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Colorado Insurance Blog

What Is The Difference Between Full Coverage And Liability-Only Motorcycle Insurance?

Motorcycle insurance is a must for all riders. However, do you know the difference between full coverage and liability-only policies? Here, we’ll break it down for you so that you can make an informed decision about what type of policy is best for you.

What Is Full Coverage Insurance?

Full coverage motorcycle insurance is just what it sounds like – it covers you, your bike, and any damage you may cause up to the limits of your policy. This type of policy typically includes collision and comprehensive coverage, as well as bodily injury and property damage liability.

What Is Liability-Only Insurance?

Liability-only insurance, on the other hand, only covers damage you may cause to another person or their property. It does not cover any damage to your own bike or body. This type of policy is typically much less expensive than full coverage but offers far less protection.

So, Which Type of Policy Is Right for You?

That depends on several factors, including the value of your bike, your riding habits, and your budget. If you own a high-value bike or ride often, full coverage may be the best option. However, if you have an older bike or you only ride occasionally, liability-only insurance may be sufficient.

The thing is, you’ll need to weigh the pros and cons of each type of policy before making a decision. If you’re still unsure which type of policy is right for you in Colorado, Integrity First Insurance can help you make an informed decision.

Give Us A Call

There you have it – a brief overview of the difference between full coverage and liability-only motorcycle insurance. As always, be sure to do your research and consult with an insurance agent before making any decisions about your policy. Integrity First Insurance in Colorado is here to help you find the right policy for you, so don’t hesitate to give us a call today.

Do You Need to Insure an E-bike?

What is an E-bike?

According to Colorado Parks & Wildlife, an E-bike has 2 or 3 wheels, fully operable pedals, and an electric motor that doesn’t exceed 750 watts of power.

There are 3 classes of E-bikes:

Important Colorado E-bike laws:

  • Electronic bicycles are not required to be registered
  • There are no license requirements for E-bikes
  • Generally speaking, Class 1 and 2 E-bikes are allowed to operate on the same paths as conventional bikes, thought local jurisdictions can prohibit operation on specific paths
  • Class 3 E-bikes are only allowed on streets and bike lanes, unless specifically permitted by local jurisdictions
  • There are different rules pertaining to State Park or Wildlife Areas
  • E-bikes must ride in the right-hand lane when traveling a less than the normal speed of traffic on a roadway
  • Riders must signal intent to turn or stop and yield the right of way to pedestrians
  • One hand must be kept on the handlebars at all times
  • Class 3 E-bikes have the following age and helmet restrictions:
    • Operators must be 16 or older (passengers can be under 16)
    • Operators and passengers under 18 must wear a helmet

Does an E-bike have to be insured?

The short answer is no. There aren’t any legal requirements to insure an E-bike. That being said, if you have a loan on an E-bike, your lender will likely require you to carry insurance on it.

Even though you’re not required to have insurance on an E-bike, it’s important to at least have liability coverage. You can go faster on an E-bike than you might otherwise travel on a conventional bike, which makes the risk of crashing a little higher. If you hit a person, fence, house, mailbox, or something else, you could be responsible for the damages. Liability insurance will help you pay for those damages if a situation like that arises.

If you’ve paid a pretty penny for your E-bike, it probably makes sense to get adequate insurance for it. That way if it gets stolen, damaged in a fire, you’re in an accident, or something else happens, you’re not left empty handed.

How to insure an E-bike:

Many homeowners policies will afford some amount of coverage for an E-bike. Some policies may only extend liability, whereas others have a special limit of physical damage coverage included and some may not extend any coverage at all. Each insurance carrier has their own guidelines, so be sure to check what coverage you have on your policy.

Keep in mind that most home policies have a deductible of $1,000 or higher, so if you’re counting on your home policy to cover any damages to your bike you’ll need to cover your deductible before your policy pays out. Depending on the value of your E-bike and your home insurance deductible, it might not make sense to insure it on your home policy.

Many E-bikes cost several thousand dollars, so a total loss might exceed your deductible. But if a $1,200 E-bike was stolen, that’s not a claim I’d recommend filing on a home policy. You’d only get $200 from that claim example, which isn’t worth having a claim against your home insurance since it would likely cause your premium to increase for up to 5 years.

If you don’t have a home policy or if your policy doesn’t provide the coverage you’re looking for, you can generally insure and E-bike on a motorcycle policy. One benefit of that is that you can choose a lower deductible, like $500 or even lower.

Another plus is that you can file a claim without it impacting your home insurance. A claim for a stolen E-bike wouldn’t cause your motorcycle premium to increase like it would if you filed a claim on your home policy.

