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.

Commercial Insurance: Why Choose a More Comprehensive Policy?

When you have a business, you know you need to protect it and your investment in it. But what is the best way to do that? One of the ways is to choose a commercial insurance policy because these policies reduce financial risk and liability if there is a claim made against the business you own. That claim could come from you, employees, customers, vendors, or someone else, but protection against claims matters. Fortunately, Centennial State Insurance Agency can help protect your Bailey, CO area business with the right commercial insurance policy, including one that is more comprehensive than you have now.

If you do not have a commercial policy, it may be time to get one. If you already have one, you may need to upgrade it to something that is more comprehensive in order to ensure that your business has the level of protection it really needs. There are several reasons you would want to have a more comprehensive policy, and these can include an expansion of your business, a high-risk type of business, and other factors that would make it more likely that a claim would be filed in, by, or against your company. By getting a more comprehensive policy, you will be covered more directly and have a higher level of peace of mind, as well.

Reach out to us at Centennial State Insurance Agency today, and get your Bailey, CO area business protected with the right level of commercial insurance. You might want to upgrade the policy you currently have, or you may want a new policy for a new business you are starting up. No matter where you are in the lifecycle of your company, having a more comprehensive policy can help protect you and your interests.

Cyber Insurance is a must have for any small business

Cyber Insurance is a must have for any small business
Cyber crime is the fastest growing crime in the United States and 60% are perpetrated against small businesses. Small businesses who have been hit often do not have the proper insurance coverage and a high percentage end up closing their doors after an attack. Many owners don’t fully understand what these attacks are, or the costs associated with them. Any small business needs to have cyber insurance coverage.
Malware or Ransomware attacks are the most common. Malware destroys information or makes it impossible to access. This kind of attack suspends your ability to do business. You can lose clients from the inability to access accounts and spend thousands of dollars to get your system back up and running. Ransomware attacks occur when a hacker encrypts or steals the personal information you have on file. This could include the client’s social security number, credit card or banking information, etc. The hackers demand payment in order to “unlock” your system and may threaten to publicly release the client’s information. When these attacks happen, you’re obligated to notify all clients that were affected, hire an IT investigator to find where the leak came from and how to secure your information in the future, and pay local, state and federal fines. Many states, including Colorado, have enacted strict laws on how your business is required to protect others information.
Hackers are not the only way a cyber crime can happen. Ex-employees can steal and distribute company data. Current employees can be tricked into breaking procedure or doing non-work-related tasks at the office. It can also be as simple as misplacing a flash drive or leaving your laptop in the booth at a restaurant.
A Cyber Insurance policy is two-fold in coverage. The 1st party liability coverage includes notification to those clients affected, the cost of a computer forensic expert, man hours involved in contacting the clients by phone or mail. Extortion costs, media liability and public relation costs can be included. Business interruption coverage is available to keep your business afloat while your doors are closed. The 3rd liability coverage helps with the cost of litigation if you find yourself in a lawsuit.
Cyber insurance is available with most carriers, and coverage limits can vary to your specific needs. Call us today to discuss your cyber exposure and insurance needs.

Is Home Insurance Different From State to State?

Home insurance is a necessity that many people neglect to learn about fully. There are hundreds of different coverage types, kinds of policies, and needs that are part of creating a home insurance policy. Though many home policies are similar, they are also different, and needs may differ from state to state. For those in the Bailey, CO area, the agents with Centennial State Insurance Agency can help you find the policy that works best for your home.

Home policies, though they all cover the same basic things like fire and theft, they also include different things based entirely on where the home is located. A home in Colorado, for instance, is going to need more coverage for something like snow or ice than a home in Arizona would since there are no snowstorms typically in Arizona. It is vital that when you create your home policy, you take not only your actual home and its value into consideration, but also the special circumstances that are particular to where you live.

Another thing to keep in mind is that when you are taking out a home policy, you may also need to add specialty policies based on where you live as well. If you live in an area where flooding is a regular occurrence, you may need flood insurance as well. If you live where a hurricane is likely to happen, you may need a hurricane policy as well. While the basic home policy does not change from state to state, the particular needs of the policyholder may vary. For those that live in the Bailey, CO area, the agents with Centennial State Insurance Agency may be helpful regarding creating your perfect policy dependent on where you live and what your home needs.

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.

How Commercial Liability Insurance Can Protect Your Contracting or Service-Related Business

If you own a contracting business or conduct services at homes and businesses in Bailey, CO, you need commercial liability insurance to protect your business in case of work-related damages. What would happen if one of your contractors damaged a client’s property or if a customer slipped on a wet floor in your restaurant? In today’s litigious society, people are likely to sue first and ask questions later. If you carry commercial liability insurance, you’re covered and can concentrate on running your business. Ask Centennial State Insurance Agency what coverage might work best for your business. In the meantime, here is some information to get you started.

What is Commercial Liability Insurance?

Liability insurance, also called commercial liability or business insurance, protects your business assets and covers costs that come up if someone is hurt in your business. It also covers injuries and damages caused by employees while they’re on the job. Purchasing liability insurance is typically required if you have outstanding loans or mortgages associated with your business. However, even if you don’t, there are many reasons to get it anyway.

What Does it Cover?

Commercial liability insurance pays for your legal defense plus any settlement against you in a lawsuit (up to the insured amount). The policy pays for compensatory damages, punitive damages, and other costs. If you own a transportation, construction, or retail business, commercial liability protects your assets for these and other unexpected losses, as written in your policy. Finally, if you work in real estate, medicine or other high-visibility industries, you may need protection against claims of libel, misleading advertising, or copyright infringement.

Contact Us

Call 303-838-0554 today to ask your agent at Centennial State Insurance Agency how commercial liability insurance can protect your business assets. Feel free to make an appointment for a quote on your business-related insurance needs.

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

How Does Having Some Breeds of Dogs Affect My Homeowners Insurance?

Shopping for home insurance anywhere in the United States can be a significant challenge if you have a dog. The task may be even harder if your dog breed is considered dangerous by the insurance providers. At least 65% of US households have a dog as a pet according to a survey that was conducted by the American Products Association in various cities and states including Bailey, CO.

This statistic means that American households keep at least 78 million dogs as pets. Although this figure may seem impressive, it is also alarming since these dogs injure a lot of people every year. This is what has made some home insurance providers turn a wary eye towards your “best friend.”

Which Dog Breeds Are Considered Dangerous?

While most insurance providers, such as Centennial State insurance Agency, don’t have an official list of the various dog breeds that they classify as dangerous, a significant number of these insurers have an unofficial list that is usually termed as a vicious/aggressive dog breed list. You should expect to pay a high rate of premiums if your dog breed is on this list.

These lists usually include most of the breeds that are renowned for having a bite history. This implies that statistically, these dogs have a greater chance of causing harm to other people, so the chances of you filing a claim are high.

In fact, a significant number of home insurance providers in Bailey, CO will not even write insurance for homeowners with these dogs while those that will offer you a home insurance policy will exclude animal liability. This means that if you own this type of a dog and it bites someone, the insurance company will not cover the damage.

Which Dog Breeds Are Considered Vicious?

It is always good to know the dog breeds that are mostly discriminated against so that you can take precautionary measures early. The breeds most often discriminated include:

  • Rottweilers
  • German Shepherds
  • Pitbull and Staffordshire terriers
  • Akitas
  • Chow Chow
  • Doberman
  • Huskies
  • Wolf Hybrids
  • Great Danes

Are you a homeowner in Bailey, CO? Contact Centennial State Insurance Agency today for your homeowners’ insurance policy.