What’s the Right Liability for Your Auto Insurance?

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You know that driving in Spokane, WA, comes with insurance requirements. That’s a given, but how much liability coverage do you need? To help with that answer, we at Capital Insurance made this quick guide.

Minimum Requirements

The state of Washington sets minimum liability coverage limits that you must maintain to drive legally. They look like this:

  • $25,000 of boldly injury coverage per person
  • $50,000 of bodily injury coverage per accident
  • $10,000 of property damage coverage per accident

If your coverage is less than that, you could face fines and even potential jail time. 

Even if you meet the state requirements, if you are at fault in an accident that leads to property damage and personal injury, you could be on the hook for more money than your policy covers. That’s where the more significant question comes back. How much do you actually need?

Going Beyond the Law

Answering this question is different for everyone, but there are a couple of things to keep in mind. Minimizing liability coverage can help you keep insurance costs down when you’re on a tight budget. That does come with risk if you cause an accident, but that’s the trade-off.

If you have any assets of significant value, then it’s usually a good idea to increase your liability coverage, and it doesn’t usually raise premiums by a whole lot. An average policy would include $100,000 of injury coverage per person, $300,000 in injury coverage per accident, and $100,000 of property damage coverage per accident.

At the high end, those numbers approach $250,000 / $500,000 / $250,000.

If you want liability coverage beyond that, at this point, it’s usually better to supplement your auto insurance with an umbrella policy.

That covers the basics, but you can get a customized, personal answer from your Capital Insurance representative. Have a conversation and see what coverage in Spokane, WA, should look like.

Protecting Your Spokane Enterprise: Risk Management with Capital Insurance

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The Vibrant Spokane Business Scene

Running a business in Spokane, WA, can be thrilling and engaging. However, it can occasionally bring with it a fair share of stress. One way to mitigate some of that stress is to ensure you have apt coverage where you need it most. In particular, a sound commercial insurance policy plays a pivotal role in risk management. At Capital Insurance, we’re committed to helping you construct a tailored policy that best fits your business.

Business Property Protection

The first step to risk mitigation is to safeguard your business property. Even if you run a business from home, you will still need property insurance. Many homeowners’ insurance policies may not provide the coverage you’d expect under home-based business scenarios.

Whether you own a single or multiple properties, their protection against unforeseen incidents becomes critical.

Asset Coverage

It’s key to ensure that your commercial insurance encompasses all your assets. Therefore, the affected items can be repaired or replaced if an incident occurs. Your business assets might include:

  • Inventory
  • Equipment
  • Computers
  • Furniture

The more substantial your asset base, the more extensive your insurance should be.

Employee Coverage

If you have employees, consider what would happen if they were injured on the job. A comprehensive insurance plan that includes worker protection can help minimize lawsuits and related issues.

Maximize Your Protection

Many businesses face closure due to inadequate commercial insurance protection. It’s also important to update your insurance coverage as your business grows.

Get personalized assistance with safeguarding your business in Spokane, WA. Call us at Capital Insurance today. One of our insurance agents will discuss the unique aspects of your business and help craft a policy suited to your needs.

Personal Watercraft (PWC) Insurance

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Personal watercraft are fast and flexible. They have a built-in jet drive that gives you thrills you never can get on a boat. Whether your personal watercraft is a Sea-Doo, a jet ski, or a WaveRunner, Capital Insurance, serving Spokane, WA, eastern Washington State, and northern Idaho, can help you find the personal watercraft insurance you need.

Does the State of Washington Require Personal Watercraft Insurance?

The State of Washington does not require personal watercraft insurance. Idaho and British Columbia don’t, either.

But insuring your personal watercraft and your boat is a good idea if:

  • You borrowed money from your bank or credit union to buy them.
  • You keep your personal watercraft or boat moored at a private dock or marina.
  • You use your personal watercraft in a county that has its own stricter regulations. (You may also encounter this on lakes in Kootenai County in Idaho.)

Even if the state doesn’t require personal watercraft insurance, getting coverage is usually a good idea.

