Driving to Canada and Mexico – Is Your Car Covered?

The long road trip is the quintessential American vacation, but what do you do when you have seen everything you want to see in the continental United States? That’s the time to see the sights of Canada and Mexico with the auto insurance you need from Compass Insurance in Centennial, CO.

Does Your Auto Insurance Cover You in Mexico?

Never drive across the border into Mexico, even for a day trip, without coverage for your car. If you are involved in a wreck in Mexico and don’t have insurance, you can be held in jail until a judge is satisfied that you will pay for any damage you are later found to have caused. You need to carry your policy with you when you are driving in Mexico!

Compass Insurance in Centennial, CO works with several companies that can provide coverage in Mexico. We can also write Mexico-specific coverage for motorcycles and RVs. You will only need this coverage while you are in Mexico.

Does Your Auto Insurance Cover You in Canada?

Driving into Canada is less complicated than driving into Mexico. Most of the time, the policy you get through Compass Insurance in Centennial, CO will automatically give you coverage in Canada. Remember to carry your insurance identification card when driving your car.

When traveling to Mexico or Canada, remember to go low-tech. It is always best to have hard copies of your proof of insurance rather than relying on an insurance app on your phone. 

Compass Insurance in Centennial, CO has been in operation since 2002. Because we are an independent agency, we can find the insurance you need for the lowest possible premiums. Call us today at 303-996-9000!

What is the 80/20 Rule in Home Insurance

In insurance, there is a rule of thumb called the 80/20 Rule. It is a way that insurers guide people on how much home insurance they need. If you haven’t heard of it, or if it confuses you, we at Compass Insurance in Centennial, CO are here to help. Give our office a call at 303-996-9000 today.

The 80/20 Rule

Most insurance companies want you to have at least 80% of your home’s replacement value insured. This is the 80/20 rule, and it is a standard belief that anything under this amount is under-insuring your home.

It works because if your home is insured for less than 80% of the replacement cost, your insurance will only cover up to that percentage and not the complete 80%. If you have 80%, the insurance company will fully cover the cost of the damage. However, inflation and capital improvements can alter the property’s value and affect the 80/20 rule.

Capital Improvements and Inflation

If you make improvements to your home, such as an addition that increases the home’s value, you will need to adjust the home insurance amount as well. Inflation is another way that the value of your home can creep up without you realizing it.

To offset any potential rise in home value that puts you at risk of being underinsured, have a home insurance representative review your coverage every so often. This can make a big difference and keep you adequately covered for potential loss.

If you need insurance help in Centennial, CO, our Compass Insurance office staff is here. We are insurance experts and can help you get what you need. Call 303-996-9000 today.