Insuring an E-bike on a motorcycle policy would also give you the option of Medical Payments and Uninsured Motorist coverage, both of which can be extremely valuable. Medical Payments coverage can help pay for your injuries, regardless of whether you’re at fault for a loss. The limit is usually $5,000 per person, but limits can vary.

Uninsured Motorist coverage will help cover your costs if you’re not at-fault for in an accident and the other person doesn’t have enough coverage. You can get Uninsured Motorist coverage up to the bodily injury liability limits on your motorcycle policy.

Read more about Uninsured Motorist coverage: What is Uninsured Motorist Coverage?

Sources:

Colorado Parks & Wildlife. Colorado Parks and Wildlife. (n.d.). Retrieved June 27, 2022, from https://cpw.state.co.us/thingstodo/Pages/E-Bike-Rules.aspx


Electric Bicycles. Electric Bicycles | Colorado General Assembly. (n.d.). Retrieved June 27, 2022, from https://leg.colorado.gov/content/electric-bicycles

What Exceptions are Common With Motorcycle Insurance

Motorcycle insurance should cover a broad range of troubles to ensure that you are safe. However, there are many exclusions that you’ll need to work around to get the long-term benefits necessary to pay for damage to your bike through insurance. Integrity First Insurance is available to help Colorado bike owners get the kind of coverage needed to manage these exclusions. 

Exclusions Vary Based on Coverage 

Typically, your motorcycle insurance will pay for most of the troubles that occur with your bike, depending on the comprehensive nature of your policy. Many people may find that some policies provide a more robust and more adaptable level of protection that goes above and beyond other options. Some may find themselves experiencing exclusions that are pretty frustrating, such as:

  • Collision damage caused by an accident 
  • Theft, vandalism, fire, and hail damage
  • Towing needs if your vehicle crashes 
  • Accessories added to the motorcycle 
  • Problems caused by drivers without insurance 

These exclusions may be very frustrating but can be covered if you understand how to add new elements to your policy. For example, collision options help cover the damage caused by crashes, while comprehensive policies will take care of much more. And uninsured policies will help you if the driver who hits you on the road has no insurance or a flawed policy that covers only a few concerns.

Understanding Your Options 

When you take the time to find the best policy for your needs, you shouldn’t run into exclusions that may frustrate you and cause complications with your payments. Thankfully, we at Integrity First Insurance serve Colorado residents and help you find the policy that works for your needs. In addition, our team will carefully examine what problems could impact you and work to minimize their development.

What Is An Auto Insurance Deductible?

Insurance 101: Deductibles

An auto insurance deductible is one of the most important factors to consider when choosing coverage for your vehicle. Because your deductible will impact your monthly premium as well as the amount you’ll pay for damages after making a claim, it’s critical you choose wisely.

So, what is a deductible and how does it work? Here are some points to consider when evaluating car insurance options to decide what will work for your needs.

What Is an Auto Insurance Deductible?

An auto insurance deductible is the fixed dollar amount you’re responsible for paying as the policy holder toward the financial loss from a covered car accident. If your damages exceed your deductible, the insurance company will cover the remaining balance up to your coverage amount. You choose your deductible amount and your coverage limits, and are required to pay up to the deductible amount before your insurance company steps in to cover the rest. For example, let’s say you choose an insurance policy with a $1,000 deductible. If you’re involved in an accident and the estimated damages are $2,000, you would be responsible to pay $1,000 of a covered loss before insurance kicks in.

There are two main types of car insurance coverages that typically include deductibles:

  • Collision: This coverage helps pay for damage to your vehicle if it hits another car or object, is hit by another car, or rolls over.
  • Comprehensive: This coverage helps pay for damages to your vehicle that are not caused by a collision. Examples include theft, vandalism, glass-only damage, hitting a deer or other animal, and storm damage.

After you’ve paid your applicable deductible, your insurance will cover the cost of the damages to your vehicle, up to the limits of your policy.

How Does a Car Insurance Deductible Work?

Unlike with health insurance, your deductible is paid for each accident that you have. For example, if you get into three separate accidents during a given policy period, and you have a $500 deductible, you will pay a $500 deductible for each accident. It’s also important to note that your insurance company may only cover the cost of damages that exceed the deductible amount.

For example, if you have a $500 deductible and the damages to your car total $450, you would pay the full $450. But if the damages to your car total $1,000, you would pay your $500 deductible, and the insurance company would cover the remaining $500.

When Do You Have to Pay A Deductible?