What You Get with Personal Watercraft Insurance

Capital Insurance helps water sports enthusiasts in Spokane, WA, and nearby areas obtain the important benefits of personal watercraft insurance, including:

  • Personal watercraft insurance covers damage to your personal watercraft, boats, docks, and marinas, as well as the medical expenses of other people injured in a mishap with your personal watercraft. We can write an umbrella policy for you if you need high-limit liability coverage.
  • Wreckage removal covers the collection of a wrecked personal watercraft from the scene of an accident.
  • Fuel spill coverage takes care of the legally required cleanup of a fuel spill.
  • Watersport insurance covers medical bills for anyone authorized on your policy when there is an accident with your personal watercraft.

At Capital Insurance, we can also write comprehensive, collision, and towing insurance for your personal watercraft.

Make an appointment with Capital Insurance to get the insurance you need to have fun on the water this summer. We can get you the policy that best meets your needs in minutes.

Is a Car a Classic Just Because It’s Old?

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Our team at Capital Insurance has helped many Spokane, WA classic car owners get high-quality insurance policies over the years. But what exactly qualifies a car as classic? Let’s take a deep look at this unique subject to find out.

Classic Cars Vary Based on Many Factors 

Age is a big defining factor of what makes a car a classic. Loosely defined, a classic car can include antique, vintage, or collector vehicles that are between 10-25 years old. From 25-40, you’re looking at an antique car, while a vintage vehicle is any produced around 1919-1930 or so. 

A “collector” car is often a vehicle that’s in high demand with many buyers. For example, the 1963 Mercedes Benz 300SL is always in high demand and is considered a classic. Thankfully, vehicles like these have specialized insurance protection that can keep them safe from damage.

How Classic Car Insurance Protects You

High-quality classic car insurance is designed to provide unique and effective coverage suited specifically to its needs. Just a few issues that it can help you manage include various expenses and dangers as diverse as:

  • Higher Liability Costs: Your car needs to be carefully protected from liability issues with classic policies.
  • Travel Expenses: When traveling or shipping your car from shows, you need insurance to stay safe.
  • Replacement Help: In situations where your classic car is totaled, replacement coverage can help.
  • Loss of Use Coverage: If your vehicle is so damaged you can’t use it, this protection can help you.

Find a Policy You Can Trust

With the help of our team at Capital Insurance, you can get your classic car insured in Spokane, WA. We provide service in and around this area and are more than comfortable working with you. Please don’t hesitate to call or email us to learn more about the ways we can help you out here.

Should You Get Recreation Insurance for Your ATV?

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If you own recreation vehicles, you should ensure them to protect your investment. If you have recreation vehicles and are interested in purchasing recreation insurance, we encourage you to speak to one of our agents at Capital Insurance. We proudly serve the residents in and around the Spokane, WA area.

Recreation Insurance 

Recreation Insurance is designed to protect a number of recreation vehicles, such as ATVs, four-wheelers, and jet skis. If you own an ATV, you should get Recreation Insurance to protect yourself against losses such as theft or vandalism. If you’re unsure what level of protection you need for your ATV, we encourage you to consult with one of our expert insurance agents. They can provide you with details regarding coverage and the fine print.

We take the time to learn more about each customer’s situation and the details regarding ATV. We use that information to suggest policies that meet or exceed their current needs. We will also assist with document submission to obtain the policy quickly, and if there’s a claim, we will also assist with claim submissions. It’s all a part of our commitment to exceptional customer service.

Learn More Today 

Getting the right recreation insurance is a blanket of protection against loss. If you would like to find out how to protect your recreation vehicles with insurance, we encourage you to speak to one of our agents today. Please feel free to call or stop by our location to get more details. Don’t take a risk with recreation vehicles. Get the protection you need for peace of mind with high-quality recreation insurance products from Capital Insurance, which probably serves the Spokane, WA area. We look forward to providing you with the insurance you need and the customer service you expect.

Will my renters’ insurance cover my roommates’ belongings?

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Renters’ insurance is similar to homeowners’ insurance in that it provides coverage for a renter’s belongings. It also provides coverage for personal belongings, theft, and vandalism. Renters’ insurance provides liability coverage as well. Renters’ insurance provides peace of mind for tenants by protecting their belongings. Our Spokane, WA team at Capital Insurance is invested in helping renters understand the benefits of insurance and get the coverage they need.

