Protecting Your Most Valuable Toys with Insurance

Toy insurance is an important investment for Centennial, CO residents who own recreational vehicles and other expensive toys. But the question remains—will one policy cover all your toys? Read on to learn more about toy insurance from Compass Insurance.

How Many Policies Do I Need? 

The first step in determining whether you need separate policies for each of your toys is to assess the value of each one. If you own a single vehicle or toy that is valued at $20,000 or less, then it’s likely that a single policy can cover it. However, if you have several vehicles or toys worth more than $20,000 combined, you will likely need separate policies for each item. 

This is because most policies will cap coverage at around $20,000 per item; anything over that amount would require additional coverage. Additionally, many policies limit the number of things they will cover—so if you have more than the maximum number of items listed on your policy (usually 3-5), multiple policies may be required to ensure complete coverage. 

What Does Toy Insurance Cover? 

Toy insurance covers many items, such as boats, RVs, snowmobiles, and ATVs. It also typically covers damage caused by theft, vandalism, or natural disasters such as floods and fires.

Whether you own just one toy or several high-value items, protecting them with proper insurance is essential for any Centennial, CO resident who wants peace of mind when enjoying their recreational activities. Contact Compass Insurance today for more details and to get the coverage you need to protect all your toys!

Is motorcycle insurance in Colorado a good idea?

Owning a motorcycle can be a lot of fun if you are in the Centennial, CO area. When you have a motorcycle, you can cruise around the community and even take it to the local mountain ranges for a nice ride when the weather is clear. If you have this type of vehicle, it is imperative that you also get an insurance plan for it. There are various reasons why having a motorcycle plan is a good idea for owners in this area.

Financial Protection

A reason that many people in this area of Colorado will want to have a motorcycle plan is so they can receive financial protection. Various financial risks come with operating a motorcycle, including causing damage in an accident or having your motorcycle stolen or damaged. These risks can be mitigated if you have a proper motorcycle policy that will provide liability support and protect the asset.

Comply with Requirements

Having a motorcycle plan to ensure you can comply with your requirements is also a good idea. When you are looking to get a motorcycle, various insurance obligations need to be met. This includes meeting minimum standards set by the state and getting coverage that meets requirements set by a lender. With a proper motorcycle plan, you will comply with these obligations and remain in good standing.

If you are going to purchase a motorcycle in Centennial, CO, it is important that you get the right insurance for it. The team with Compass Insurance can help with this. Compass Insurance will provide you with direct guidance that can be used to properly assess your situation and choose a plan that meets your needs.

How much boat insurance do I need?

When it comes to boat insurance, there are a lot of factors to consider. How much coverage do you need? What type of policy is best for you? And how much will it cost?

These are all critical questions to answer before purchasing any boat insurance policy. And while the answers may vary from person to person, some general guidelines can help you get started.

What factors go into determining how much coverage you need?

Regarding boat insurance, several factors can influence how much coverage your policy should include. For example, the boat’s value is significant – but not the only consideration.

You may also want to consider the value of any additional items on your boat, such as equipment and gear. And you should also consider whether or not you have any additional liability coverage, such as personal watercraft insurance if you ride a jet ski or other type of PWC.

Similarly, the type of boat you own is another factor to consider when choosing how much coverage to purchase. For example, if you have a sailboat or power boat, the value of both will be important to consider when choosing your coverage limits.

And finally, your personal situation can also impact how much coverage you need. Are you? Do you have children? How old are they? Your answers to these questions may also influence how much coverage you need.

If you have questions about insuring your boat, give Compass Insurance a call today. We proudly serve the Centennial, CO area.

Motorcycle Insurance: What About When My Bike’s in Storage?

Your motorcycle is a significant investment, and you want to protect it. But you may wonder why you pay for coverage when your bike’s off the road and safe in storage. However, it’s not that simple. Your motorcycle insurance policy should cover your bike in Centennial, CO year-round, even when your bike’s in storage.

Protection From Damages

Is your motorcycle safe from the elements in storage? Most likely, no. Your garage or storage unit is not a fortress, and accidents happen. Your insurance policy should cover the repairs if your motorcycle is damaged while in storage. Your Compass Insurance agent can help you determine the best coverage for your needs and provide a quote.

Theft Protection

Yearly insurance premiums for your motorcycle are based on several factors, including the likelihood of theft. If you live in an area with a high rate of motorcycle theft, you’re more likely to pay more for coverage. However, you’re still covered if your bike is stolen from storage. Even if you don’t live in a high-crime area, it’s essential to have coverage if your motorcycle is stolen. You put a lot of money and care into your bike and want to be compensated if it’s stolen.

