What Is Uninsured Motorist Coverage?

When it comes to choosing an insurance policy in Bailey, CO, you’re undoubtedly faced with a number of potential plans. But because the coverage options are filled with all kinds of technical jargon, few people will read through their whole policy.

Many people choose based off of the price. Others choose based on the minimum requirement they’re supposed to have. (For example, a car owner with a lease or a loan will be required to have more car insurance than someone who owns their car outright.) Centennial State Insurance Agency wants you to understand more about how uninsured motorist coverage works — whether you’re required to have it or not. 

Uninsured Motorist Coverage 

Drivers on the road in Colorado are required to have some type of auto insurance. In the event they cause an accident, this insurance will cover property damage and bodily injury to the victims. But not everyone follows the rules on the road. Uninsured motorist coverage provides you with financial compensation in case someone without insurance causes an accident. (You are technically allowed to sue in a case like this, but it’s not always possible to recoup the money from the at-fault driver.)

Potential Perils

The people of Bailey, CO need to know what they’re signing up for. Shortcuts may be helpful when it comes to deciding between a dozen different policies, but they don’t allow drivers to dive into the nuances behind the clauses within the policy. Ultimately, this can lead people to make assumptions about their coverage that isn’t true.

If you want to learn more about uninsured motorist coverage, give Centennial State Insurance Agency a call today. We’re here to explain the differences between policies and give you more information about the smartest option you can choose for you and your vehicle. 

 

What are my auto insurance requirements?

Driving a car is a responsibility and necessity for many people. If you drive a vehicle in the state of Colorado, it is crucial that you understand what your insurance requirements are. Most people have a variety of different requirements that they need to take into consideration when they are choosing a new auto insurance policy.

State Requirements

Similar to other states, the state of Colorado will require that you carry minimum liability insurance at all times. To drive legally in the state of Colorado, you will need to carry $15,000 worth of property damage coverage at all times. You will also need to have bodily injury coverage of at least $50,000 per incident and $25,000 per person.

Lender Requirements

While the state of Colorado will only require that you carry the minimum level of liability insurance, there are still other types of insurance that you may be required to have. If you happen to have a loan or a lease on your vehicle, the finance company will undoubtedly require that you carry collision and comprehensive insurance as well. This type of insurance will provide you with far more types of insurance coverage including if your vehicle is stolen, damaged in a storm, or involved in an accident with an uninsured driver. Even if it is not required by your loan, it is often a good idea to have this type of insurance. 

When you are looking for a new auto insurance policy in the Bailey, CO area, you should speak with the team at Centennial State Insurance Agency. The Centennial State Insurance Agency will be able to help you figure out what type of coverage is right for your situation. We will then get you into a policy that provides you with reliable protection. Contact our offices in Bailey, CO for a quote.

What Happens If You Drive Without Auto Insurance?

While it is technically possible to drive your car without insurance for years, it is never a wise decision. We, at Centennial State Insurance Agency, have helped residents of Bailey, CO, and the surrounding area avoid this danger by providing them with fair and high-quality insurance. If you or someone you love is somehow driving without insurance, they are likely putting themselves at risk for nothing.

Penalties Will Vary

Driving in any state without insurance is a major mistake because you will experience some pretty stiff penalties. The exact penalty will vary depending on where you live. You can expect to get at least two tickets (one for the lack of insurance and one for the reason you were pulled over) and you may even lose your license or vehicle registration.

In this situation, you’ll not be able to drive and nobody else will be able to drive your vehicle as well. While you can obviously get both of these items back after your suspension is over, it will be a major challenge to get through your day-to-day life without them.

And if you cause an accident or injure somebody, you are going to be sued and may lose some of your assets, such as a car or even a house. Beyond that, you’ll have to get an SR-22, which is a paper saying that you can get insurance. Qualifying for one of these is a difficult and strenuous process. 

Your Insurance Rises

Even worse, insurance companies will usually have no choice but to increase your premiums as a result. Therefore, it is critical for you or anyone else who lives in Bailey, CO or the surrounding area to just buckle down and buy auto insurance. It just isn’t worth the risk you take every time you get behind the wheel.

Contact the offices of Centennial State Insurance Agency for more information and a quote.

Auto Insurance Premiums-How to Save Money

Below are some suggestions from Centennial State Insurance Agency.

