Is there insurance that can protect me if my off road vehicle causes an accident?

You get a lot of chances for adventure in and around Centennial, CO, and you don’t want to slow down because you aren’t protected. At Compass Insurance, we assist our customers with many kinds of insurance needs, including insuring off-road vehicles like ATVs, dune buggies and even golf carts.

A good recreational vehicle may be expensive, and it could potentially cause a large amount of damage like any vehicle can. But off-road vehicles are fun to ride, they can get into places a regular vehicle can’t, and they save a lot of money on gas.

Following the rules

Driving an off-road vehicle can seem rebellious, but there are some rules you can follow that will make the experience safer, so you can keep doing it for a long time.

For instance, you shouldn’t take a passenger on an ATV, or drive the ATV on a regular paved road with regular vehicles. Wearing protective gear is also important.

Do you need ATV insurance?

You aren’t legally required to get ATV insurance in Colorado, but you have to ask yourself what you could lose if you don’t have insurance when you need it. Your injuries and/or damages probably won’t be covered under your auto or homeowners policy, and the expenses could add up.

It’s easy to damage your ATV by running over a stone or into a tree, and ATVs are vulnerable to theft and vandalism. You won’t know for sure until you look at your policy and talk to your agent, but if you want to ride an off-road vehicle in Centennial, CO, it is better to be safe than sorry. If you have any questions or would like to talk about a policy suited to what you need, call Compass Insurance today.

Why You Should Include Collision and Comprehensive to Your Motorcycle Insurance Plan

Purchasing a motorcycle can be thrilling for owners, with gas mileage so good that the open road can last right on for miles. While you are out taking on the open road, make sure that you have quality insurance on your motorcycle. While liability is only required in the state of Colorado for owned bikes, expanding past the minimum can protect yourself and any passengers you may be carrying. If you live in or around the Centennial, CO area, upgrade your motorcycle policy today to include collision and comprehensive with a policy from Compass Insurance. 

What does collision cover? 

In the event that you are in an accident with another bike or vehicle, damage to your bike will be covered. If your bike is a total loss from damages, you will be covered for the value of the bike so that it can be replaced. Even if you are in an accident with an uninsured driver, your own policy will ensure that you are provided the proper value and the ability to replace your motorcycle. For accidents that do not have collision coverage, you are not able to gain compensation on your motorcycle damages.

Why is comprehensive important?

Unfortunately, damage can be caused to your bike that is not accident related. If something falls onto your bike causing damage or it is stolen, you will be cover for the damages costs or a bike replacement like collision insurance. For those who lose their bike to theft without comprehensive insurance, there is no value replacement on the bike, leaving the owner completely responsible for the loss of the bike. 

Get Covered Today

Protect your motorcycle investment today with collision and comprehensive coverage. Compass Insurance proudly serves the Centennial, CO area and has a policy ready for you today. 

Is Boat Insurance a Legal Requirement in Colorado?

When the spring thaw comes many people will be considering buying a boat or enjoying the one they have stored for the winter. Boating is a great way to enjoy the great outdoors in Colorado, however, it is important that you stay safe and up to date on the newest regulations. At Compass Insurance we want you to have the most fun this summer on your boat, but safely so your person and your property is not damaged in the process. We serve Centennial, CO and the surrounding area with quality insurance for all aspects of your life. 

Is Boat Insurance Required, Legally?  

In the state of Colorado, you are not legally required to carry boater’s insurance in order to operate your boat or to receive a registration. However, due to the nature of the sport, it is highly recommended that you insure your boat for your own safety net in case something occurs on the waters. There is nothing like losing your property to halt all fun, or being liable for someone else’s property in an accident. Boater’s insurance can have your back if something goes wrong on the water.

Boating requirements do include the rule that you must be registered with the state and receive a registration number that is displayed on the vessel. A Boater education card proves you took the courses for safety and knowledge of state laws. Be sure to do these two things and legally you can enjoy the water. However, insurance is always the best idea. 

Contact us at Compass Insurance to find out about boat insurance rates and what sort of coverage you want. We serve Centennial, CO and the surrounding areas. 

When is Commercial Insurance Required?

If you are the owner or manager of a business, you will need to make important decisions and choices on a daily basis. One important decision that business owners need to make is when they decide on insurance for their company. Having commercial insurance is a good idea for all Centennial, CO businesses, but there are several situations in which it is actually a requirement for a business to have. 

When Employees are Hired

Most states have requirements when it comes to having workers compensation insurance and Colorado is no exception. In this state, you are required to carry workers compensation coverage if you have one or more employees. This will give adequate coverage if someone is injured while they are working. If you do not have this type of coverage in place, you could face stiff penalties. 

