Brush Up On Your Basics Part II

Car insurance concept with policy

Welcome back! In part two of our Brush Up on Your Basics series we are going to dive into some of the optional coverages you will find available on an auto insurance policy.

Collision Coverage – This coverage is helps repair or replace your vehicle in the event of a collision. If you are leasing or have a loan on your vehicle it is typically required by your lender.  Collision coverage is subject to a deductible of your choosing and the higher the deductible the lower the premium. The most common deductibles for collision coverage are $500 or $1000 though most of our carriers offer deductibles higher or even lower than these. The deductible will be a determining factor when considering whether to file a claim. Any damages to your vehicle that do not meet or exceed your set deductible are usually best paid for out of pocket.

Comprehensive Coverage – Often referred to as “Other than Collision Coverage”, comprehensive coverage helps repair or replace your vehicle for damages caused by a variety of events. Some examples being – hail, theft of your vehicle, vandalism, fire and falling objects. Like the collision coverage, comprehensive claims are also subject to a deductible and is often also required by leasing and financing companies.

Loss of Use – This coverage is oftentimes referred to as “rental reimbursement coverage”. Say you’ve gotten into an accident, filed a claim on your insurance and now your car is in the shop. For some, this is no problem, but many people don’t have a spare vehicle at their disposal. The loss of use coverage is going to help get you in a rental car by paying a portion or all your daily rental fees. The daily coverage amount will vary depending on what you’ve chosen but may be anywhere from $25 a day to $50 and generally maxes out at 30 days.

Roadside Assistance – Also called “towing and labor coverage”, roadside assistance can help get you out of trouble. With the costs being quite low, it’s an indispensable coverage that will grant you peace of mind. A flat tire fix, tow, fluid fill up or jump start is just a call away. Most of our carriers have dispatchers to send someone out to you and others offer you reimbursement for those unexpected disablements. Add it today and rest assured that your spouse, son or daughter are driving with that extra layer of protection courtesy of your insurance carrier.

Gap Coverage and Loan/Lease Coverage – So you finally bought that shiny new car you’ve been longing for. Unfortunately, after yesterday’s accident you’ve totaled it. Are you now on the hook for the remainder of your auto loan or lease? Gap or loan/lease coverage can help by paying the difference between what you owe on your car and what it is worth at the time of the accident. There are some limitations to how long you must add this coverage, so we recommend doing so when you are first adding your vehicle to the policy. The cost is relatively low and sometimes cheaper than the option offered by the dealership.

Uninsured Motorist Property Damage – This coverage is available specifically to those who have opted for liability only coverage on their vehicle(s). It will help repair your vehicle should it get damaged by a driver with no insurance. Since the driver has no insurance you are not able to file a claim for the damages leaving you with the bill. Because of the high rate of uninsured drivers in the state we, as an agency, recommend this coverage to everyone with liability only coverages on their vehicle.

 

We hope that you were able to learn a little bit more about the auto policy coverage options available to you. We’re here to help! If you are interested in adding or discussing these coverages call our Service Team at 720-283-1722.

 

Special Note- These examples are for reference only. All claims will be subject to your individual policy terms and conditions. These examples will not change or amend any insurance policy.

 

Brush Up On Your Basics Part I

Brush Up On Your Basics Part I

Happy New Year and welcome to 2018! It’s that time again, time for fresh starts and resolutions. We want to start this year off with a new series – Brush up on your Basics. We’ve designed a four-part blog series meant to help explain some basic auto and home insurance concepts. We will start the series off with educating you on some essential auto coverages that are the framework for your policy.

 

Bodily Injury Liability Coverage –Helps to pay for the medical expenses of another person(s) injured by an accident you caused. There are a variety of options available for this coverage. This is one of the most important coverages on an auto policy because it provides a line of defense for you and your assets.

