How Does Motorcycle Insurance Differ from Auto Insurance

Given that a motorcycle is a motor vehicle just like a car, truck, or SUV it is tempting to assume that insurance is treated the same way; however, that’s not the case. While both auto insurance and motorcycle insurance serve the same idea, there are several important differences that need to be highlighted. 

Coverage for Passengers: We often take for granted that your auto insurance policy includes coverage for passengers, but on a motorcycle, a default insurance policy is likely to assume that you’ll be the only rider. Consequently, if you plan to have a passenger then you’ll want to inquire about adding passenger liability coverage. 

Laid Up Insurance: While unlikely to be a default addition to a motorcycle policy, laid up insurance protects your motorcycle from damage, theft, and other incidents while it is being stored and not used. The good news with this type of coverage is that since it assumes the motorcycle will not be used while in storage, it is less expensive because you only pay the full premium when your motorcycle is being used. 

Accessory Coverage: Motorcycle insurance is easy to customize with additional options for accessories like a trailer, specific bike accessories such as a saddlebag or custom equipment such as exhaust pipes or the gas tank. 

Personal Injury Coverage: Given that a motorcycle offers little in the form of protection to your body in an accident, you are far more likely to be injured in a motorcycle accident than an automobile incident. Consequently, you can opt to have personal injury protection on your motorcycle insurance policy which will help cover medical payments from the accident. 

If you are shopping for motorcycle insurance in the Ashland, KY area, look no further than Sharp Insurance & Financial Services. Our friendly team of insurance connoisseurs will help you find the perfect policy for your needs and strive to earn your business with a professional and friendly touch. 

Ashland, KY Life Insurance Options

Life insurance is not only an excellent way to provide for your loved ones should the unexpected happen, but it can also form a core component of your overall financial portfolio.  After all, your lifestyle is dependent on your income, so any disruption to that income flow can prove catastrophic to those that are left behind, and a life insurance policy is a hedge against any income lost.  For Ashland, KY life insurance options, our trusted agents here at Sharp Insurance & Financial Services have a wealth of information to help you craft a life insurance policy that works for you and your entire family. 

How Much Life Insurance is Enough?

Determining how much life insurance you might need is unique to your specific situation.  As an industry-standard, most insurers use one of two generally accepted methods to ensure that you have provided enough for your family in the event of your death,  The first, known as the human life value approach, calculate the current income of the person multiplied by the number of years to retirement.  The second method calculates expenses rather than income, before determining what you would need to meet short, mid, or long-term financial needs.  Speaking with a trained and licensed insurance agent is the key to making an informed decision that is so important to the well-being of your family.

Contact Sharp Insurance & Financial Services Today

Sharp Insurance & Financial Services of Ashland, KY has the expertise to explain the myriad of benefits to your loved ones in the event of your untimely demise to having a life insurance policy designed to meet their financial needs in the aftermath of a family tragedy.  There is a great deal to process when losing a loved one, but fear of losing the family home and lifestyle should not be part of the grieving process.  Our agents are ready to discuss the full range of available options for you and your family.

Kentucky Auto Insurance FAQs

According to the official government website, the State of Kentucky is "cracking down" on uninsured motorists in 2020. Sharp Insurance & Financial Services makes purchasing and keeping insurance easy and convenient. We service the area of Ashland, KY, and the surrounding counties. If you have any questions about insurance changing in Kentucky in 2020 we will be happy to clear things up for you.

FAQs About Auto Insurance in KY

  • What measures are they taking as part of the "cracking down" of uninsured motorists?  First, owners of personal vehicles that are registered but without insurance will receive notices that inform them that their registration will be revoked if they do not show proof of insurance in a timely manner. Then if they do not comply their registration will be revoked to reduce the number of uninsured drivers on the Kentucky roads. 
  • What auto insurance is required by the State of Kentucky? Bodily injury and property liability are required as the bare minimum requirements but going beyond liability is not much more and it protects the driver greatly. 
  • Can I purchase insurance today to meet the state requirements before my registration is revoked? Yes, the sooner you send in your proof of insurance the less chance you will have of having your registration revoked in KY. We will provide proof the same day you purchase your policy and you will have peace of mind knowing you are legal in the eyes of the law and protected in case of an accident. 

Sharp Insurance & Financial Services provided quality insurance services to Ashland, KY and the surrounding areas. We will be happy to answer any other questions you may have about insurance in the state of Kentucky in 2020, give us a call or drop by today. 

How can commercial insurance protect my business in Kentucky?

The Ashland, KY area continues to be well known for being a great place to live and own a business. When you are a business owner in this area, you can take advantage of the strong local economy. While there is a lot of potential for success in this area of the state, there are also a lot of risks that come with owning any type of business. To help offset these risks, getting a commercial insurance policy is a great option. 

Provides Liability Protection

One of the ways that commercial insurance can protect your Kentucky business is by providing you with liability protection. If you own a business, you are going to take on liability risk all the time. If you have a customer that gets sick or injured when using your product or service, you could be held liable. Fortunately, commercial insurance will provide protection against this risk.