Lender Requirements

Most businesses would benefit from having positive banking relationships. If you ever need to take out a commercial loan, the lender will undoubtedly require that you carry commercial insurance at all times. This will typically include carrying property insurance to protect their collateral and liability insurance to protect you against liability-related lawsuits.

Local Ordinances

Depending on the type of business you operate and where you work, local zoning boards may also require that you carry liability coverage. Violating this requirement could prevent you from doing business in that town going forward. 

Since there are clear requirements when it comes to having commercial insurance, it is important that you speak with a company that can help you to decipher your commercial insurance needs. One company that could help you to do this is Compass Insurance. The team at Compass Insurance can help any Centennial, CO area business figure out what their needs and responsibilities are when it comes to commercial insurance. 

Why Buy Homeowners Insurance?

Compass Insurance in Centennial, CO are experts in homeowner insurance and will guide you in the right direction to purchase a policy that will meet your needs. Is homeowners insurance just another expense or is it essential? What if something happens to your personal property or your home? A good homeowners policy results in saving money if your home or belongings are damaged. A policy will also raise your awareness of how to protect your home from any natural disaster by upgrading your home.

While homeowners insurance essential to protect your dwelling, personal property, and financial interests, it is not required by law. However, to obtain a mortgage on your home, insurance is required as a matter of contract but not as of law to protect the financial interests of the mortgage company.

Eight types of homeowners policies have their unique coverage to protect homeowners from certain events which harm the dwelling. These policies or forms were promulgated by the Insurance Office, Inc. and the American Association of Insurance Services. These organizations collect data, create rating information, standard policy forms, and present this information to state regulators to be used by their client insurance companies. These policies exist for homeowners for both new and older homes, condos, renters, and owners of mobile homes. The specific policy forms are:

1. HO-1 is the basic form that covers against certain named perils.
2. HO-2 is named the broad form, which many homeowners purchase which is a broad form policy that is a type of homeowners coverage covering HO-1 perils plus other events.
3. HO-3 is considered a special form because it covers a broad range of events and is considered an open peril policy.
4. HO-4 policy is renters insurance
5. HO-5 is viewed as a comprehensive form which covers more perils than the other policies.
6. HO-6 is the condo form.
7. HO-7 is the mobile home form
8. HO-8 is the older home form

The agents of  Compass Insurance in Centennial, CO will advise you of your homeowner insurance needs.  Please call for an appointment!

When do you no longer need collision coverage on your car?

When you have an older vehicle that is of low value, you might be better off dropping collision coverage. Colorado requires you to have liability coverage-meaning insurance to cover damage you cause in an accident. The professionals at Compass Insurance in Centennial, CO can help you decide which policies are best for your situation. 

If you are in an accident and are at fault, liability coverage will cover damage to the other vehicle. In that situation, the collision coverage would pay for damage to your car. This would also be true if you ran your car into a tree or something and had damage.  If you owe on your car, the lending company probably requires you to have collision coverage. 

If you own your car outright there is a situation where you might want to not have collision insurance. The insurance company will not pay more than the market value of the car, regardless of how much coverage you have. If your car is worth $3,000, and it sustains $4,000 in damage, you will only get $3,000. The insurance company will declare it a total loss and will pay you only the market value.  You would still get the market value if you had collision insurance, so there is a bit of a risk factor to consider.

If you choose to go without collision insurance, another option is to have uninsured motorist coverage. While coverage is the law, not everyone obeys the law, so it is possible to get in an accident with a driver who has no insurance or means to pay for the damage he or she caused. In that case, uninsured motorist coverage would pay for your car’s damage if the accident were not your fault.

The value of your car that you own outright is the key factor in deciding what coverage you need. Call or visit the Compass Insurance agency in Centennial, CO and let them help you find the coverage that is right for your situation.

Can I save money by not insuring my toys during the winter, when I can’t play anyway?

As a grown-up, you love your toys and you want to take good care of them.  But if you live in Centennial, CO, you probably put your summer toys in storage during the winter, and your winter toys in storage during the summer. 

You may have wondered if you need to keep your policy effective while your toys are stored away. You may even be wondering if your property insurance through Compass Insurance might cover any damages that occur in the offseason. 

Maintaining Protection 

Whatever you decide, you need to make sure you have adequate protection. Most property insurance will cover some part of damages if you store your boat in the garage, for instance, but there will probably be a limit that isn’t close to the value of your boat.

Another thing you really need to consider is if you still have a loan on the item you need to insure. If your toy is the collateral for the loan, one of the conditions of the loan will be maintaining full coverage on the property. 

