Can a Speeding Ticket Affect Your Car Insurance?

There are certain rules of the road, such as the speed limit, that people might overlook at times. This is an area of traffic law that is incredibly important. If you are stopped and issued a speeding ticket, you might wonder what the consequences will be when it comes to your auto insurance. A Centennial, CO agent from Compass Insurance can help you understand if this may have an effect. 

Will it impact your car insurance if you get a speeding ticket? 

The short answer is that you probably will have points added to your driver’s license in the event that you get caught speeding and receive a ticket. In turn, this can lead to an increase in how much you’ll have to pay for automobile insurance. Colorado is a state that adds points to a person’s driver’s license for this and other reasons. 

The amount that your insurance rises after a speeding ticket depends on several factors. Among those are the state in which you reside, your driving record up until that point in time, how fast you were driving, and the company that you use for insurance. You may have to wait a little while to find this out since it might not change until your policy is renewed. This is because your insurance agency typically won’t review your driving record until this time. 

Additionally, if you get multiple speeding tickets within a three-year period, you likely will have much higher auto insurance rates because you’ll be considered a "high-risk driver".

As with nearly anything else, all of this may not be applicable even though it’s common practice to raise automobile insurance rates after the policyholder receives a speeding ticket and has points put on their license. If you’re new to getting auto insurance, it can benefit you to talk to an experienced Centennial, CO area agent from Compass Insurance about your concerns so you know what to expect. 

Is basic auto insurance ever enough

At Compass Insurance in Centennial, CO, we were founded in 2002 with the intention of offering residents choices that only an independent insurance agency can. We are committed to not just finding our customers the right policy, but we continue to offer our expertise and our help throughout the year. We have an in-house claim specialist, who will be there with you through the entire claims process. 

In Colorado basic auto insurance is confined to liability coverage. Liability insurance helps to pay for injuries you may cause to other drivers and their passengers as the result of an accident where you are the at-fault driver. It will also pay for property damage. The Colorado limits are 25/50/15. That translates to $25,000 for the first injured person and a total of $50,000 for an accident. The property limit is $15,000. This is pretty basic, especially the property damage, if the vehicle is relatively new, $15,000 could leave you paying a lot out of pocket. 

That is what basic auto insurance consists of, does it seem like enough to you? If you don’t have any assets, and you have an old clunker, it probably is. For the rest of the driver, this is just not going to cut it. Especially if you still have a car loan, you are going to have to carry comprehensive and collision coverage. 

Comprehensive and collision coverage will repair your vehicle and if you are like most people, you count on your vehicle to get to work and to get around. It can cost thousands of dollars after an accident or if your vehicle is stolen. Insurance makes it possible to replace or repair your transportation. Since this is a necessity, basic auto insurance just won’t be enough.

If you live in or near Centennial, CO, Compass Insurance is your one-stop insurance agency. 

Coverage Options for Auto Insurance

The state requires that all motorists have at least liability auto insurance in place. This type of policy will cover the medical bills for any injuries sustained by others if you cause an accident to occur and it will also cover any property damage as a result of the crash. The auto insurance agents at Compass Insurance in Centennial, CO understand the importance of avoiding fines, court costs, and possible driver’s license suspension by securing the right auto insurance policy for you.

Underinsured and Uninsured Motorist Coverage

Underinsured and uninsured motorist coverage is very important to have in place just in case you are involved in an accident with a motorist who does not have any insurance or not enough to cover all of the medical bills for injuries you suffered in an accident that is their fault, as well as not enough to cover property damage which includes your vehicle.

Comprehensive Insurance Coverage

Comprehensive insurance will pay for repairs or to replace a vehicle if it is damaged or destroyed by vandalism, a fire, or a natural disaster. It will also cover your vehicle if it is stolen.

Collision Insurance Coverage

Collision insurance covers damages that occur as the result of a collision with another vehicle or an object. For example, if you hit a building and cause damage to it, this part of your policy will cover any damage you caused to the building.

Many lenders and banks that you may have used to purchase your vehicle may require you to have these types of insurance policies in place along with liability insurance.

Call For a Quote Today

The agents at Compass Insurance in Centennial, CO are ready to assist you with all of your auto insurance needs. Call for a quote or to make an appointment today!

Three things to know about auto insurance claims

One thing any motorist and auto insurance policyholder is how to file a claim on an auto insurance policy. At Compass Insurance, we offer auto insurance policies in Centennial, CO. 

The following are three things to know about auto insurance claims if you are a motorist in Colorado.

It’s important to file a claim as quickly as possible.

