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When Should I Update My Auto Insurance Policy?

update my auto insurance

Purchasing car insurance in Colorado isn’t only mandatory, but it protects you when the unthinkable happens. Unfortunately, most people renew their insurance policies without giving them a second look. Unfortunately, this may put you in a tight corner when filing claims, only to find out that your car insurance policy is outdated. It can be frustrating, right?

Like most insurance policies, your car insurance shouldn’t be static. Review your insurance policy at least once a year to ensure it covers your current financial needs. Not sure if you should review your car insurance? Here is a guide from Aspen Gold Insurance Brokers of Broomfield, CO.

When Should I Update My Auto Insurance Policy?

When you buy a new car

When you want to replace your current car with another, most insurance companies allow you to transfer your old insurance policy to the new one. However, expect adjustments in your premium, since the value of the old and new car won’t be the same.

Change of use

If you want to convert your personal car into business use, you must update your standard auto insurance to commercial. Business operations pose new risks, and as such, you need appropriate coverage to cover the vehicle and the driver.

Changing insurance companies

Most people tend to stick to their initial insurers because of loyalty discounts, but sometimes making the switch can help you make the most out of your car insurance policy. Every year, request quotes from different insurance companies and compare them with your current insurer to see if you are getting value for your money. If not satisfied with your current provider, make the switch.

Change of personal details

Have you moved to a new address? Changed your names, especially after marriage? Please furnish your insurer with the latest changes to update your policy.

Want to update your car insurance policy in Broomfield, CO? Please get in touch with Aspen Gold Insurance Brokers.

Debunking Common Myths About Umbrella Insurance

Umbrella insurance

Most people probably don’t buy insurance policies due to many myths. All insurance policies have different misconceptions, and umbrella insurance is not exceptional. Umbrella insurance is extra coverage that covers your already existing policies, making it an insurance policy with many myths and misconceptions. If you are one of the many people who have some difficulty understanding this policy, read the article. At Aspen Gold Insurance Brokers, our goal is to debunk the myths about umbrella insurance. You will, as a result, have a clear picture of the policy you are about to purchase to make an informed decision.

Myth#1: Umbrella insurance is expensive

Umbrella insurance steps in when your other liability coverages deplete, making it super affordable. Purchasing umbrella insurance could be cheaper than most typical insurance policies.

Myth#2: Umbrella insurance replaces your home, boat, or auto liability coverage

For clarity, umbrella insurance isn’t a stand-alone insurance policy. Umbrella insurance rides on other insurance policies, such as home, renters, and boat insurance. So, umbrella insurance doesn’t replace your conventional liability coverage — it boosts it.

Myth#3: Umbrella insurance is for wealthy people

Umbrella insurance offers protection to everyone. It is a safety net that guarantees security in case of high liability claims. It also protects you from non-covered events like slander, which can happen to anyone, regardless of their financial status.

Myth#4: Umbrella insurance covers electronics, jewelry, or works of art

Umbrella insurance does not cover your personal property. If you want to protect your personal property, you need to purchase renters’ or homeowners’ insurance.

Umbrella Insurance in Colorado

Umbrella insurance is suitable for everyone, especially if you own a car, home, pets, or even have savings and assets. Clarifying these myths about umbrella insurance makes you confident about purchasing one and seeing its benefits. Ready to purchase umbrella insurance in Colorado? Contact us at Aspen Gold Insurance Brokers for a quote.

What Should I Know About Colorado Motorcycle Insurance?

Motorcycle Insurance

If you are a biker in Colorado, you certainly need to know about motorcycle insurance. For example, you must show proof of insurance before registering your motorcycle. Just like you would protect your car with insurance, you will need insurance too for your bike. Even more, because you are at more risk when riding a motorcycle than a car. That said, to get the best policy that suits your needs, Aspen Gold Insurance Brokers has prepared for you what you should know before signing that policy. Let’s explore.

