Tag: Westco Insurance LLC

Understanding the basics of comprehensive and collision insurance policies is rewarding if you own a car in Colorado Springs, CO. You are in safe hands when you decide to seek insurance advice from Westco Insurance LLC, your trusted service provider. The two policies rank among the crucial requirements for car owners. 

While most states do not consider the two as mandatory, they come in handy when you find yourself in various hard-hitting situations. Insurance institutions sell the policy under one package, covering your car damages. In some instances, your agency goes to the extent of replacing your car if the situation demands that. However, the policies do not compensate for your injuries.

What Makes the Difference?

Collision insurance will compensate the cost of repair if it gets damaged on the motion. On the other hand, comprehensive policy covers aspects such as theft, vandalism, and natural calamities. You have the liberty to purchase the two insurances separately or drop one, keeping the other.

Is It Necessary to Buy Both Insurance Policies?

Most drivers pay for collision insurance and comprehensive insurance. However, to some, it feels unnecessary to have both at ago. If you are servicing a car loan, you will do better with both, as most lenders will request the two until you settle the last coin. The approach serves as security for the lenders if anything happens to the car before clearing the loan.

Is It Advisable to Drop the Policies?

After paying the loan or lease fee, you have the liberty to choose between comprehensive insurance and collision insurance. In addition, you can continue working with both options if you deem it necessary. The current value of your car is enough to let you decide what you want. If the level of depreciation is too high, dropping one policy is a wise idea.

Forfeiting additional policies when you notice that they are less relevant saves you money. However, seek professional advice before making such decisions. Contact Westco Insurance LLC in Colorado Springs, CO, to find all the answers you need about your policy today.

Having liability insurance coverage is required to stay legal on the road here in Colorado Springs, CO. However, not many people understand what this means. Thankfully, our team at Westco Insurance LLC is here to help.

Liability is a third-party coverage on your auto insurance that pays for someone else’s medical bills and/or property damage if you’re involved in an accident that you caused. It doesn’t pay to fix your vehicle or handle any medical bills for you or your passengers.

There are two parts to liability: bodily injury and property damage. Here’s what you need to know regarding what they cover.

Understanding Bodily Injury Coverage

Bodily injury coverage is the portion of your car insurance that pays for other people’s medical bills. This can be a passenger in another car, a pedestrian, or someone else physically injured due to your negligence.

When looking at your auto insurance, you probably see bodily injury written out as two numbers with a slash in between. The first number is the most the policy will pay per person in the accident. The second number is the maximum amount for the claim, whether two people with injuries or two hundred. In the event of a serious claim, all injured third-parties must share this aggregate amount.

What is Property Damage Coverage?

Property damage coverage is the part of your auto insurance policy that pays for things other people own. This can be the back bumper of the car you hit in the grocery store parking lot, your neighbor’s mailbox, or a power pole owned by the city. If you’re in an at-fault accident, this number is the maximum amount your policy will pay to fix or replace those items.

Are you ready to ensure you have enough auto insurance coverage? Our team at Westco Insurance LLC in Colorado Springs, CO is here to help. Please contact us today for a quote.