    To help explain this further, we will take a look at the Colorado minimum requirement for Bodily Injury which is $25,000 per person up to $50,000 per accident – commonly seen as $25,000/$50,000.  Let’s apply this to a situation so we can understand it a little better. Say you were in an accident with another vehicle you were found to be at fault and have caused injuries to the two passengers in another car. The individuals were rushed to the hospital and between their broken arms and sore necks the driver racked up a $15,000 hospital bill and the passenger racked up a $20,000 bill. Your policy as is will pay up to $25,000 per person Luckily, in this case both driver and passenger’s injuries have not exceeded our maximum. No problem, right? Well, let’s take another look. Perhaps there were four people in the car you struck. The driver has a $15,000 bill, passenger number one has a $20,000 bill and passenger three and four both have $35,000 in bills each. Now we are in trouble. For one, your policy will only pay up to $25,000 per person so passengers three and four are already $15,000 over what your policy will cover. Secondly, your policy isn’t going to pay over $50,000 overall for the whole accident. We are looking at $105,000 in bodily injury for this accident, you are now on the hook for $55,000. If you don’t have the liquid funds to cover this difference your assets are at risk. The costs for higher limits are negligible compared to the security of better coverage.

Uninsured/Underinsured Motorist Coverage – Comparable to the bodily injury liability limits this coverage helps to pay for your injuries that were caused by the fault of another driver. This coverage kicks in when the at-fault driver either has no or insufficient coverage for the injuries they caused to you. This is also very important as it is estimated that roughly 13% of Colorado drivers are uninsured.

Property Damage – This covers the cost of damage done to vehicles or other property due to an accident caused by you. The Colorado state minimum for property damage coverage is $25,000. Let’s circle back to our accident example, you caused an accident, and not only did you injure four people but now the $30,000 vehicle the other party was driving has been totaled and you somehow managed to take out a $2,000 lamppost and $10,000 fence. The maximum that your policy will cover is $25,000 white the total amount of property damage for the accident is $42,000. You are now in the hole for $17,000 of property damage which again will leave your assets at risk. This is stacking up to be a costly mistake.

Medical Payments Coverage – While bodily injury liability coverage is for injuries to the other party, medical payments coverage is for injuries to you and your passengers. This coverage will pay out regardless of who is at fault. It can help cover medical or funeral expenses, ambulance fees, surgery and even x-rays.

 

We always want to make sure that our clients are educated and comfortable with the level of protection their policy provides. As an agency we always recommend limits higher than state minimums to safeguard you, your family and your assets. If you are concerned about your coverage and would like to discuss your options give our service team a call at 720-283-1722.

We are committed to providing you with the best price, protection and service on the market.

 

Special Note- These examples are for reference only. All claims will be subject to your individual policy terms and conditions. These examples will not change or amend any insurance policy.

Home for the Holidays

With each season that passes we tackle a new set of risks and hazards. We’d like to bring a few to your attention for this upcoming winter holiday season.

 

Outdoor Maintenance –Shovel and salt any sidewalks that pedestrians have access to. Try keeping up with the snow as it falls to make it easier to deal with.  Neglecting this duty is a liability risk and could leave you open to a lawsuit should a guest get injured.

Toasty Fires – Once the temperature drops people begin to use the fireplaces in their homes. Consider getting your fireplace cleaned. You may not remember the last time this was done. A soot and ash filled chimney not only poses a fire risk but can also pose a health risk as creosote and carbon monoxide can damage your home and health.

Holiday Lights – When installing holiday lights outside make sure that someone helps to steady the ladder and never overreach. Instead of using nails or staples to attach the lights consider using hooks and clips. Swap out your old lights for LED lights. Not only are LED lights more energy efficient and longer lasting but they also don’t conduct heat the way that older incandescent bulbs do.

Trees – Before you jump right into decorating the tree be sure to inspect light strings for damage from the past year. Exposed wires and burnt out bulbs are a definite fire danger. If you opt for a live tree in your home, make sure that you keep it well watered and far from your fireplace. Properly dispose of the tree soon after the festivities because as the tree dies away it becomes a higher fire risk.