Types of motorcycle coverages

Besides the liability coverage that’s mandatory, there are other motorcycle insurance coverages available to fit your lifestyle and needs. They include:

  • Collision coverage
  • Comprehensive coverage
  • Underinsured and uninsured motorist coverage
  • Personal injury protection
  • Medical coverage
  • Roadside assistance

What determines the cost of your premium?

Motorcycle insurance policies may vary from one insurer to another. Always shop for a trusted insurer before committing to anything. However, here are some common factors that determine the cost of your insurance premium. These include:

  • Your driving record, where you live, and your age
  • Type or make of your bike
  • Age of your bike
  • Miles you ride per year
  • Number of claims you make
  • Where you store your motorcycle and much more

Endear your insurance agent

The ultimate goal of any insurance is to protect your assets and finances in case of an unfortunate event. A motorcycle is an investment that does not come cheap. Ensuring its well-protected is a no-brainer. Before you purchase one, be sure to ask a professional insurance agent about anything not clear. It would be best to get it right from the word go to avoid disappointments down the road.

Motorcycle insurance in Broomfield, CO

If you are in Colorado looking for motorcycle insurance, look no further than Aspen Gold Insurance Brokers. Contact us today for an affordable quote.

Reasons to Get Life Insurance

Get Life Insurance

You may be wondering if you need life insurance or if it isn’t worth that cost. You may not want to put money aside for your life insurance, but that could be a mistake.

Here are some reasons why you should get life insurance.

You have a family to support. If you are the primary breadwinner (or even if your income helps to keep the family going), you are going to want to have life insurance. This will ensure that your family has the money to pay their bills while trying to figure out what their next step is.

Your family can count on this money. If your insurance policy is paid up, your family can get the money in one lump sum. They don’t have to worry about waiting for money when they need it the most.

Your family will get the money tax-free. Life insurance policies are usually tax-free, which means that your family will get the money that they expect, without having to worry about getting taxed.

If you aren’t sure about getting life insurance, think about your family. Not only are they going to be lost without you, but they may also have trouble keeping up with their bills while trying to put their lives back together. They can use this money to pay off your home so that they don’t have to worry about it as much. They can even get it tax-free, which means that they will get everything that they deserve, easily.

If you are unsure about whether or not you need insurance (or how much you need), don’t hesitate to contact us today at Aspen Gold Insurance Brokers in Colorado.

Short-Term Health Insurance Plans: FAQs

Short-term health insurance

Many people rely on their employer for health insurance. If something happens to your job, what would you do? The good news is you have options. One option available to Colorado residents is short-term health insurance, also referred to as temporary insurance. Here are a few things Aspen Gold Insurance Brokers wants to share regarding short-term health insurance.

Is the Coverage the Same as a Long-Term Health Insurance Plan?

Short-term health insurance plans do not remain compliant with the Affordable Care Act (ACA), which means the benefits will vary significantly from one insurance company to the next. However, as a general rule, a short-term plan will include benefits for preventive care, sick visits, and medical emergencies. Some plans will offer coverage for urgent care and prescription drugs, increasing your level of protection based on your individual needs.

Can a Short-Term Health Insurance Plan Be Renewed?

More often than not, a temporary health insurance plan is just that–temporary. Because of this, you may not be able to renew the plan. These plans are designed to help bridge the gap in coverage as you are looking for a new plan after losing your initial coverage.

Are Pre-Existing Conditions Allowed with Temporary Health Insurance?

Due to the fact that temporary plans aren’t required to remain compliant with the ACA, insurers have the option of denying policies for pre-existing medical conditions. While this does not mean you cannot get coverage, it is a possibility.

If you are currently between employers or have otherwise lost your health insurance coverage, contact Aspen Gold Insurance Brokers, serving Colorado, for professional assistance.

What does my Colorado umbrella insurance cover?

Colorado Umbrella Insurance

When it rains, it often pours. That’s why it’s important to have an umbrella and know what your Colorado Umbrella Insurance policy covers.

