are you Driving Into a Wall?

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