Décor – A common cause of holiday fires are candles. Make sure to never leave a candle unattended and be certain that the area around it is clear of flammable materials. The popularity of electronic candles is on the rise, think about investing in a few as they are a safe and long-lasting alternative.

We hope that this holiday season is fun, relaxing and gives you plenty of time to spend with your family. Give us a call for any of your insurance questions and concerns! Reach us by phone at 720-283-1722.

Life Insurance: Buy Today, Don’t Wait for Tomorrow

You hear the ads on the radio and see the commercials on tv but how closely do you pay attention to the offers? Sometimes the death of a loved one will bring to mind the need for a life insurance policy but day to day it’s likely not your first concern. We’d like to remedy that. True, it can be an uncomfortable topic but let’s have the conversation. You may wonder why do I need life insurance? When should I buy life insurance? Where should I buy life insurance? Let us help guide you:

 

Why do I need life insurance?

 There are many ways for the benefits of your life policy to be used. Are you the breadwinner in your family? Without your income will your spouse and children still be able to maintain their lifestyle? A life policy can help take the financial burden off your loved ones and help to supplement your income. The funds can help keep your spouse on track with mortgage payments, pay property taxes and utilities – the uses are endless. Are you single without children? A policy can help to cover funeral costs or debts.

 

When should I buy life insurance?

    ASAP. Don’t wait to buy life insurance, buy it today. Not only is the future unpredictable but the younger you are when you buy a life policy the better the rates. Depending on the policy your health may also be a factor in determining coverage eligibility rates. Buying a life policy while you are healthy is going to be easier than trying to purchase life insurance if your health begins to deteriorate.

 

Where should I buy life insurance?

   It can be hard to know who to trust for your life insurance needs. Many employers may offer policies to their employees. This is great –  but what many don’t consider is what should happen if your job status should change? Often, we see that if you lose your job or decide to change jobs that the life insurance policy will end. We always recommend buying a life policy independent of the one offered whether it is in addition to or in replacement of the work offered insurance policy.

    We have some great options for life insurance coverage and are always happy to discuss this with you. You’ve entrusted us with protecting some of the most important aspects of your life -your home, your cars and your toys. Trust that we will use as much care with helping you decide what policy is best for you and your family.

 

We’ll make it easy to keep all your coverage in one place. Give us a call at 720-283-1722 for a no obligation life insurance quote today.

How To Save Money On Your Auto Insurance

When it comes to auto insurance, having options can be a very important way to save money. Putting money back in your pocket is one of our primary goals.  We know and understand the auto insurance market.  This allows us to provide you with the best possible combination of pricing, coverage and service.

Auto insurance rates

Auto insurance rates differ from company to company, so it really pays to have us shop your insurance. Some markets offer better rates for trucks, RV and campers, while others can offer better rates for motorcycles.

Auto premium savings

There are many things you can do to keep your auto rates at the lowest level possible.

Review your deductibles. According to the Insurance Information Institute, raising your deductible from $200 to $500 could reduce your Collision and Comprehensive costs by 15 to 20 percent.

Look for discounts. There are many different discounts offered by insurance companies. These include multi-policy, good student, and more.

The kind of car you own can have an impact on the insurance costs. Do some research about a car, before you buy it.

Is your coverage appropriate based on the type of car you have? If you have an older car it may benefit you to consider raising your collision deductibles.

Get your policy up to date. Have you experienced changes like a new address, divorce or marriage? Call us for a policy review.

At Colorado and Arizona Insurance we pride ourselves on building long lasting client relationships through honesty, integrity, professionalism, and a sincere commitment to ensure you and your family are properly protected from life’s unplanned disasters…We truly believe we serve our community’s families better than anyone. We believe this because we focus our energy and resources on our client’s, determining their needs, their level of risk, and finding the perfect insurance program for their specific needs.