Umbrella insurance serves the same purpose. These policies add extra layers of protection. It extends beyond the limits of coverage provided by homeowners and auto insurance plans. When these have been exhausted, umbrella insurance kicks in to keep you covered.

Although these plans can provide new coverage that is excluded under other policies, umbrella insurance mostly adds to existing protections. Umbrella insurance is about preparing for the worst.

Aspen Gold Insurance Brokers experienced insurance agents are waiting to help. Their insurance agents outline four items that are better served with an umbrella insurance policy.

Bodily or personal injuries

This covers the cost of expenses when another person’s bodily injury is caused by you. Medical bills and lawsuit claims are two examples where these policies are most useful.

Property damage

If you are determined to be at fault for damaging someone’s property, liability is available. This is especially important for auto accidents, when your standard policy limit may be insufficient.

Protects against certain lawsuits

Coverage is provided for specific legal issues as well. This could include being sued for slander or libel. It may also help if you are wrongly accused and arrested for a crime.

Safeguards the entire family

It’s important to note that these protections don’t just apply to the policyholder. They also extend to other members of your family. Review your plan to see how your individual policy defines a household.

Reach out to an insurance agent serving Colorado

Aspen Gold Insurance Brokers understand that protecting yourself, your family, and your assets is a top priority. Homeowners and auto insurance plans often just scratch the service. Their experienced agents can add an umbrella policy to keep you safe and secure. Contact Aspen Gold Insurance Brokers today.

Is Your Motorcycle Ready for Winter?

Motorcycle ready for winter

Whether you’ve lived in Colorado for ten years or ten days, you know the weather can change in a moment. As you hit the road one last time before temps drop, it’s essential to ask if your motorcycle’s ready.

What are the best ways to put your bike into hibernation until warm weather returns?

Service Your Bike

Perform a thorough inspection of your battery, belts, chains, tires, etc. Allowing dirty oil to sit in your bike all winter can damage your engine.

Give Your Bike a Bath

Chrome, paint, and leather need to be treated with care when prepping for winter. Grime and tar staying on your bike all winter equal a recipe for disaster in the springtime.

Update Your Storage Address

Make sure to update the insurance policy to reflect the correct address where your bike will be stored. That simple change may result in premium reductions if your bike is being stored in a secure garage versus on the side of your house.

Some riders wonder whether they can save a few more dollars by dropping motorcycle insurance or lowering their coverage when they aren’t riding.

What about a “lay-up” policy for the winter?

Pausing liability and collision coverage might make sense in the winter when you take fewer riding risks. But it’s important to remember that vandalism, theft, or other incidents can happen all year round.

Should I raise my deductible in the winter?

Consider the short-term win versus long-term implications of needing more cash on hand if an incident arises. While many people think it’s a great way to save money, there could be some catastrophic downsides that will cost you more in the long run.

Instead of thinking you need to know all your motorcycle-related answers, ask your agent. Serving Broomfield, CO for all your insurance needs, be sure to contact Aspen Gold Insurance Brokers.

How Much Life Insurance Is Enough?

Life Insurance

Procuring a life insurance policy in Colorado is a prudent move that ensures that financial difficulties do not overburden your family and loved ones. The amount of life insurance you require depends on your personal and financial situation and should account for your beneficiaries and daily living expenses. Generally, life insurance is essential coverage whose primary purpose is to provide financial backup upon your untimely demise. Are you among residents of Colorado who are confused about the amount of life insurance they need? Keep reading as Aspen Gold Insurance Brokers educate you on the parameters needed to gauge the amount of life insurance you need.

What the correct amount of life insurance?

Have you ever wondered what the correct amount of life insurance is good enough for you in Colorado? Possessing too little life insurance could expose your family and loved ones to not be self-sufficient in the event of your unfortunate demise as a breadwinner? The most demanding part of choosing sufficient life insurance is establishing your beneficiaries’ amount of money.