You only pay a deductible when there are covered damages to your vehicle, not when there are damages to another person’s car. That said, it can be difficult to understand every situation in which you’ll be required to pay a deductible. Here are a few scenarios to help you understand, but be sure to check with your insurance agent to verify what your specific coverages include.

  • Another driver hits your car. If another driver is determined to be at fault for the accident, typically, their insurance company will be responsible for paying for your repairs if you file a claim with the other company. If you choose to file your claim with your insurance company, you will owe your deductible, but your insurer will likely seek reimbursement of your deductible from the other driver’s insurance company. However, if a driver hits your vehicle and both you and the other driver are determined to be at fault, then you may be responsible for paying at least a portion of your deductible if you file a claim with your own insurance company.
  • You hit another driver’s car. If you strike someone else’s vehicle and in doing so, damage your car, your insurance company typically will pay for the damages to your car, and you will be responsible for paying the deductible.
  • Your car was damaged by something other than a collision. With comprehensive coverage, if your car is damaged in a storm, fire, flood or if you strike an animal, typically your insurance company will cover the damages and — depending on your policy — you are likely to have to pay your deductible.
  • Your windshield was damaged. Generally, comprehensive coverage covers glass damage. In this case, your insurance company would pay for the cost to repair or replace your windshield. Depending on your policy, you may have to pay a deductible. Again, check with your insurance agent to confirm what your coverage will do.
  • Your vehicle was damaged in a hit-and-run. If you have collision or uninsured/underinsured motorist coverage and someone hits your car and flees the scene, you likely will be responsible for paying your deductible. This type of claim would be worth a phone call to your insurance agent for guidance on your coverage and what you may owe.
  • Your vehicle is totaled. If your insurance company determines your car is a total loss (e.g., generally, the cost of the damages exceeds the value of the vehicle), then it will typically pay for the fair market value of your car before the accident, minus your deductible.

How Does A Deductible Impact Your Car Insurance Premium?

Your deductible has an impact on your car insurance premium, so you’ll need to decide this based on your budget and perhaps several other considerations. In general, the higher the deductible you choose, the lower the premium you’ll pay. Conversely, the lower the deductible you choose, the higher the premium you’ll pay.

For example, if your current policy has a $500 deductible and you decide to increase your deductible when your policy is up for renewal, your monthly premium will likely decrease (assuming all other factors remain the same).

Here are a couple other things to consider when choosing your car insurance deductible:

  • How much of a deductible could you afford to pay? If you’re in an accident, you may need to pay your full deductible, so it’s important that it’s an amount you can afford. Consider starting an emergency fund to save up some money in case you have an accident that requires you to pay your deductible. Also, some insurance companies have minimum deductible requirements, so keep this in mind when you discuss your policy details with your insurance agent so you will know what to expect if you have a mishap with your vehicle.
  • How much is your car worth? The value of your vehicle may make a difference in what deductible makes sense for you. For the most part, the more expensive your vehicle, the more it costs to insure. That can translate into greater savings if you choose a high deductible.

Several factors affect the cost of your car insurance policy, but your deductible will have an impact on your premiums as well as on how much you’ll pay out-of-pocket for damages to your car from an accident. Before you select a policy, consider your options for your deductible. Hopefully you may never face a situation where you’ll have to pay a deductible, but it’s important that you be careful to choose a policy with a deductible that you can afford to pay.

Motorcycle Insurance 101

What you need to know about Motorcycle Insurance

We get a lot of calls about motorcycle insurance every spring, and again in the fall. When the weather gets warmer, people want to add coverage so they’re ready to ride. But when the cold weather creeps back in, many people think it’s time to cancel their motorcycle insurance, which isn’t always the best way to save.

Here are some Frequently Asked Questions to help you navigate the insurance aspect of caring for your bike.

Rates:

Why would one policy cost hundreds of dollars more than another policy for the same motorcycle?

Continue reading “Motorcycle Insurance 101”

Should You Keep Your Motorcycle or Boat Insured in the Off-Season?

Do I really need to insure my motorcycle in the winter?

It may seem like a good idea to cancel your motorcycle policy in the off-season, but it could cost you more in the long run. The same goes for boat, ATV, motorhome and snowmobile policies.

Most people only think about the risk they face while riding or boating. But there are plenty of things that can happen while your toy in storage.

If you insure your recreational vehicles year-round, you’ll be protected if something happens. Even in the off-season.  

Claims that could occur while a boat, ATV, snowmobile, or motorcycle is in storage:

Continue reading “Should You Keep Your Motorcycle or Boat Insured in the Off-Season?”

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