You Probably Won’t Save Money by Canceling for the Summer 

The insurance policy was probably already priced in such a way as to take into account the fact that the item won’t be used year round. Paying for just a few months will probably just cause you to incur a higher monthly rate. You can also get a discount for paying six months or a year at a time. 

If you want to find the best policy for your toys in Centennial, CO, you can see that there are a lot of variables. Call Compass Insurance today for a free quote. 

What Types of Motorcycle Insurance Do You Need?

Before you can ride your motorcycle in Centennial, CO, you need to insure your vehicle. Colorado establishes some basic minimum requirements for motorcycle insurance. Using these requirements can help you figure out what type of motorcycle insurance you need, and what type of optional insurance you should consider. Compass Insurance can help you figure it out.

Colorado Minimum Motorcycle Insurance Requirements

In Colorado, you’re required to have liability coverage for your motorcycle. You need liability insurance for:

  • Bodily injury to a person
  • Bodily injury to multiple people
  • Property damage

Liability coverage will help pay for injuries to passengers and others in an accident. Also, liability covers damage to another’s personal property in an accident. If you ride without at least the minimum coverage, you can face fines and other penalties.

Colorado’s Optional Insurance Options for Motorcycles

Minimum coverage leaves out a lot of potential eventualities. You can broaden your motorcycle coverage with additional insurance packages. Some examples include:

Collision and comprehensive coverage – Helps pay for damage to your own vehicle.

Medical payments coverage – Helps pay for your own injuries.

Uninsured and underinsured motorist – Helps pay for accidents with someone who has inadequate or no insurance.

Other insurance options exist for motorcycle coverage as well. Choosing motorcycle insurance that fits your specific riding activities is important for new riders and experienced ones.

Colorado’s Other Requirements for Motorcycle Riders

Beyond insurance requirements, note that motorcycle riders under 18 years old require a helmet when riding. Riders 18 and over do not require a helmet, but your insurance company will appreciate it if you wear one. Also, some form of eye protection is mandatory for all riders.

You need insurance and you need to carry proof of your insurance at all times in Centennial, CO. The minimum requirements are a good start, but consider adding more protections for yourself, your bike, and others. Contact Compass Insurance today for more information or a quote on motorcycle insurance.

3 Things You Need to Know About Commercial Insurance

How do you protect your business in Centennial, CO from risk? If you own a business in Colorado, you need to protect it regardless of whether it is big or small. Get the help of reputable insurance agencies such as Compass Insurance. They will work with you to find the most appropriate quote depending on the needs of your business. The following are some important facts about commercial insurance.

You Need Commercial Insurance When You Run a Home-Based Business

If you run your business from your home, you may falsely assume that your homeowner’s insurance covers you. That is not true. You need insurance to cater to your business needs. If, for example, you need to make deliveries to your clients, you need commercial auto insurance for your vehicle. You need insurance for your business property and equipment too.

Commercial Insurance Does Not over Criminal Activities

Your commercial liability insurance may offer you protection for accidental damage to other people’s property. It also covers you if third parties get injured your business property. It, however, does not cover your business if you or your employees commit intentional acts of crime such as fraud, theft, or assault.

You Can Get Coverage to Suit Your Industry Needs

Different industries face different types of risks. What may be the perfect coverage for one business is not necessarily suitable for another. Your Colorado insurance agency can write a quote for you depending on the needs of your business. Commercial insurance covers you against different risks depending on the risks that your business faces.

Get your quotes for commercial insurance in Centennial, CO from Compass Insurance. They have a team of attentive and professional agents who will help you find the most appropriate quotes for your business.

How Much Boat Insurance Do I Need If My Boat is in Storage?

Boat owners in Centennial, CO normally store their boats to keep them from being exposed to the harsh Colorado winters. At Compass Insurance, the agents can offer suggestions for protecting your boat while it is in storage. Just like having insurance for your car, you want to reduce your risk as much as possible even when your boat is not in use. Storage insurance can protect you from loss even when your boat is not on the water. 

Storage Insurance

Storage insurance will protect your boat while it isn’t in use. Because there is less risk of liability while your boat is in storage, those amounts can be reduced until it is put back into action. Storage insurance can vary depending on how much protection you want. If you are putting your boat in a storage facility, you may choose to leave the liability insurance in place in case of an accident while the boat is being moved.

Reduce Your Risk

Before you put your boat in storage there are several things you can do to reduce your risk of loss or damage. Shrink wrapping your boat will protect the interior from falling debris while winterizing the motor will keep it from freezing in the extreme Colorado temperatures.

If you live in the Centennial, CO area and plan on storing your boat, call the agents of Compass Insurance today. They can answer any questions you have about storage insurance and how it can protect your boat from various types of risk. Contact their office and talk to one of the agents for the most up-to-date information possible.