Security

With motorcycle insurance, you can relax and enjoy the ride, knowing that you’re covered in case of an accident, theft, or damage to your bike. Plus, your lender will require you to have insurance if you have a loan. So, it’s important to make sure you’re covered year-round.

Your Compass Insurance agent can help you determine the most reliable coverage for your motorcycle in Centennial, CO, whether on the road or in storage. Call us today for a quote.

Does toy insurance offer actual or replacement cost value coverage?

When you come to Compass Insurance about toy insurance for your jet skis, Seadoos, RV, and ATVs, we want you to know your options. You can choose between two levels of cost coverage – replacement cost or actual value.

Actual Value Coverage

If you want to save money on your premiums for toy insurance, choose actual value coverage. If you wreck your ATV or RV, it will pay you the vehicle’s depreciated value. That means the Kelley Blue Book value of the car. While that won’t get you a brand-new one, it will save you money on the insurance policy.

Replacement Cost Coverage

For those who don’t mind slightly higher premiums, choose a toy policy that uses request replacement cost coverage. If your snowmobile gets damaged while zipping around Centennial, CO, the toy policy will cover the cost of a new one of the same brand and model.

What parts of toy insurance cover your toys?

A toy insurance policy consists of five parts. Three of them cover damage to your vehicles or toys. While the property damage liability and bodily injury liability protect you from financial loss from a settlement if you cause an accident, the following three parts protect your own toys against property damage:

  • Collision coverage
  • Comprehensive coverage
  • Uninsured and underinsured motorist coverage

For both collision and comprehensive coverage, you choose whether you want actual value or the replacement value. You also set your deductible, just as you do in full-coverage policies for autos.

Contact Compass Insurance

Toy insurance offers you many options to determine your premiums. You lower your premiums by choosing a higher deductible and actual value coverage. If you would rather have replacement value coverage but still save on premiums, stick with a higher deductible. You can also save by visiting Compass Insurance serving Centennial, CO for reliable coverage at reasonable premiums.

Do I Need Boat Insurance All Year Through?

If you only use your boat for a few months, you may ask whether you should maintain boat insurance all year through. If my boat spends most of the time parked, is it not sensible to cancel my insurance to save money? While canceling your boat insurance halfway may seem like a cost-saving strategy, it can be expensive in the long run. Compass Insurance in Centennial, CO has the answers as to why you should maintain boat insurance all year long.

Most risks don’t have an off-season.

You may be off the hook with collision risks, but your boat isn’t safe from perils like fire, theft, falling objects, and vandalism even though it’s parked. That said, please invest in boat insurance all year through to protect your boat in and out of the water.

It may be required

If a loan finances your boat, your lender will likely require you to invest in boat insurance all year through. Always read through your loan agreement to see your obligations regarding boat insurance.

For peace of mind

If you don’t have boat insurance, you will likely worry about perils that may damage your boat. And even if you have home insurance, coverage is only up to $1,000. I am sure your boat costs more than this. If you don’t want to spend sleepless nights thinking about your boat, please invest in boat insurance.

It’s cost-effective

Most insurance companies entice policyholders with reduced deductibles for every claim-free year. If you cancel your boat insurance halfway through, you will end up paying the full amount of deductible. Also, think about the cost of repairing or replacing your uninsured boat. Will your savings for not paying for your boat insurance be sufficient to cover the financial loss?

You don’t need all the boat insurance policies when your boat is parked. You can maintain comprehensive coverage but strike out liability and emergency coverage policies. If you are still unsure how to manage your boat insurance policy in Centennial, CO, please get in touch with Compass Insurance.

A tree branch fell on my motorcycle. Will motorcycle insurance pay for the repairs?

Motorcycle insurance can provide protection for many unforeseen events. It works similarly to auto insurance, providing liability protection and more, depending on your coverage. Our team at Compass Insurance in Centennial, CO is committed to helping motorcycle owners get the coverage they need.

What is Motorcycle Insurance?

Motorcycle insurance is designed to protect you, other drivers, and your motorcycle, in addition to other things. However, what’s covered by a motorcycle insurance policy will depend heavily on your coverage. Most states require all motorcycle drivers to carry liability coverage at levels that meet the state minimum requirements. Liability coverage provides protection and coverage for other drivers, their property, and their motorcycle if you’re found at fault for an accident. It doesn’t offer any coverage for you, your bike, or your property. You need to purchase coverage that will pay for the repair, replacement, or medical bills you may incur if you have a motorcycle accident if you’re interested in this type of coverage. 

Will my insurance cover my motorcycle’s repair if a tree branch damages it?