After you’ve gotten in an accident, it’s important to contact your insurance company to file a claim quickly.

Your insurance company needs to get the claim process started as quickly as possible so that the costs of your accident can be covered. 

Police reports are important when it comes to auto insurance claims. 

Any accident resulting in significant damages should involve a police report. A police report can be used to establish fault in an accident. You should supply a police report to your insurance company if there is one when you file a claim on your auto insurance policy.  

You may be able to enjoy rental car coverage until your vehicle is repaired. 

One huge possible benefit of having collision coverage on your policy is that you might enjoy rental car coverage.

Perhaps your vehicle has been damaged in an accident to such an extent that it needs bodywork and repairs before you can drive it again. With rental car coverage, your insurance company will cover the costs of a rental vehicle until your own vehicle is driveable once again after an accident. 

When you’re looking for an auto insurance policy in Centennial, CO, we’re here to help at Compass Insurance. Contact us if you’d like to learn more about auto insurance or explore your policy options in Colorado. 

5 Important Facts Every Driver Should Know about Auto Insurance

If you drive a car in Centennial, CO, you’re required to have auto insurance. Auto insurance is designed to protect you against mishaps that can occur during your travels. At Compass Insurance, we can help you obtain the right auto coverage for your lifestyle. Here are some important auto insurance facts every driver should know.

Auto Liability Coverage is Mandatory

Auto liability coverage is mandatory in most states and Colorado is no exception. Liability insurance pays for injuries and vehicle damage to other drivers in accidents that are your fault. Collision, comprehensive, and uninsured motorist (UM) coverage are optional.

Auto Policies Offer Various Types of Coverage

In addition to liability insurance, auto policies offer collision, comprehensive, UM, and roadside assistance coverage. Collision insurance covers collision damage to your car. Comprehensive covers theft and damage from non-collision sources. If you’re hit by an uninsured driver, UM coverage helps pay for your repair costs. Roadside assist covers towing and minor repairs if you have a breakdown on the road.

You Can Customize Your Auto Policy

Auto policies can be customized by being selective in your coverage. Customized coverage gives you more accurate protection for your lifestyle. It also helps reduce auto insurance costs.

Cheap Insurance Isn’t Always the Best Option

Cheap insurance may be lacking in the essential protection you need. Inadequate coverage could cost you more in the long run as you may have to pay for injuries or damages out of pocket. We don’t recommend you compromise coverage for the cost.

Auto Insurers Aren’t All the Same

Insurance companies vary in their coverage, services, and costs. By working with a reputable insurer, you’re more likely to receive quality coverage and services at reasonable costs.

To purchase the auto coverage you need in Centennial, CO, contact your Compass Insurance agent today.   

Auto Insurance Coverage Options for Centennial, CO Drivers

As a driver in Centennial, CO, you are required by law to have an active auto insurance policy. Some insurance coverage is mandatory while other insurance coverage is optional. Here is what you need to know about auto insurance coverage options for Centennial, CO drivers.

Auto insurance coverage for CO drivers include:

  • Bodily injury liability (BI)
  • Property damage liability (PD)
  • Uninsured/underinsured motorist (UIM)
  • Medical payments coverage (MPC or Med Pay)
  • Collision coverage
  • Comprehensive coverage

Bodily Injury Liability – If you cause an accident that results in a severe injury or death, bodily injury liability helps with paying for damages and other associated fees.

Property Damage Liability – If you damage someone’s property, including physical properties, such as garage doors, building, utility poles, and similar physical property, damage liability insurance covers these damage expenses.

Uninsured/Underinsured Motorist – If you are involved in an accident and the other driver does not have adequate insurance coverage, uninsured/underinsured motorist insurance covers medical expenses, and other associated fees.

Medical Payments Coverage – Medical payments coverage started in January 2009 and requires CO auto insurance agencies to offer this coverage. This type of insurance policy is not required by law, but if you do not want medical payments coverage, you must opt-out or it will be added to your premium coverage automatically.

Collision Coverage – Collision coverage handles the expenses associated with the damage done to your car as a result of a collision with another car, fire hydrant, or other objects. Collision coverage is not mandatory in CO, but it may be required by your bank if you have an active auto loan.

Comprehensive Coverage – Comprehensive coverage handles the expenses if your car is stolen or damaged by nature, such as hail, flood, wildlife, and similar instances. Comprehensive coverage, like collision coverage, is options but may be required by your bank if you have an auto loan. 

