How does an insurance company determine the value of my ATV?

When you purchase recreational insurance, your ATV gets covered in the event of a total loss when you’re driving the vehicle off of your property. A total loss means that the amount it would take to fix your all terrain vehicle costs more than the actual value of the vehicle. If you experience a total loss, then you receive money from the recreational insurance policy to replace your all terrain vehicle. The question is, how does the insurance company determine what you get in the event of a total loss?

The valuation method varies between different insurance companies, so it’s important to know exactly how your company handles valuation before you purchase a policy. Pricing guides such as Kelly Blue Book may provide information about your specific all terrain vehicle, with different pricing levels based on its age and overall condition prior to the accident.

Claims adjusters, especially those working with insurance companies who specialize in ATV coverage, also look into current market value for your vehicle. These values may vary greatly from the guidebooks, depending on the manufacturer of your all terrain vehicle and any modifications you’ve made to it.

Since vehicle prices vary greatly from region to region, it’s important to look for insurance companies who look at local listings of similar vehicles to determine exactly how much you should receive for your totaled all terrain vehicle. The disparity in prices between regions can be significant, and Kelly Blue Book and other guidebooks do not always take that into account. If you need coverage for additional all terrain vehicle accessories, you generally add a separate rider to your insurance policy.

I work part-time using my car to deliver pizza. Does my insurance cover me while I am working this job?

All car owners and drivers must insure their vehicle with at least the minimum liability required by the state the car is registered in. The Law Dictionary notes that thousands of drivers throughout the United States also work as part-time pizza delivery drivers. Most delivery drivers use their own cars to make their deliveries.

According to news site America Now, “if you’re thinking of getting a job that requires the use of your personal vehicle, and you think the company you will be working for will cover the cost of any vehicle crash while working – think again.” It warns pizza drivers of the risk they take when not talking to their insurance company before the job starts.

Many pizza delivery drivers don’t consider the possible consequences of not informing their auto insurance provider that they are using their car for commercial business purposes. If you had an accident when driving your car to deliver pizzas, your insurance company could refuse coverage for whatever damages you incur.

Even if you aren’t responsible for an accident, a police report would find out that you are driving commercially with personal car insurance, and then you would be in serious trouble, both from a legal standpoint and from a financial one. The Law Dictionary explains that “you are legally obligated to tell your insurance provider that you will be using your vehicle to fulfill a commercial function.”

Pizza delivery drivers are in a difficult position. Pizza drivers who don’t tell the auto insurance provider they are using the car commercially, are technically committing insurance fraud. Insurance fraud is a crime, and a judge could fine a driver, sentence them to jail or probation.

The smartest way to avoid any complications, or risk having your policy canceled is by contacting your insurance company as soon as you find out you’re going to be using your own car to make deliveries. Your agent can show you commercial insurance options for your car, and help you pick a policy you can afford that addresses your needs.

Although you may have to pay more for a commercial policy, that added cost will likely be less than fines you’d incur. It will also be a lot less than the cost of repairs to your car (or another driver’s vehicle,) that happened while you were delivering pizza, because your insurer will probably refuse to cover the damages.

Insuring my new personal boat

Boating is a relaxing, fun, and peaceful way to enjoy the great outdoors that Colorado has to offer. However, accidents can happen out on the water, whether it’s simply property damage to your boat, or injuries caused to another person. Instead of letting an accident ruin your entire boating experience, boat insurance coverage helps protect you from the financial impact.

Boating insurance combines elements of other types of coverage you have. Your personal property located on the vessel is covered, similar to the way your items are covered under a homeowners insurance. You get the replacement cost for any property damaged, stolen, or otherwise lost under boating coverage.

Your trailer is an essential part to getting your vessel down to the water, unless it’s a larger boat and you have it docked at a marina. Sometimes auto coverage does include items attached to the vehicle, such as a trailer, but not always. If you don’t have coverage for the trailer through your automobile’s policy, getting boating coverage takes care of the trailer as well.

Other areas of boating policies that are similar to auto policies include the liability if you hit property or hurt someone with your boat. Basic liability coverage takes care of these damages, while you pay a deductible. Damage to the vessel also gets covered under this policy.

If you have your vessel in storage throughout the off season, see if the rates adjust for the lack of usage. Since you don’t need to always be insuring your vessel throughout the year, you have the option to drop coverage entirely or see if the company has off-season rates that are significantly lower.

How can I insure that my business premises are covered?

Purchasing a building or office for your business may result in additional land that also needs protection and coverage. When you want to ensure that the entire property is protected, it is important to purchase the appropriate insurance policy to address your goals and concerns.

Buy Property Coverage

Commercial property insurance is a simple way to protect the assets that you have purchased for your company. Although the details of any plan can vary, the property policy will usually cover the building and any land that comes with the property.

As a result, the premises are covered from the majority of risks that you may face. In some cases, you may need to purchase additional protection if you are not sure that the current plan is appropriate or if you think that it is leaving out important details or problems that may arise.

Plans for Perils or All Risks

Insurers often offer different types of policies based on the risks associated with your business. A basic property plan may offer protection against every common risk, such as storms and fires, but it does not always protect against every situation that may arise.

Adding coverage for specific perils can ensure that your property and premises are protected in most situations. For example, you may need an additional flood policy or protection against a specific natural disaster that may arise and damage your property. Having the right property protection can ensure that you will not face unnecessary or complicated risks.

Taking steps to protect your company assets requires the appropriate property policy for the building and the land that comes with it. Premises are usually protected in commercial property insurance plans. Contact us to speak to an agent to learn more about protecting your company.