Protects Business Assets

If you start a business in Kentucky, you are going to need to buy some assets to help start the company. Whether these are significant assets, inventory, or simple office equipment, protecting these assets is very important. One great way that you can do this is by getting a commercial insurance policy. When you have commercial insurance, the insurance policy will provide you with the capital that you need to repair or replace these items if they are stolen or damaged. 

Ultimately, getting a commercial insurance policy is a great option for anyone that owns a business in the Ashland, KY area. When you have a business here, you should speak with Sharp Insurance & Financial Services. The insurance team at Sharp Insurance & Financial Services can help a business understand their insurance needs and get them into a policy that provides the right coverage. 

5 Things to Know about Home Insurance

Homeownership is part of the American dream. If you own a home (or are about to own a home) and are living your part of the American dream in and around Ashland, KY, you will need to purchase home insurance to keep your investment safe against a potential future loss.

According to Sharp Insurance & Financial Services, homeowners in need of home insurance are advised to ponder these five essential insurance considerations before making a final decision.

  • Purchase insurance you need.

Homeowners’ policies for homes located in the vicinity of Ashland, KY should include coverage for the structure, the owner’s belongings, the owner’s liability/risk, and living expenses during a rebuild.

  • Consider replacement value insurance. 

Without replacement value coverage, possessions, for insurance reimbursement purposes, would be equal to fair market value. This means that without replacement value insurance, an insured will likely not be able to replace everything that was lost, given today’s cost.

  • Consider extended or guaranteed-replacement-value coverage.

Guaranteed replacement covers rebuilding despite cost; however, most companies now offer extended-replacement-value insurance coverage, which adds a preset overage to mitigate inflation.

  • Purchase Policy Endorsements, aka Floaters. 

Floaters are policy endorsements that can be added to a homeowner’s policy to cover big-ticket items that would otherwise not be covered. Homeowners are advised to hold onto to big-ticket receipts, or fax copies to their insurance agents. This ensures a big-ticket’s value will never be disputed in the case of a loss. 

  • Select a policy that maintains pace with inflation. 

Insurance policies can offer homeowners an option that allows the homeowner’s insurance coverage to keep pace with inflation. Inflation is the economic force that drives home prices (and everything else), higher over time. 

The insurance professionals at Sharp Insurance & Financial Services are available now to meet your home insurance needs. Contact us today. 

Do I need boat insurance if I have homeowner’s insurance?

Purchasing a boat is a point of pride for avid fishermen and water sport enthusiasts. To protect the monetary component of a boat investment and provide additional liability coverage, boat insurance is needed. Before setting sail or motoring across a Kentucky lake contact Sharp Insurance & Financial Services serving Ashland, KY to procure a policy capable of meeting your basic needs and beyond.

Homeowners insurance and boats

A common misconception is that homeowner’s insurance provides full protection for boats and other recreational watercraft, but this is not the case. Homeowner’s insurance only provides limited coverage. 

The coverage is limited both in terms of dollar value provided and the events covered. Your homeowner’s policy will provide a flat amount of protection against events such as fire, hail damage, theft or vandalism. The value of most boats, particularly those with motors, will exceed the amount of compensation provided by the policy. 

Liability coverage in a boating accident is also strictly regulated by homeowner’s insurance policies, which makes speaking to a qualified agent very important when setting up coverage. Boats exceeding a certain horsepower are outside the scope of a homeowner’s policy, making secondary coverage through a boat specific policy essential. Other watercraft, such as jet skis, are often not covered at all. 

Boat specific policies

Boat policies bring with them the liability coverage typically found in auto policies — an extremely important element when you are boating with a friend or friends. Your policy can be adjusted to provide coverage adequate for repairing or replacing your boat in full if it is damaged. It can also protect your boat in the event you are in a boating accident with an uninsured boater.

If you still have questions, you can call Sharp Insurance & Financial Services serving Ashland, KY to discuss the particulars of your boat insurance needs and discuss the coverage possibilities.

 

Benefits of Classic Car Insurance

As warm months approach, you may be itching to pull that classic car out of the garage and go for a drive. Before you do, make sure that it is protected well with classic car insurance. Here at Sharp Insurance & Financial Services, we think it is important that Ashland, KY classic car owners understand the benefits of having classic car insurance as opposed to traditional car insurance.

A car is generally considered a classic if it is between 19 and 24 years old, has been restored, has a higher value than similar autos, and in good working tradition. This definition differs slightly among different companies and groups. However, for the sake of insurance purposes, this definition is befitting. As classic cars are different from other car types, classic car insurance is also different. Here are three facts about classic car insurance that are different from other insurance.

A classic car’s value tends to appreciate over time while others depreciate. Traditional car insurance revolves around Actual cash value, meaning that if your car is totaled, the price the insurance will payout is based on the value of the car that day prior to the accident. Classic car insurance offers an agreed and guaranteed value that will be paid out in the event that the vehicle is totaled. This value is one that is agreed upon the day the insurance is set up.

