Three factors to consider regarding your auto insurance policy limits

One of the biggest considerations to take into account when you’re purchasing auto insurance is what your coverage limits are. Your coverage limits are the maximum amount a claim can be worth for various expenses such as medical bills and property damage, for example.

There are numerous factors that could influence what the claim limits should be for a policy in Centennial, CO from Compass Insurance. The following are three of the most significant factors influencing auto insurance policy limits: 

State laws

Each state sets its own mandatory minimum coverage amount when it comes to auto insurance. In the state of Colorado, motorists need to carry limits of at least $25,000 for bodily injury. It’s also required to have at least $50,000 of coverage per accident and $15,000 of coverage for property damage. 

The value of your vehicle

If you have collision coverage, the value of your vehicle should determine your needed coverage limit for this type of coverage. Your collision coverage limit should be any less than the value of your vehicle. This way, you could potentially be compensated for all of the collision damages your vehicle experiences if it is declared a total loss after an accident. 

Your budget

Of course, you’ll ideally want the highest limits possible to make sure any expenses resulting from an accident are covered. However, you may be limited by your budget. The higher your coverage limits are, the more expensive your policy is going to be.

You need to consider the resulting monthly premiums you’ll be required to pay for corresponding coverage limits. Then, choose the coverage amount that is affordable to you and offers the best value. 

If you’d like to explore our policy limit options for insurance for Centennial, CO motorists, get in touch with us at Compass Insurance. 

Reasons to Get a Colorado Home Insurance Policy

Centennial, CO is a wonderful community to live and work. Along with this, it can be a great place to buy a home as there continues to be a lot of potential for asset appreciation in this city. If you are going to purchase a home in this area, you also need to make sure that you are properly protecting your assets. The best way that you can do this is by getting a full home insurance policy as they can protect you in several different ways. 

Ensures Home is Protected

Similar to those that are in any other area, there is always a risk in Centennial that you could suffer a loss due to fire, bad weather, theft, or even vandalism. Since these risks are always present, it would be a good idea to protect your home with insurance. When you have a home insurance policy, you will get coverage against all of these risks.

Liability Mitigation

If you own a property and someone is injured while on your premises, you could be found liable for any damages. Since this is a risk that all people take on at all times, it is important to get good insurance coverage for these situations. This will protect you well against liability concerns that come with homeownership.

If you do buy a home in the Centennial, CO area, it is clearly very important that you get a good home insurance policy to cover it. To make sure that you get the best policy possible, you should contact the team at Compass Insurance. The team of insurance professionals at Compass Insurance can handle all of your home insurance needs. This will make sure that you get into a home insurance policy that protects your valuable asset and gives the liability protection that you need to have peace of mind.