Is Classic Car Insurance Required in Kentucky?

The purchase of a classic car is not as simple as buying a car, it is an investment since your classic car actually appreciates in value. Most vehicles begin to depreciate as soon as you drive them off the late but it is just the opposite when it comes to classic cars. Sharp Insurance & Financial Services in Ashland, KY understands the unique coverage options of classic car insurance.


In the state of Kentucky, all vehicles that are driven on public streets and roadways must be covered under at least a minimum liability insurance policy and classic cars are no exception. Even though more insurance is not required, you will want to obtain a policy that truly protects the investment you have made in your classic car since it gains value over time.

What Makes a Vehicle a Classic?

In the state of Kentucky, a vehicle must be at least 25 years-old and distinctive to fall under the category of a classic car. Distinctive types of vehicles include hot rods, vintage vehicles, exotic or luxury vehicles, vintage military vehicles, or muscle cars.

Insurance Coverage

You will need to obtain a classic car insurance policy that will protect the investment you have made in your classic car in the event it is stolen or is destroyed or damaged by a fire, an act of vandalism, or a natural disaster, such as a tornado or hurricane. This type of insurance is referred to as comprehensive insurance but you should also have collision insurance to protect your vehicle if you collide with another vehicle or an object.

Importance of an Experienced Agent

It is important that you enlist the assistance of an experienced classic car insurance agent to assure that your classic car is properly covered since the insurance is based on the agreed cash value of the car and does not allow for depreciation.

To create the best classic car insurance policy for your beloved vehicle, call upon the experienced and trusted agents at Sharp Insurance & Financial Services in Ashland, KY for all of your insurance needs.

It’s Worth Having Recreational Insurance

When it comes to your toys in Ashland, KY, you’ll want to insure your RV, ATVs, boat, or other toys with recreational insurance. It’s affordable and gives you peace of mind knowing that no matter what happens, you’re covered. Read on to learn about the benefits of having recreational insurance, brought to you by Sharp Insurance & Financial Services.

1. Replace Damaged or Stolen Recreational Vehicles

If your ATV, RV, boat or other recreational vehicles were to get stolen, you can recoup the value by filing a claim. Otherwise, you will lose out entirely. The same goes for damage. If another ATV were to hit yours and damage it, you’re out of luck if the other driver is not insured. At this point, your insurance kicks in and you can get your toy fixed or buy a new one if it needs to be replaced.

2. Your Assets are Covered

You’re driving your boat along a busy lake when suddenly there’s a crash. It’s your fault and you’re uninsured. This scenario can be frightening, especially if someone were to get injured. Without a recreational insurance policy, the other party who is not at fault could come after your assets to recoup damages. That means your home, savings, and other assets are at risk.

3. Liability Coverage

An accident is just that – an accident – something you never intend to happen. But accidents do happen, whether on the road, off the road, or on a body of water in Ashland, KY. Having liability coverage through a recreational insurance policy will ensure that any liability you find might yourself in, your insurance claim will help.

To learn more about purchasing recreational insurance in Ashland, KY, contact Sharp Insurance & Financial Services serving this area. Our friendly agents are standing by to take your call. 

How Are Flood Zones Determined?

By definition, flood zones are considered areas that are prone to significant flooding during a weather or disaster event. The Federal Emergency Management Agency or FEMA for short, designates flood areas alphabetically by zone from A to X. Homes and businesses that are designated as being in high-risk flood zones with government-backed mortgages are required to carry flood insurance. To determine if you live in a flood zone, FEMA’s website maintains a map that allows you to see what areas are designated in what zones. In addition, many local governments maintain historical flood data and can be referenced whether you are shopping for a home to purchase or wondering whether you will need to have flood insurance in the future. 

Even if you do not live in a zone required by your mortgage lender to carry flood insurance, it is always a good idea to have the optional coverage. Historically speaking, as climate change continues to increase the number of dangerous storms flooding is on the rise and it is even impacting areas that have not experienced significant flooding in the past. Just one inch of flood damage causes an average of $25,000 in damage and is typically not covered under a homeowner’s insurance policy. 

Ultimately, flood insurance can be purchased for a relatively nominal cost and offers additional protection for homeowners from costly damage repair. When shopping for flood insurance, let the team at Sharp Insurance & Financial Services in Ashland, KY assist in the purchasing process. We’ll help you find the right policy for your needs and make it as easy as possible. Give us a call today to schedule a no-obligation consultation.

Mistakes To Avoid While Researching Renters Insurance Policies

Based in Ashland, KY, Sharp Insurance & Financial Services assists the community by helping residents find the insurance coverage that they need to protect their assets. We take the time to analyze each of our client’s personal situations in order to help them find a custom policy for their situation.

Renters Insurance

Ashland, KY is a great community to reside in. Many spectacular rental properties have been built in the area over the last four years. If you are renting in the area, renters insurance allows you to protect your personal items in the event that they are damaged or stolen. You’ll also be protected in the event that your property is damaged due to a fire or another catastrophe. While you are researching different policies, avoid these mistakes.

Common Renters Insurance Mistakes

Relying On Your Property’s Setting

Many people avoid researching renter’s insurance policies because they believe that their property is not at risk of being broken into because of its location. Even if you stay in a safe setting, you never know when a situation will arise. Renters insurance allows you to enjoy a layer of protection in case something happens that you did not prepare for.

I Don’t Have Valuable Possessions

All of your possessions have value. Leaving your clothing, furniture, and electronics unprotected can cause a major headache in the future if you do not have that layer of security.

Relying On Other Types Of Coverage

Some people believe that renters insurance is not necessary because of their landlord’s policy. This is a mistake. Also, if you have special valuables like artwork, you may have to amend your policy to cover those items.

Sharp Insurance & Financial Services Is Here For You

To learn more information regarding renters insurance, visit our website today.  

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.