Check out our coverage for both Colorado and Arizona.

buyarizonainsurance.com

www.buycoloradoinsurance.com

Test Your Personal Insurance IQ

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Personal Insurance

Our agency is committed to educating your clients on personal insurance including auto, home, boat, motorcycle and RV coverage. We know that if you are educated about your insurance needs and understand what you are purchasing, you will make an informed decision. Auto and home insurance can be confusing and unlike some advertisements for the mega firms, we take more than seven minutes to design and shop your coverage.

Personal Insurance IQ Test

  1. Is my $3,000 diamond ring covered under my homeowner’s policy?
  2. Flood insurance is not provided by my homeowner’s policy.
  3. I run an auto repair shop out of my home and property, and I am covered under my homeowner’s policy.
  4. If my neighbor trips on my deck and is injured, my homeowner’s policy will cover me.
  5. If my auto is parked in my garage and my garage burns down, my homeowner’s policy will cover my auto.
  6. If, while cutting down my tree, the tree falls onto my neighbors fence and causes damage, my homeowner’s policy will cover the loss.
  7. If there is an earthquake my homeowner’s policy will cover me.

Answers

  1. No.  Most policies have a limit on jewelry of $1,200; so if you have expensive jewelry, you will need to amend your policy.
  2. Correct. Flood insurance is purchased separately through the National Flood Program.
  3. No. If you run a business out of your home, you will need a business policy.
  4. Correct. Coverage is up to the stated limit in your policy. If the accident is the result of your negligence and you are held legally liable, your homeowner’s insurance will pay for damages.
  5. No.  However, if your vehicle is damaged by fire and you have comprehensive coverage your auto policy will provide coverage, per the policy terms.
  6. Yes.  Your homeowner’s policy will cover damage you do to your neighbor’s property, again up to the policy limit.
  7. No. Homeowner’s, condo and renter’s insurance policies typically don’t cover damage caused by an earthquake, but coverage generally can be purchased as an endorsement or a separate policy.

Special Note- These examples are for reference only. All claims will be subject to your individual policy terms and conditions. These examples will not change or amend any insurance policy.

Home Insurance and Terrorism

terror-1279135_960_720Home Insurance Update

It seems that every month there is a new act of terrorism.  The most recent acts occurred in New York and Minnesota.  These acts can create many questions regarding your insurance and what your homeowner’s insurance covers and does not cover.  “Standard homeowner’s insurance policies include coverage for damage to property and personal possessions resulting from acts of terrorism.  Terrorism is not specifically referenced in homeowner’s policies.  However, the policy does cover the homeowner for damage due to explosion, fire, and smoke—the likely causes of damage in a terrorist attack.”  (Insurance informationInstitute)

Other Personal Insurance Concerns

  • If my car is damaged, is there coverage?  If you have comprehensive coverage your car would be covered for explosion.
  • I rent an apartment, are my personal possessions covered? Standard Renters’ Insurance policies include coverage for damage to personal possessions due to a terrorist attack.
  • What if I am injured while at home? Your homeowner’s insurance does not covered injury to you or your family.  That would have to be covered under health insurance.

We believe in insuring our clients properly, and not sacrificing coverage which could put you in a compromising position. Whether it be more extended dwelling coverage on your home insurance policy, to correctly scheduling valuables to making sure we educate you on the importance of adding an umbrella policy. You can rest assured that our agents have the knowledge and experience to make the proper coverage recommendations.

Watch Out For The Kids…. Back To School Safety Tips

children_about_to_board_the_school_bus_thibodaux_louisianaPersonal Insurance and Safety Update

Summer vacation is over and a new school year has started. We will soon start to see the signs of back to school time, including more school busses on the road, and back to school displays in the stores.  Now is the time to start thinking about keeping your child safe.  This is particularly true for kids going to school for the first time, or going to a new school.

Now is a good time to have us review your auto insurance. Colorado/Arizona Insurance has a team of auto insurance agents who are knowledgeable and experienced in helping you find the best auto insurance policy available. We strive to match the right policy for each Colorado resident’s individual needs.  Call us today at 720-283-1722 or simply visit us online to get the best quotes on auto insurance available.