Classic cars are also usually driven much more carefully and less often. Thanks to these facts, classic car insurance is very affordable- usually more so than traditional car insurance.

Classic cars need to be handled with care at all times, including when being towed. Due to this, most classic car insurance policies cover flatbed towing as opposed to traditional towing to prevent the car from being damaged in transit or when it is being hooked up.

Due to their value, their condition, the care they require, and their use, your regular auto policy is not the best option. Instead, you need insurance that is meant specifically for covering classic cars and you need an agency that understands this coverage. For the Ashland, KY area, Sharp Insurance & Financial Services is that agency. Stop by or give us a call for your no-obligation quote!

 

Three considerations before you buy recreational insurance

Recreational insurance is important to protect the investment you make in your recreational vehicle.

If you’re an Ashland, KY resident who owns a recreational vehicle, you’ll want to explore the insurance options we provide at Sharp Insurance & Financial Services. You’ll want to take the following three considerations into account:

The value of your recreational vehicle

The value of your recreational vehicle is an important consideration because it helps determine how much coverage you need. You need to analyze the policy limits and make sure that they’ll cover the full value of your recreational vehicle in the event of a total loss.

Remember that recreational vehicles can easily be worth over $100,000 dollars and range widely in terms of price. The more your recreational vehicle is worth, the higher you need your policy maximum limits to be. 

The liability coverage you’re required to have

If you’re taking a recreational vehicle out on public roadways, then you’re required to meet some liability coverage minimums by law. Discuss these requirements with your recreational vehicle insurance provider. Liability coverage requirements vary by state, so be sure to discuss these requirements with an insurance provider who offers policies in your state. 

The importance of your recreational vehicle in your life

Some people rely on their recreational vehicles more than others. In fact, some people even live in their RVs for some or all of the year. If you spend a significant amount of time living in your RV, you’ll want to buy more coverage than those who just use their RV for brief vacations.  

Make sure you’ve put thought into all of these considerations before purchasing a recreational insurance policy. If you’re on the market for a policy in Ashland, KY, get in touch with us at Sharp Insurance & Financial Services to learn more about our product offerings. 

How Will I Know If I Need Flood Insurance?

Flood insurance is recommended for any homeowner in Ashland, KY who lives in a floodplain or within close proximity to a large water source. Many people don’t understand how a floodplain affects them until they experience a flood that damages their home and property. At Sharp Insurance & Financial Services, the agents can assist homeowners in determining whether or not flood insurance is something they can benefit from.

Do You Live Near Any Water Sources?

Living near a lake, pond, river, stream, or another type of water source is a good indicator that flood insurance may be needed. While the water source may not be big enough to constitute being labeled within a floodplain, heavier than normal rains can result in minor flooding. Even a small amount of flood damage can cause devastating financial loss, especially if the damage occurs inside your home. 

Where Is the Nearest Floodplain?

A floodplain is an area that is prone to flooding after heavy or prolonged rain. Floodplains are normally located in areas where there is one or more large water source that is capable of overflowing its banks after extensive rain or the melting of a large amount of snow or ice. If you are unsure of where your home is in relation to the nearest floodplain, check with your local assessor’s office or your insurance agent. Either one will be able to find the answer you are looking for.

If you live in or near Ashland, KY and are concerned about whether or not your home is located in a floodplain, call the agents of Sharp Insurance & Financial Services. They will find out the answers to your questions and make sure you have the right amount of flood insurance to meet your needs.

Renter’s insurance

Top reasons to purchase a renter’s insurance policy

You might not think you need renter’s insurance, but there are many reasons to buy renter’s insurance.

Sharp Insurance & Financial Services of Ashland, KY wants you to have the insurance you need, so we offer this list of real reasons to acquire renter’s insurance.

1. Your landlord has property insurance, but it only covers their losses to the apartment building or home and their liability. Your personal property and liability are not covered. Only 37 percent of renters obtain renter’s insurance, says the Insurance Information Institute.

2. It does not cost much. While some insurance policies cost a lot, renter’s insurance does not.

3. Your landlord may require the policy as a part of your rent.

4. It protects you from the loss of your personal property. Imagine if you had to replace every stereo component and your television all at once because they were stolen.

5. It protects your property from losses from everything from damage caused by aircraft to explosion and fire. If a volcano erupts, your things are covered. If a tornado blows through, they are covered, too. Only floods and earthquakes require a separate policy.

6. It provides you with liability coverage. If someone falls inside your apartment and gets hurt, your landlord’s property insurance does not cover it, but your renter’s insurance does.

7. Renter’s insurance covers your belongings when you travel, too. You are covered from loss or theft and damage.

8. You could obtain a policy that also provides additional living expenses, so if your home gets damaged, too, you can pay for a place to stay.

Call Sharp Insurance & Financial Services of Ashland, KY to learn more and find the policy for you.