Here at Compass Insurance, we take pride in the excellent customer service we provide. Our customers are our priority. We offer a variety of insurance solutions for Centennial, CO residents, including auto, home, commercial, and other insurances. Contact us today to learn more about our company and the insurance solutions we provide.

Is Auto Insurance Required in Colorado?

For a lot of people in the Centennial, CO area, owning a car is a necessity. When you have a car in this area, it will be a lot easier to get around the Denver metro area. If you are going to have a car, no matter how often you drive it, considering your insurance needs is important. There are several situations when auto insurance is required in Colorado. 

When Driving on Public Roads

One situation when having auto insurance is required is when you are going to be driving your car in public. Similar to other states, those in Colorado need to have liability auto insurance whenever they are going to use public roads. When you have this form of auto insurance, it is going to allow you to have coverage to pay restitution if you were to cause damage during an auto accident.

When Taking Out a Loan

The majority of people that purchase a vehicle today need to take out a loan to finance the purchase. As long as the loan is outstanding, you are going to need to have auto insurance. Auto loan providers will want you to have this coverage as it ensures their collateral is covered and protected. This way, if your car is stolen or damaged, you will at least have enough coverage to pay off the loan.

Having a car in the Centennial, CO area is very common. When you do get a car in this area, choosing the right auto insurance policy is a big decision. Due to the challenges that come with this decision, working with Compass Insurance is a good idea. The team at Compass Insurance can help you to find an auto insurance policy that works for you based on your needs.

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. 

Should I Get My Teenager a Separate Auto Insurance Policy?

It’s perfectly normal to feel conflicted about your teen starting to drive. On the one hand, it’s great that they are experiencing more freedom and can start transporting themselves places rather than relying on you for everything. On the other hand, it’s downright scary that the kid you’ve watched grow up is now getting behind the wheel. 

Naturally, you want to do what you can to keep your teen — and your car — safe. If they have moved beyond their instruction permit and have a drivers license, they are already required to have auto insurance in order to legally drive in Colorado and other states. But should you add them to your policy or keep them separate? Fortunately, the experts at Compass Insurance are here to help! Serving drivers of all ages in the Centennial, CO area and beyond, we’re here to answer all of your questions.

Yes, You’ll Probably Want to Add them to Your Own Policy

In most cases, you’ll want to add your teen to your own policy. And if your teen is driving your vehicle (including a vehicle that you own but do not drive), you’ll definitely want to add them to your own policy.

For a more straightforward process, it’s a good idea to do this when your policy is up for renewal, or when you are looking for a new auto insurance policy yourself. Not only is it easier for a teenager to get approved for insurance when on their parent’s policy, but this will also give them more advanced coverage options.

When Should a Teen Have Their Own Auto Insurance Policy?

If your teen happens to be the sole owner of their vehicle, then it can be a good idea for them to get their own auto insurance coverage. However, it is important to discuss their options with an experienced insurance agent and be actively involved in helping them find a good policy.

Have more questions? Want to get started on either getting your teen their own auto insurance policy or adding them to your own? Contact us today at Compass Insurance or drop by our office in the Centennial, CO area. We look forward to getting your teen driver the coverage they need to be safe on the road! 

 

Combining Your Auto Insurance When You Marry

Combining Your Auto Insurance When You Marry

You combine a lot of things when you get married. You might not have known it, but you and your spouse can combine your auto insurance when you get married to save money.

Why Insurance Companies Give a Discount

Something happens to people when they get married. They become safer people. Married people get into fewer accidents than single individuals. Insurance companies value safe drivers, so they give them lower rates. You can save money by combining car insurance policies with your spouse. In some cases, you can also combine policies if you are a domestic partnership.

How You Qualify for the Discount

Rather than simply getting married, you both also need a few simple qualities to qualify for the better rates. Come talk to an agent at Compass Insurance of Centennial, CO to find out how much you both could save. You both need to have a clean driving record and no recent gaps in coverage. When you insure multiple vehicles on one policy, you can qualify for a multi-car discount. If you have separate insurers, you can move the one at another insurer to Compass, then combine them.

When You Shouldn’t Combine

Sometimes, you need to keep your policies separate. If one spouse has a poor driving record or a DUI, combining won’t get you a lower rate. In fact, it would likely raise the cost of the low-risk driver’s policy. Also, avoid combining if one spouse has had to file a lot of auto insurance claims. That could increase your premiums. Finally, if one spouse drives an expensive vehicle like a Jaguar, Camaro or Corvette.

Call or come by Compass Insurance of Centennial, CO to learn more about combining auto insurance. We can help you determine which insurance option is right for you.