Collision coverage is optional for Colorado drivers. However, each driver should carefully consider the facts about collision coverage to decide whether or not he is likely to benefit from purchasing it. Although it can seem like opting out will keep your expenses lower by minimizing your monthly insurance bill, it does not necessarily save you money over time.
Collision Coverage Uses
Collision insurance covers the damage to your vehicle that could result from an accident with another car or from hitting an object. Drivers who need to repair or replace their cars after such an incident may rely on their collision coverage.
It’s an unfortunate fact that not all drivers obey Colorado law. Some don’t carry liability coverage even though it is required by law, and others may participate in hit and runs. If you’re in an accident in which you are not at fault, but the other driver does not have insurance that covers damage to your car or the other driver cannot be identified, your collision coverage could come into play and cover your repairs.
What to Consider When Making Insurance Buying Decisions
If you are still in the process of purchasing your car by paying off a loan, your lender can require that you have collision insurance. This is a common requirement as lenders want to protect their investments and avoid suffering from losses if the items securing the loans are damaged. Although collision insurance is not required by law, it can be required by your lender. This is an agreement that you should honor, and one that benefits you as well. You don’t want to find yourself in a situation where you are still paying off a loan for a vehicle you are unable to drive.
If you own your car, then you should consider your vehicle’s value, your financial situation and other considerations in order to decide if collision coverage is right for you. Vehicle owners whose car carries a high value are more likely to opt in to collision coverage than those whose vehicle is an older model with a lesser value. Contact us today and an independent agent in Lakewood will help you evaluate your needs and determine of collision coverage is right for you.
Nearly every state has some penalties for not having auto insurance when you are on the road, but knowing the local laws is essential. In the state of Colorado, there are some stiff penalties for driving your car without auto insurance today. Maintaining at least a minimum policy is essential because it is the law, and because it will protect you!
The State Minimum Insurance Levels in Colorado
In Colorado, a couple of types of auto insurance are required. Liability insurance is the first of these. This is the part of an auto insurance policy that covers property damage that was caused by you if you were using the vehicle in a negligent way. This could include accidents caused by you because you were speeding, because you failed to yield, or any type of damage caused by you due to driving mistakes. Liability insurance also covers bodily injury that was caused to others by your negligent driving. This is the coverage that pays for the hospital and other medical bills of anyone who was injured due to your negligent driving. In Colorado, it is required that drivers maintain $25,000 per person bodily injury up to a maximum amount of $50,000 per accident in addition to $15,000 in property damage. Colorado also requires its drivers to carry uninsured motorist coverage, which covers you in case an uninsured driver damages your vehicle. However, this is normally a part of the liability insurance. Check with your independent agent to make sure you have both types of coverage.
Penalties for Lakewood Drivers Without Insurance
In the state of Colorado, people who are driving without insurance are typically issued a ticket for this offense. The state requires that offenders not only pay the ticket, but that they obtain auto insurance within a set period of time determined by the court. Offenders who get more than one citation for driving without auto insurance will be assessed higher fines and penalties, and may even have their drivers license revoked. If a person is driving without auto insurance and causes an accident, they may be sued by the accident victim in order to recover damages.
As your independent agent, we can help you to determine the right type of auto insurance coverage for you. Even though liability insurance is required and comprehensive and collision coverage are not legally required in Colorado, getting full coverage is wise because it protects not just others, but also you.
Any homeowner needs to make sure that they have adequate coverage on their home insurance policy, but how does that change if your home is paid off? If you are a Lakewood Colorado home owner and you have finally made that last payment on your house or condo — or if you are getting very close to paying it off and being debt free — it is definitely time to reconsider your home insurance needs. Here are some tips about dealing with home insurance when you own your home outright.
How Owning a Paid Off Home Changes Insurance Needs
When you own your home outright, you are more invested in it than you have ever been before. For most people, their home is the biggest asset that they have, and when the house or condo is paid off that asset needs to be protected more than it ever has before.
When you still owed money on your home, the focus of your insurance policy may have been to make sure that your coverage was sufficient to pay off your mortgage, and to rebuild a new home, in case the home was destroyed. However, once you own your home outright you will no longer have the concern about paying off the mortgage. This means that you could potentially lower the amount of home insurance that you carry — but it is vital that you discuss amounts with your independent agent before making any changes.
Now that you do own your home, it is especially important to be prepared for disaster, just in case. Carrying an insurance policy large enough to rebuild your home — or to buy a comparable new home for cash — should now be your top priority when it comes to home insurance. If something happens and your home is destroyed, or even if you suffer from a serious loss of property, you want to be able to pay for the problem to be rectified, and to remain debt free.
When you are ready to buy insurance for your paid off home, be sure to get comparison quotes from an independent agent that gives you all the info you need in one single place online. This gives you the opportunity to get the best price, while still having the coverage level you need!
More and more people are choosing to work from a home based business in Lakewood, Colorado. The expense of commuting to and from work adds up quickly. If you have the type of job that can be worked from home, you will need to think about the type of business insurance policy you will need. A homeowners insurance plan is probably not enough.
Your first step will be talking to independent agent who can explain the basics of home business coverage. Depending on the type of business, you will probably need coverage for inventory and personal injury. If you work as a hair stylist from home, you need to make sure you are covered if someone is injured while on your property. If you sell items over the internet or through home parties, you will need coverage for your inventory and travel. As your independent agent, we can help when choosing what type of insurance you need and how much coverage is enough. She will also be able to compare quotes from several providers to find you the best deal in Lakewood, Colorado. No one wants to spend too much on insurance protection, so compare rates before purchasing a policy.
Working from home can make life much simpler. When considering this type of business, you need to make sure you cover all of your bases including your insurance needs. Often, a regular homeowners insurance plan will not cover claims incurred from a home business. You need to make sure you have the correct coverage for possible damages or losses from your home business. An insurance policy is an investment in the future of your business. Making sure you have the best coverage will help your business become the best in town.