  • Make sure your children know their home phone number, address, how to get in touch with their parents at work, how to get in touch with another trusted adult, and how to dial 9-1-1.
  • Remind your child not to walk, run, or ride his bicycle down railroad tracks. It’s illegal and dangerous.
  • Teach children not to talk to strangers or accept rides from someone they don’t know.
  • If your children walk to school, complete the walk a few times with them.
  • Make sure that your teen driver understands and obeys all traffic laws.
  • Bright colored clothing will make your child more visible to drivers.
  • Bike riders should always wear a helmet.
  • Children should always board and exit the bus at designated locations that provide safe access to the bus or to the school building.

Are You Driving In A School Zone?

  • In a school zone when flashers are blinking, stop and yield to pedestrians crossing the crosswalk or intersection.
  • Obey school zone speed limits.
  • Watch for kids crossing the streets.
  • Never text and drive.
  • Never pass a vehicle stopped for pedestrians
  • Follow all laws pertaining to school buses.

Sources; American Red Cross, D.A.R.E. and National Safety Council

Hidden Costs of a DUI

aaas-role_-dui_-site_Auto Insurance Update

Driving drunk is dangerous to you and others on the road. A DUI will cost you much, including the loss of your auto insurance. But the loss of your auto insurance may be the least of your worries. The financial toll of a conviction will play out for years to come, and in many states, that can add up to $20,000 before everything is over.  Costs can include bail, fines, legal fees, increased auto insurance premiums, loss of work income, court-ordered alcohol education programs, and more.

If you get a DUI, we will do everything we can to help you manage your auto insurance and other related issues.  However, please, do not put yourself into that position.  Here are some general expenses related to having a DUI on your record.

  1. License suspension
  2. Increase in auto insurance rates, (could add up to over $10,000 over five years)
  3. Attorney’s fees
  4. Court fees
  5. Loss of job
  6. Periodic blood testing
  7. Loss of reputation
  8. DUI classes
  9. Installation of an ignition interlock devise on a car
  10. Time in court
  11. Possible jail time depending on conviction type

“The financial impact of a DUI arrest on any one person can vary greatly depending on many factors, such as driving record, jurisdiction, blood-alcohol level, attorney fees and fines, not to mention the specific circumstances of the incident and whether there was an accident or if anyone was injured.” Craig Gullkot; Bankrate

How to Select the Right Boat Insurance

Jersey_Boat_Show_2011Unlike home or auto insurance, boat insurance policies can vary widely from one company to the next. So which type of boat insurance is best for you? Try these tips.

Boat Insurance Tips

  • Know the Agent–One way to find a good agent is to ask friends who have had a good experience with the agent and/or Insurance Company.
  • Agreed Value vs. Actual Cash Value–These are the two main choices that boaters face, and depreciation is what sets them apart. An “agreed value” policy covers the boat at whatever value you and your insurer agree upon. While it typically costs more up front, there is no depreciation if there is a total loss of the boat (some partial losses may be depreciated). “Actual cash value” policies, on the other hand, cost less up front, but factor in depreciation and only pay up to the actual cash value at the time the boat is declared a total or partial loss, or property was lost.
  • Customize–Bass boaters may need fishing gear and tournament coverage as well as “cruising extensions” if they trailer their boat far from home. You may want “freeze coverage” if you live in a temperate state because, ironically, that’s where most of this kind of damage occurs. A good insurer will tailor your coverage to fit your needs so there will be no surprises.

At Colorado Insurance we pride ourselves on building long lasting client relationships through honesty, integrity, professionalism, and a sincere commitment to ensure you and your family are properly protected from life’s unplanned disasters…We truly believe we serve our community’s families better than anyone in Colorado. We believe this because we focus our energy and resources on our client’s, determining their needs, their level of risk, and finding the perfect insurance program for their specific needs…

We have over 25 years of experience in the Colorado Insurance markets and even more specifically in personal lines auto insurance, home insurance, umbrella insurance, boat, motorcycle and other toys.