There are ways for you to lower your insurance premium without lowering limits and protection.
First, what are your deductibles? Do you have an older vehicle where the deductible you are carrying is equal to greater than the value of the vehicle? If this is the case, you may not get anything from the insurance company if the vehicle is damaged or totaled. Can you raise your deductible? Can you afford more out of pocket if the vehicle is damaged? If so raising your deductible will lower your premium.
Policy discounts:
Are you getting all the discounts that you qualify for? Some of the more common ones that can impact your rate:
Good Student discount: Your teen driver will need a GPA of 3.0 or better but an important discount.
Defensive Driving discount: Most companies will offer this to teens drivers that have completed a certified class, and some will offer it to older drivers.
Multi Policy discount: Companies will offer a discount to both the home and auto for placing both lines of business with them You can a discount from 10% to 20% on both your home and auto by doing this.
Telematics: This is a new program being offered by insurance companies. You plug a device into your car for 90 days and they track your driving habits (speed, braking, time of day driving to name a few). At the end of the 90 days they evaluate the date and offer an additional discount. We have seen these range between 5% and 20%.
Annual miles driven: It is important to give the accurate miles you drive a vehicle. Companies will offer lower rates for fewer miles driven. They will often verify the miles each year so be accurate.
Pay plans: Companies will give you a discount for paying your premium in full. They will also give discounts on monthly pay plans if you set it up on EFT or credit cards with some companies
Give us a call at Centennial State Insurance to review your insurance policies and coverages. We will make sure you have the right coverages for the right premium.
303-838-0554 or on the web at centennialstateins.com.

Colorado Auto Insurance rates

Colorado insureds have seen their auto insurance rates increase significantly over the last 3 years and unfortunately, we are going to see it for at least the next 2 to 3 years.

What are the main reasons behind these rate increases? First, it has been the 5-year long cycle of catastrophic hail storms. Colorado saw the largest storm in state history in 2017, estimated at $2.3 billion. In addition to this storm, there has been several others that are in the top ten in dollar amounts of damage. Not only have these storms been in the Denver front range but we have seen damaging hail storms in Woodland Park, Jefferson, Bailey and Conifer. As result of these storms, Colorado is now the second leading filer of hail related claims in the country, behind Texas.

Second, is the increasing cost in bodily injury claims. These are claims that result from an injury in an auto accident. The one area we can all relate to that impacts these claims is the rapidly increasing cost of health care in the United States. In addition to this, the increase in litigation and legal expenses that come with these types of claims. These expenses are passed on to all of us.

Third, the increase in the population and the total miles driven in Colorado has led to an increase in the number of accidents. We have also seen an increase in the number of new vehicles being purchased. These vehicles come with all the innovative technology and the fancy bells and whistles we all love. Unfortunately, with this comes an increase in repair cost for these vehicles. Bumpers repaired on a 2006 for $500 – $1000 is going to be $1000 – $2000 for a 2017 vehicle. We are also seeing windshields in the $1000’s that were $200 – $500 to replace in the past. This is a result of the innovative technology in these windshields.

What can you do to help keep your increases down?

Make sure you are getting all the discounts you qualify for: Multi car, multi policy ( auto-home),and good student, if you have a teen driver. Companies such as Safeco, Travelers and Progressive are offering telematics programs. This is where you plug a device into your vehicle for 90 days. At the end of this time they can increase the discount based on the tracked driving habits. Companies also offer discounts for different pay plans, pay in full, EFT or credit card.

What can Centennial State Insurance do for you.

We will first make sure that you are properly insured in the event of a catastrophic hail storm or if you or a family member are involved in an accident. We want to make sure that you have the coverages to take care of your auto or home and that you have liability coverage to help protect your assets.
After reviewing your coverages and deciding on what is needed we will shop you with several different companies to make sure the rate matches the coverages. As an independent agency we have choices on the companies we can place you with.

Give us a call at Centennial State Insurance Agency to have us review your insurance needs and coverages. 303-838-0554, centennialstateins.com

Does Auto Insurance Cover Cracked Or Damaged Windshields?

Having automobile insurance not only protects from financial losses as a result of accidents, but it also offers coverage for a variety of other potential issues. One of the most common problems associated with automobiles is a cracked or damaged windshield. Having the right type of insurance allows you to repair or replace the glass either completely or for a reduced amount.

Windshield Repairs And Replacements

If there is damage to the windshield, it may be repairable. If there is a small hole or a chip in the windshield, most insurance companies will pay to have it repaired if the policy owner has comprehensive coverage.  If the automobile owner had liability only, they would not be covered. If the damage to the windshield is larger than a dollar bill, it will have to be replaced rather than repaired.

Comprehensive Coverage

Having comprehensive coverage protects automobile owners from a variety of issues such as theft, storm damage, and even damaged windshields. It is required for vehicles that are financed and should be kept for any vehicle that is under ten years old or has a higher value. Selecting the right amount of coverage is the key to protecting the vehicle. Consult a reputable insurance agency to find out what type of coverage works for your needs. Centennial State Insurance Agency serves the residents in and around the Bailey, CO area. They can help you get the coverage you need.