The minimum amount of coverage you need may be different from what someone else needs. Financial experts recommend buying ten to fifteen times your annual income in coverage, though your number may be higher or lower. It is also wise to consider the following factors for choosing the life insurance you need.

Debt

Life insured can be employed to clear outstanding debts, including mortgages, car loans, student loans, and personal loans. If, as a policyholder, you bear any of these loans, your policy must include enough coverage to pay all these outstanding arrears in full.

Income replacement

One of the most crucial factors to consider when determining your life insurance coverage is replacing your income. For resistance, if you are the sole breadwinner for your dependents, and you generate about $40,000 annually, you require a policy payout that is big enough to replace your income and a little extra to cushion against inflation.

Most insurers advocate for a reasonable amount for life insurance to be six to ten times the annual salary. Another formula for ascertaining the amount of life insurance you need in Broomfield, CO is multiplying your annual salary by the number of years left before retirement.

It’s crucial to ascertain the amount of life insurance one requires if you intend to buy this policy in Colorado. Please contact our charismatic agents at Aspen Gold Insurance Brokers for any queries and more information about life insurance.

Does Health Insurance Cover Annual Exams?

Health Insurance Cover Annual Exams

One of the best ways to keep up with your health is to get annual exams that help you remain knowledgeable about your health. The earlier you know about a health issue, the earlier you can make decisions about your health. This is why preventative care is part of most health insurance plans.

Aspen Gold Insurance Brokers know that you take your health seriously. If you live in Denver, CO, this is what you need to know about health exams and your insurance coverage.

What Is Considered an Annual Exam?

If your healthcare policy claims to cover annual exams, this means that the company covers routine checkups or preventative care exams. Most health plans do cover one preventative or routine exam per year. Additional wellness exams may be covered for women and children, but it is important to discuss your specific coverage with your insurance agent.

There is a caveat when you are dealing with coverage. For these exams to be covered, you typically have to visit a doctor who is considered to be in your insurance company’s network.

Does Insurance Cover Preventative Care?

Some health insurance policies do cover preventative services, including vaccines, screenings, mammograms, and pap smears. The goal is to prevent health issues early on so that you do not have to deal with them later. Each health insurance policy is different. Insurance companies often cover preventative care because they want to detect issues as early on as possible.

Do you have questions about what your health insurance will cover? Do you want to make sure preventative care is covered? If you live in Denver, CO, and surrounding Denver Metro area, reach out to Aspen Gold Insurance Brokers for more information.

How Commercial Insurance Benefits The Hospitality Industry

Commercial Insurance Benefits

Aspen Gold Insurance Brokers proudly serves the Colorado Community. We offer our clients different policies to help protect their assets. We treat our clients like family, and our personalized approach allows us to meet their needs as they evolve over time.

How Commercial Insurance Benefits the Hospitality Industry

Commercial insurance assists Colorado residents. Your business is one of your most significant investments. While you focus on maximizing profits, commercial insurance protects your business if an emergency arises. The policy covers you if your physical property is damaged. All of your equipment is covered if it is stolen. In the unfortunate event that something happens to one of your clients while they are visiting your business, you can rely on liability insurance.

Commercial insurance protects your business in multiple ways if you are working in the hospitality industry. You constantly strive to ensure that your customers enjoy a safe and comfortable experience. Business interruption insurance covers your business if you have to cease operations for a few weeks. Perhaps a severe snowstorm passes through the area and damages the property. You can also add crime coverage to protect your business against allegations of theft and fraud. If you serve adult beverages, add extra coverage to protect your business against possible legal action due to intoxication. If you operate a hotel, your customers trust you to protect their valuables. Guest property coverage protects your business if any of your customer’s personal belongings are damaged or stolen. You can also add umbrella coverage to provide another layer of protection if a serious issue arises.

Aspen Gold Insurance Brokers Will Help You Protect Your Investment

Visit our website to learn more information about commercial insurance. Our experienced insurance agents are here to educate you on the commercial insurance benefits and find the best commercial insurance policy that is customized to fit your insurance needs.