How does renters’ insurance work?

Renters insurance provides financial compensation for damaged and stolen belongings. The renter pays a monthly fee to maintain his or her insurance policy. If a personal item is vandalized, stolen, or damaged, the renter files a claim to be reimbursed for the vandalized, damaged, or stolen item. However, your loss must be covered by your renter’s insurance policy. As with any insurance policy, there are guidelines that outline what’s covered and what’s not covered. You are covered up to the maximum limits of your insurance policy, minus your deductible. Your policy’s limits are clearly outlined. Anything that exceeds the limits of your policy will not be covered. 

Will my renters’ insurance cover my roommates’ belongings?

No. Your renter’s insurance policy will only cover your belongings, although you live with your roommate. Your roommate must purchase his or her own insurance policy or be a policyholder on your renter’s insurance. Renters insurance is designed to cover the policyholder and his or her belongings only. However, if your roommate’s belongings are damaged as a result of something you did, the liability coverage may cover the damage. If you have more questions about renter’s insurance, call us at Capital Insurance in Spokane, WA. We’d be happy to answer all of your questions. 

How Motorhome Insurance Protects Your Upgrades and Add-Ons

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Owning a motorhome offers the freedom to create personalized and unforgettable adventures in and around the Spokane, WA area. Motorhome enthusiasts customize their vehicles for various reasons, thus needing an insurance policy to cover everything.  

What Do Upgrades Do For a Motorhome

Upgrades and add-ons can enhance:

  • Comfort: Customized interiors, upgraded mattresses, or climate control systems can make life on the road more comfortable and enjoyable.
  • Functionality: Add-ons like solar panels, larger water tanks, or advanced security systems can improve the functionality and self-sufficiency of your motorhome.
  • Aesthetics: Customized paint jobs, awnings, or interior décor can reflect your style and create a unique, eye-catching motorhome.
  • Resale Value: Many motorhome owners invest in upgrades and add-ons to increase the resale value of their vehicles, especially if they plan to sell or upgrade in the future.

Motorhome Insurance and Customization Coverage

Motorhome or RV insurance covers more than just the primary vehicle. It can extend coverage to your customizations, providing essential protection for your upgrades and add-ons. Here’s how:

Agreed Value Coverage: Agreed value coverage allows motorhome owners to specify their vehicle’s value, including customizations. In a covered loss, the agreed value is paid to the policyholder.

Custom Equipment Coverage: Many motorhome insurance policies offer customized equipment coverage, which explicitly protects upgrades and add-ons. If your custom solar panels, awnings, or entertainment systems are damaged or stolen, the insurance can cover their repair or replacement.

Personal Effects Coverage: Personal effects coverage extends to your belongings inside the motorhome, including upgraded items. 

Full-Timer’s Coverage: Full-timer’s coverage considers the unique needs of full-time RVers, including additional coverage for customizations and personal effects.

Capital Insurance Can Help You

At Capital Insurance, we can help answer questions concerning motorhome insurance. We serve the Spokane, WA area. Contact us today. 

Rules of the Road

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Motorcyclists are often thought of as rebels who live by their own rules. The truth is motorcyclists have to follow quite a few rules if they don’t want to be a splatter on the asphalt. A motorcyclist, unlike a car driver, is exposed while driving, so they have to be extra careful about safety. If you are a motorcyclist, you already know this. The young, new motorcyclist may get so excited about hitting the road on their bike that they may not think too much about safety rules. If a young biker wants to someday be an old biker, they have to learn the rules. 

Safety First

Rule one: Wear that helmet. This is a matter of life or death. Also remember to gear up with gloves, boots reinforced pants, and a jacket. Before you even purchase a motorcycle, get on it and make sure it’s the right fit for you. As with a bicycle, you should be able to put your feet flat on the ground while straddling it. Always make sure your bike is in good working order. This means good tire pressure, no loose bolts, mirrors adjusted right, lights working, and nothing leaking.

Keep it maintained will regular oil changes, adjustments, and replacing anything that wears out. Always be aware of your surroundings while riding. Pay attention to the road conditions. If you ride with a passenger, make sure they have a helmet and know what to do when turning corners. Follow all the rules of the road, drive safely, and you’ll enjoy cycling for years to come. 