Don’t leave your vehicle unprotected from damage and other serious threats. Learn more about comprehensive coverage for residents in and around the Bailey, CO area by contacting Centennial State Insurance Agency. Call or stop by today to get the answers to your questions and to get a quote.

Why Invest in an Auto Insurance Policy?

It is everyone’s wish to own a car, but do you ever take time to think of ways to protect it? You have invested and saved to get the car, and so, it is only wise that you protect it from various risks that might occur, and what better way than to take on an auto insurance coverage?

In most cases, you will hear people say that insurance is only for the financially stable in the community, but does it mean accidents or damages do not occur to the other people’s cars? Risks are everywhere, and that is why we, as the Centennial State Insurance Agency in Bailey, CO, have drafted a great auto insurance policy to protect your vehicle regardless of your financial status.

Why should you even consider investing in an auto insurance policy?

Here are some of the reasons why:

  • Investing in an auto insurance policy offers you peace of mind. It allows you to drive on the road without thinking “what if” an accident occurs or “what if” it gets damaged. With an auto insurance policy, the insurance company will worry about such things on your behalf. In case damage occurs, your car is repaired and restored to its earlier status without you having to use your savings to pay for the charges.
  • Secondly, having an auto insurance policy is a requirement of law. That is no exception in Bailey, CO. It is a requirement that you have your car insured since you never know who you will meet on the road. You might be experienced, but as long as you are driving on the public roads, you can never be too sure of your safety.

Centennial State Insurance Agency provides a wide range of insurance policies for the people of Bailey, CO. We urge you to visit our offices for more information and insight on coverage. Speak with our agents to get a quote or try our online rating tool for quotes on auto insurance from home.

What Can Happen if You Don’t Have Auto Insurance?

Driving without auto insurance in Bailey, CO is not just something that can cost you a lot more money by making you pay out of pocket for repair costs. You can get into some additional legal trouble as well. It is always smart to at least have the minimum coverage that you can get from Centennial State Insurance Agency so that you can ensure that you do not break any laws. This is what can happen if you are caught driving without auto insurance.

  • Fines – You may be hit with a fine of $500 for your first offense and up to $1,000 or more for every offense after that.
  • Community Service – With your first offense, you can have up to 40 hours of community service. For every offense after that, it may vary depending on your history.
  • Imprisonment – While you won’t be sent to jail for your first offense, for every offense after that you will get a minimum of 10 days and up to a year of jail time.
  • Points – Every time you are caught without auto insurance, you will get 4 points added to your driving record.
  • Rights to Drive – With your first offense, you will have your driver’s license, your license plates, and your registration suspended until you provide proof of adequate insurance. With the second offense, these will be suspended for four months regardless of when you get adequate coverage. For your third and all subsequent offenses, you will have these things suspended for eight months regardless of when you get adequate coverage.

Now that you know that there are some real repercussions for driving without auto insurance, you should make sure that you have the right amount of coverage. Contact Centennial State Insurance Agency, serving Bailey, CO, today to get your quote.

Commonly Used Auto Insurance Terms You Should Know

An auto insurance is a legal requirement in many states and not having an auto insurance policy for your vehicle can land you into trouble with the law or even a jail term. If you live in Colorado, auto insurance is a compulsory requirement.

Apart from it being a law requirement, it’s also important in case of an accident or theft. However, it is important for you to be as informed about the auto insurance terms as possible, this will save you money and make the policy configuration process and claims much easier. Below are some of the most commonly used auto insurance terms. If you live in or around Bailey, CO, you can contact Centennial State Insurance Agency for more information.

Comprehensive insurance

This is an auto insurance policy that will cover any damage to the policy holder’s vehicle that was not sustained in a motor vehicle collision such as an impact with an animal, theft, fallen objects, or fire.

Collision insurance

Collision insurance is the opposite of comprehensive insurance because this type of auto insurance policy insures the vehicle when it hits or is hit by another vehicle or when the car overturns.

Actual cash value

Actual cash value is the fair market price of your vehicle. It is usually compiled by taking the replacement cost of the vehicle minus depreciation.

Subrogation

If your vehicle is damaged because of another driver’s negligence, and you ask your insurance provider to settle your claims of damage to your vehicle, they will ask for the repayment from the other party. This process of payment recovery is called subrogation. Whereby your insurance provider will settle your insurance claims and then they will ask for the refund of the same amount from the party responsible for the accident or from the other party’s insurance company.

Deductible

It is the amount the policy holder will pay when they make claims on their collision or comprehensive insurance policy. Usually, when you get a low priced policy, the deductible amount will be higher. When it’s a higher priced policy, the deductible will be lower.

For further assistance you can contact Centennial State Insurance Agency. Our agents can help start a policy and answer your questions. Also, try our online rating tool for quotes on auto insurance.