3 Reasons to Adjust Your Insurance After You Pay Off Your Vehicle

Paying off your primary vehicle is a huge milestone and one that should be celebrated! After your initial joy, there are few considerations to make when it comes to your auto policy. Let’s take a close look at 3 reasons why your policy may need to be updated once your car is paid in full. If you are in the greater Arvada, CO area and have recently paid off your vehicle or are planning to do so in the near future, the team at Alliance Insurance Services is here to help you consider your insurance options.

3 Reasons to Adjust Your Auto Policy on a Fully Paid Vehicle

  1. The cash value of your vehicle will likely be less than the replacement cost for a comparable car or truck. If your car were to be totaled you will need a higher amount than its current value to replace it. There are many policies that offer a solution to this problem, and they are worth looking into!
  2. You will no longer need to adhere to any coverage limits enforced by your financing provider. You can now review your coverage levels with your local agent and determine if the policy that was required by your financial institution is still the best option.
  3. An older car may cost more to repair. As a car ages, the parts can become more difficult or more expensive to get. Having a robust car rental option is one way to lessen the expense of an accident.

If you are in the greater Arvada, CO area and would like to know more about your auto insurance options, the team at Alliance Insurance Services is here to help! Contact us today or stop by our office to set up a consultation!

Why It Is Important To Review Your Home Insurance Policy Annually

Arvada, CO residents who are looking to get the most out of their home insurance policies are urged to receive an annual review. Alliance Insurance Services is able to help. While this topic is not always fun to discuss, it is highly important. Many policy holders will simply hold onto their current policies, without ever taking the time to examine them. 

These are the questions that have to be answered before a homeowner can make any final decisions when it comes to their policies. They are the most crucial queries that serve as the outline for any policy.

1. What If The Home Needs To Be Rebuilt?

Thanks to the costs of inflation, a client may not be able to rebuild their home as easily as they may have thought. Those who do not take the time to review their policies could end up with coverage gaps that leave the homeowner in a difficult position. If the policy holder has made any recent improvements, these need to be discussed as well. Renovations are a key aspect of any annual policy review.

2. Will I Quality For Any Discounts?

If you have made any installations that affect the security or durability of the home, these changes may quality the policy holder for a discount. Each insurance company is going to have their own qualifications and it behooves the client to schedule a consultation. The same goes for clients who have made changes to their homes that require additional coverage. Make sure that full coverage has been obtained each year.

3. Do We Still Need The Same Coverage For Personal Possessions?

An existing policy may offer the standard coverage that the client needs but what happens when they do not take the time to consider any extended coverage needs? There is a wide range of valuables that need to be considered at this time. Office equipment, electronics, jewelry, art, and other prized possessions must be examined. Evaluate these and proceed accordingly. 

Arvada, CO homeowners will benefit immensely from taking the time to meet with experienced agents at Alliance Insurance Services. Annual policy review is pivotal, as it keeps homeowners from placing themselves in a difficult position over the short term or the long haul.