Capital Insurance Serving Spokane, WA

Of course, driving safely doesn’t mean you won’t need insurance! If you are in the Spokane, WA area and need motorcycle insurance, contact Capital Insurance. We’ll get you what you need.  

Why Does the Need for Umbrella Insurance Increase at Age 40 and Older?

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At Capital Insurance, we try to serve Spokane, WA as a trusted friend and an insurance agency. You may have read that most insurance and financial consultants consider 40 to be the turning point for being able to completely rebuild retirement savings by the typical requirement age. We want to explain why and how umbrella insurance can save you from such an arduous task.

If You’re Found At Fault For An Accident

A lot can happen in life. You could incur liability by libeling someone or causing an accident. However it happens, if the court finds for the injured, you will have to pay a settlement. That means you will need to pay a lump sum of money to the injured.

Your home or auto insurance provides a limited amount of liability coverage. It may not cover the full settlement. What your insurance does not cover, you pay out of pocket. For some individuals, that means selling some stock; for others, it means making an early withdrawal from their retirement savings.

Withdrawing early money from retirement accounts, such as 401(k) accounts, incurs a 10 percent tax penalty and you then need to rebuild your IRA to its previous balance.

How Umbrella Insurance Helps

If a person pays out of pocket for a liability loss, that is what happens. Having umbrella insurance solves the problem of needing to pay out of pocket or rebuild savings, so you can provide for yourself in retirement.

If you have yet to reach the age of 40, you have time to rebuild your IRA to its prior balance by making extra deposits. It might require taking a part-time job, but it’s theoretically possible. After the age of 40, most individuals could not completely rebuild an IRA to its appropriate balance. It would require more deposits than legally allowed.

Umbrella insurance saves you from this scenario. Insurance agents recommend umbrella coverage more heartily for those 40 years of age and older for this reason. Umbrella coverage picks up where regular liability coverage leaves off. With it, when your primary policy, such as your auto coverage, pays out fully, the umbrella kicks in and covers the rest. You never need to access your retirement funds early. Umbrella coverage pays for the settlement for you.

Contact Us Today

Why wait and tempt fate? Protect your way of life in Spokane, WA with umbrella insurance. Contact Capital Insurance today to start your policy.

Is Flood Insurance Really Necessary?

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If you’re a Spokane, WA resident and you’re either already a homeowner or you’re thinking about becoming one, you might wonder about flood insurance. You might believe you will be covered in case of flooding since you have or will be purchasing homeowners insurance, but here is an overview of some things for you to consider:

Spokane, WA is More Susceptible to Floods than Other Cities

Flooding can occur in any city at any time, but the likelihood of it occurring in Spokane is increased. It is believed that this is due to the city’s proximity to the Spokane River and Latah Creek. While Spokane certainly doesn’t receive as much rain as cities like Fort Myers, Florida, or Coastal Georgia, you can never predict when a flood might occur. This means that flood insurance is always a good idea.

Limited Assistance from FEMA

The government offers a program called the Federal Emergency Management Agency (FEMA), that provides assistance to homeowners in the event of a flood or other disaster. FEMA offers grants, low-cost loans, and additional resources to assist disaster victims, but there are limitations. In some cases, there are long waits and limited funds, if there are even any funds available at all when you apply.  

Homeowners Insurance Also Has Limitations

Many homeowners automatically assume that their homeowners’ insurance will cover any damage sustained by flooding, but most homeowners insurance plans don’t cover flooding. Many homeowners have found out the "hard way" that they should have flood insurance in addition to their homeowners’ insurance. It may seem like a bit of an overkill, but it isn’t. It’s protection for you, so you won’t have to pay out of pocket for any damage from flooding. 

Capital Insurance Is Here To Help

As you can see, by opting for flood insurance, you’re adding maximum protection in case the unfortunate were occur. You may never actually experience any damage from a flood, but there’s nothing like having peace of mind by purchasing flood insurance. If you’re seeking a new insurance provider, we here at Capital Insurance are a great agency that can provide you with top-notch service and optimum coverage. Hopefully, you can use our agency for all your insurance needs. 

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