Liability coverage can’t be used to pay for the repair of your motorcycle. However, comprehensive coverage can. Comprehensive coverage can be used to pay for the repair or replacement of your motorcycle if it’s damaged by a non-collision or moving incident or accident. This type of coverage protects your motorcycle from theft, vandalism, and a host of other situations that don’t involve a collision. If you have questions regarding motorcycle insurance, call us. We’d be happy to take the confusion out of motorcycle insurance and help you find the best coverage for you. 

What Are Some Tips For Shopping For Toy Insurance?

Regarding toy insurance, knowing what you’re looking for is essential. Not all policies are created equal, and there are a few things you’ll want to ensure are included in your policy. Toy insurance covers recreational vehicles such as motorcycles, ATVs, snowmobiles, and jet skis. It’s important to have toy insurance because these vehicles are expensive to replace and can also be dangerous. Compass Insurance in Centennial, CO offers a few tips for shopping for toy insurance.

The Type of Vehicle You’re Insuring

One of the first things you’ll want to consider is what type of vehicle you’re insuring. Different types of vehicles will require different coverage. For example, if you’re insuring a motorcycle, you’ll need to ensure your policy covers bodily injury and property damage. If you’re insuring an ATV, on the other hand, you’ll need to make sure your policy covers both collision and comprehensive coverage.

The Value of Your Vehicle

Another thing to consider is the value of your vehicle. You’ll want to ensure adequate coverage if you have a high-value car. You don’t want to be underinsured and must pay out of pocket if your vehicle is totaled or stolen.

The Type of Use

The type of use will also affect your coverage. If you use your vehicle for racing or other competitive activities, you’ll need to ensure your policy covers those activities.

The Location

The location of where you’ll be using your vehicle is also important. If you live in an area with a lot of crime, you’ll want to ensure your policy covers theft. If you live in an area with many natural disasters, you’ll want to ensure your policy covers those as well.

Conclusion

Shopping for toy insurance can be a bit overwhelming, but ensuring you have the right coverage for your needs is essential. Compass Insurance offers a few tips for shopping for toy insurance and can help you find the right policy for your needs. Give us a call today to get started or visit our offices in Centennial, CO.

Making the Most Of Recreational Toy Ownership

Recreational vehicles such as four-wheelers, jet skis, dirt bikes and more, are a great way to have fun and enjoy time with friends and family. In order to make the most of your ownership though, you will want to make sure you are making smart choices. At Compass Insurance serving Centennial, CO, we want to help our clients make the best decisions concerning their recreational toys and insurance. Keep reading to learn more.

Stay Insured

Even if you live in an area that does not require insurance on recreational vehicles and toys, it is always a smart investment to keep these items covered. Recreational vehicles do carry with them certain risk factors. Accidents can happen involving you, anyone you allow to use the vehicle, and others. These types of accidents can result in costly repairs, medical bills, and even legal fees if someone is hurt because of your vehicle. In order to protect yourself from these types of expenses, you will want to have sufficient insurance in place. 

Practice Good Safety

Even though your recreational toys are for fun, it is very important that you and all people using vehicles are trained on how to use them safely. You should invest in a safety course for your particular recreational toy and then make sure you pass on safety guidelines to anyone you allow to use the vehicle. 

If you would like to learn more about recreational toy insurance or any of our other insurance services, please contact us at Compass Insurance, serving Centennial, CO and the surrounding areas. We will be happy to answer your insurance questions today. 

Top 3 Safety Tips for Bikers

Bike ownership can be a lot of fun, but in order to make the most of the motorcycle experience, you also want to practice the best safety habits. At Compass Insurance serving Centennial, CO and the surrounding areas, we want to help clients make the most of motorcycle ownership. Keep reading to learn the top 3 safety tips for bikers. 

Keep A Check on Weather 

Driving a motorcycle is vastly different from driving a regular vehicle. Because you are exposed to the elements while riding, it is imperative that you always check the weather before heading out. You should also plan for weather changes as the day progresses. Even if the weather is going to be great in the morning, you don’t want to get caught by bad weather later in the day. Driving in less than ideal weather conditions can greatly increase your chances of an accident. 

Maintain a Safe Distance 

Because a motorcycle is so much smaller than a regular vehicle, there is often a temptation to move into small spaces while riding in traffic. You should always keep a safe distance from other vehicles. Maintaining a safe distance increases your reaction time and thus decreases the chances of a serious accident. 

Always Wear The Appropriate Gear

Motorcycle gear is designed to protect you while riding. Helmets, riding pants, and other bike gear can greatly decrease your chances of severe injuries in the event that you are in an accident. 

If you would like to learn about motorcycle insurance or any of our other insurance products, please contact us at Compass Insurance serving Centennial, CO and the surrounding areas.