As a person living in Colorado, you are legally required to maintain a specific level of auto insurance. While the minimum auto requirement will allow you to get out on the road, it definitely won’t protect you as fully as you would probably prefer. For this reason (and several others) it is important that you choose an auto insurance agency experienced with the auto insurance laws specific to your area of Colorado.
Minimum Colorado Auto Insurance Requirements
Colorado law states that you must maintain the following auto insurance coverage:
Bodily Injury Liability: This coverage is standard liability coverage that will be in effect if you are responsible for an auto accident that causes injury or death of another person or persons. The legal requirement for this type of insurance is fairly low: $25,000 for a one person accident, $50,000 for an accident that involves two or more people. Your auto insurance agency may recommend a higher level of coverage, however. It is important to consider the cost of an accident in your area and plan your insurance coverage accordingly. If your liability coverage is inadequate, you could be responsible for paying the remainder of the bills from an accident, so getting enough coverage is important.
Property Damage Liability: This coverage is liability property insurance that takes effect when you cause damage to another person’s vehicle. It may also apply to other property that you damage while behind the wheel of your vehicle. The law requires $15,000 in Property Damage Liability. Discuss whether this is adequate with your agent, keeping in mind that you always want to err on the side of too much insurance rather than too little.
Optional Insurance Types
You will want to protect yourself as fully as possible while on the road, and this will mean obtaining uninsured motorist coverage (in case an uninsured person hurts you or damages your car,) collision coverage (protects your car in wrecks you’re responsible for,) and comprehensive coverage (in case of theft or other non-road accidents.)
The law requires that everyone have at least the state minimum auto insurance coverage. However, you can also easily work with your Compass Insurance Group agent to work out additional coverage that will provide even more protection for those times when disaster strikes!
The coverage that you purchase on a homeowners insurance policy can be an important part of avoiding unnecessary expenses and maintaining financial stability after your property is damaged. Understanding the options that are available can help you find the policy that is best for your goals, concerns and needs.
There are two policies that are considered a basic plan: HO-1 and HO-2 plans. Generally, an HO-1 plan is limited and only covers the bare minimum that you need as a homeowner. Although it does protect against 10 common perils, it is not usually enough to cover all of your concerns.
An HO-2 plan covers 16 named perils and it is a common basic plan that many mortgage lenders will recommend as the minimum coverage. In some locations, a HO-1 plan may not be available and you may only have a HO-2 plan as a basic policy.
The HO-3 policy is an option that is popular because it covers most situations except the items that are specifically excluded from your plan. It protects against most situations and you may be able to add to the plan if an item that is excluded makes you concerned.
If you have an older house, then you may need a specialized policy that is designed for older properties. The cost of replacing and maintaining old buildings differs significantly because of the materials and the risks associated with aging structures. You may also need to consider a specialized homeowners insurance policy if you own a condo since the space you need to cover may exclude the yard, hallways or common areas.
Policies that are appropriate for your home may depend on several factors. To learn more about protecting your home from damages and problems, contact us to talk to an agent today.
Colorado is one of the most beautiful states around, and the mountain ranges practically call out for getting on a motorcycle and enjoying the sights. You don’t get the same experience driving around the mountains in a car as you do on a motorcycle. The crisp, clean air of the mountain ranges and getting to go through all of the small paths to find that perfect waterfall just makes all the difference in the world. It’s important to protect yourself with motorcycle insurance so you don’t have to worry about how you’re going to cover repair costs or medical bills of either party in an accident.
Motorcycle insurance is expensive, and that’s a simple fact of life. It’s much riskier to ride around on a bike than it is to get in a multi-ton car, and the rates reflect that. This is generally balanced out by the fact that you’re enjoying yourself a lot more when riding, and you didn’t pay nearly as much for your vehicle. Liability insurance pays out to any other party involved in the accident, but it does not cover your own repair and medical bills. Instead, the other party’s liability insurance covers this, unless they are not insured. You can add uninsured motorist protection to your policy so your own insurance company handles any claims that come out of this situation.
Another type of motorcycle insurance is collision. If you want to not worry about the other insurance company taking care of your claim, you can pick up your own collision insurance and deal directly with your own company.
Talk to independent agents in Colorado and pick up a free online quote so you know exactly what premiums you’re dealing with, without having to get on the phone or out of your house.
As a homeowner in Southglenn, CO, you may need to purchase a home insurance policy to protect your assets. A home insurance policy is not required by the state, but some mortgage providers may insist that you purchase a plan to protect the house from common threats. The type of coverage that is available can depend on the policy that you purchase, so it is important to understand your options.
The basic policy is designed to cover very specific threats. Generally, the policy will cover 16 common perils and will list the type of situations that are not covered in the exclusion section of the plan.
In most cases, a basic policy will not protect against flooding, earthquakes or any situation that is specifically excluded. The amount of coverage can vary based on the value of the house and the policy that you selected.
Adding to the Plan
Although you can purchase more comprehensive plans, the options that are available can vary. You can also add to the basic plan so that you have the coverage that is excluded in the basic plan. Adding flood coverage or protection against earthquakes can be a simple way to avoid unnecessary challenges and get the protection that you feel is missing. When you live in a low-risk area, the coverage that you need may differ from homes that have a higher risk of flooding, so you should always consider your options before adding to the plan.
The coverage that is available for your house can depend on several factors, including your personal preferences. You can purchase a basic policy to protect against most threats and then add to the plan to protect against other threats. To learn more about your options, contact us to talk to an agent today.