The Basics of Recreational Vehicle Insurance

Here at 1st American Insurance Agency in Longmont, CO, we want you to enjoy your time on the road and on vacation. That’s why we want to make sure you have the recreational vehicle insurance you need to meet the insurance requirements of the state of Colorado. Like all the other states in the US except Hawaii, the state of Colorado requires vehicles on its roads to carry insurance. You probably already carry automotive insurance. Colorado requires the same level auto insurance for RVs as for your truck or car.  You will need at a minimum the following policies:

  • bodily injury liability (BI) of $25,000 per person and $50,000 per accident for bodily injury,
  • property damage liability (PD) of $15,000 per accident,
  • uninsured/underinsured motorist (UM/UIM) of $25,000 per person and $50,000 per accident for bodily injury.

These coverages ensure that you will be able to pay for damages to another person’s vehicle when you cause an accident and that you will be able to pay for their medical costs. The uninsured component means that when you are hit by a motorist who does not carry insurance or does not carry enough to cover your damages, you can pay for it yourself through insurance. This insurance covers your medical bills and it covers your vehicle damages.

You might also want collision or comprehensive insurance for your RV. It is a huge investment to purchase a recreational vehicle. It makes sense to protect it.

At 1st American Insurance Agency, we understand how confusing insurance can be, especially if it is your first time purchasing it. We want to make the process easier. Our insurance agents will happily sit down with you and review your needs. We can help you determine what level of coverage you really need because sometimes the minimum just is not enough.

Umbrella Insurance Is a Plus for Small Business Owners

Does your small business in Longmont, CO need umbrella insurance? You may think that this type of insurance coverage only benefits larger companies with a high net worth, but that’s simply not the case. The truth is that any business may run up against a lawsuit or some type of disaster situation at some point. This is why it’s helpful to seek the services of an insurance company like 1st American Insurance Agency. 

What Is Umbrella Insurance?

Umbrella insurance is an added protection to your existing insurance policy. Since there can be holes or limits in your regular commercial insurance policy, it’s ideal to have something in place that will help cover that. For instance, it offers liability protection in the instance that your company gets sued. If you are found to be at fault for a customer’s injuries or there’s some other legal issue that arises, you’ll want to have financial protection so your business does not go under. 

In addition, umbrella insurance may cover areas that a conventional insurance policy does not cover. However, you almost certainly will have to pay some sort of deductible for your umbrella insurance, which varies on the insurance company. 

Amount of Your Umbrella Insurance

The amount of umbrella insurance coverage you need depends on your company’s assets. Since the assets will determine how much is at stake in a lawsuit, it’s important to take out an insurance policy that has a maximum coverage that is appropriate to your business’ needs. For a smaller business, this likely is a lower amount.

You want to protect what you’ve worked hard to build with your small business. If you have questions, concerns, or would like to sign up for commercial umbrella insurance, reach out to 1st American Insurance Agency of the Longmont, CO area today.