Life insurance as a gift for grandchildren

Posted on March 28, 2025March 18, 2025 by agentinsure

If you have grandchildren, you probably have witnessed them being showered with toys and gifts for their birthdays and holidays. Just how many toys does a child need?

For those in the Colorado Springs, CO, area, Westco Insurance LLC has a unique idea that can literally pay dividends for years. Consider the gift of a permanent, whole life insurance policy.

Why an Insurance Policy for Grandchildren Could Be a Good Idea

Yes, it may be a little unique, but buying a life insurance policy for a child makes sense.

A permanent life insurance policy can build value over the years. This equity can be used to help pay for college, buy a first car, or even get an early start on a retirement plan.
Life insurance is more affordable when young. This means you can secure a large amount of insurance at an affordable price.
It provides life insurance protection while it builds value. This also helps assure insurability.
You can choose payment options. You can pay for the policy upfront in a lump sum or make payments over time, which provides flexibility in budgeting.
As a grandparent, you probably appreciate how quickly time passes. The longer a whole-life policy is in force, the more opportunity it has to increase in value.

Learn More Today

If you live in the Colorado Springs, CO, area and would like to discuss the options for giving the lasting gift of life insurance to a grandchild, we invite you to contact us at Westco Insurance LLC. We can show you how an affordable policy can build value over the years, quote a price, and get you started. Contact us today.

When is choosing basic auto insurance not the best option?

Posted on February 28, 2025February 17, 2025 by agentinsure

In the state of Colorado, drivers are required to carry liability coverage. The mandatory amount is 25/50/15. This protects other drivers from an accident where you are the responsible party. At Westco Insurance LLC in Colorado Springs, CO, we want all of our customers to have the right auto insurance, which may be basic insurance for some. For others, that coverage will not be adequate or allowed.

The mandatory liability amount in Colorado translates to $25,000 for the first person hurt in an accident, with a maximum of $50,000 for all injuries in that accident. The $15,000 is for damages to the property. Given the cost of medical care and of a car or a telephone pole, this insurance may be too low to protect your assets. If you are leasing your vehicle or have a car loan, you will be required to have coverage to protect the vehicle in the form of collision and comprehensive coverage.

If you have very few assets, an old car, or don’t use your car often, then basic auto insurance may be your best option. But if you are like most people and use your vehicle every day to run errands, drive to work or a million other things, then you need to be able to get your vehicle replaced or repaired if it is damaged. If you can afford to pay for the repair or replacement yourself, then basic insurance can be what you need. But if paying out that amount of money would be a hardship, then getting more comprehensive coverage is something that you need to consider.

For all your auto insurance needs, contact our team at Westco Insurance LLC in Colorado Springs, CO. Stop by the office, visit our website, or give us a call today.

Commercial Transportation Insurance for Accidents and Theft

Posted on January 24, 2025January 20, 2025 by agentinsure

A commercial transportation insurance policy can protect you against accidents and theft, covering expenses incurred while your commercial vehicles are in use or parked.

Liability Insurance

Commercial transportation insurance can protect you against accidents that are your fault or the fault of one of your drivers. A liability insurance policy will cover collisions that occur during inclement weather or unsafe driving conditions. This type of insurance will cover the cost of repairing the vehicle that you or one of your drivers is responsible for damaging.

Collision Insurance

Collision insurance is a type of commercial transportation insurance that covers damage to your own vehicles. This coverage protects against body damage and mechanical failures that directly result from an accident. Collision insurance is an optional coverage that a commercial business owner may benefit from. If a business owner relies on the use of commercial vehicles for day-to-day operations, having access to collision insurance will ensure that vehicles can be restored after a motor vehicle accident occurs.

Theft Insurance

The theft of a commercial vehicle or the equipment installed inside a vehicle could devastate a business owner. Having access to theft insurance will minimize the impact of such a loss. This type of coverage will handle costs associated with the loss of a vehicle or its contents.

Westco Insurance LLC: Serving Colorado Springs, CO

Protect the commercial vehicles you use during regular business hours by contacting one of our representatives at Westco Insurance LLC. An agent will schedule a consultation with you to discuss the types of commercial transportation insurance that will benefit you.

Homeowners Insurance for Historic Homes

Posted on December 23, 2024December 17, 2024 by agentinsure

Colorado Springs, CO, boasts some amazing historical neighborhoods, including Old Colorado City, Old North End, Skyway Park, and Manitou Springs. Houses in these areas feature unique designs and architecture that are sure to charm any aspiring homeowner. However, it’s important to note that regular homeowner’s insurance may not always be the best fit for a historical home.

What Does Homeowner’s Insurance for Historic Homes Cover?

HO-8 insurance is a policy designed to meet the needs of old houses with outdated plumbing, electrical wiring, and other systems. Such a policy typically covers the same forms of damage as a regular home insurance policy; however, it provides compensation based on the actual cash value of the home’s structure rather than replacement cost. This means you may have to pay high fees out of pocket if your home is significantly damaged or destroyed.

High-value home insurance is another option for historic homes. This policy is ideal if your home has a high net worth. It includes dwelling coverage, and you can add extended dwelling coverage to the policy to cover the high cost of having the home repaired or rebuilt using the same materials that were originally used in the home’s construction. If your historic home includes valuable furnishings and antiques, you can ask your insurer about a scheduled personal property policy endorsement to cover high-value belongings.

Contact Westco Insurance LLC for More Information

Your home is likely one of your most valuable assets. Moreover, its emotional value can’t be calculated in dollars and cents. At Westco Insurance LLC, we take pride in helping Colorado Springs, CO homeowners find insurance to meet their exact needs. Call us at your convenience to find out more about insuring a historic home at the best possible price.

Five benefits of life insurance that are underappreciated.

Posted on November 20, 2024November 18, 2024 by agentinsure

At Westco Insurance LLC, we are pleased to serve families in the Colorado Springs, CO area with various valuable insurance products. Among these insurance programs is life insurance.

We are here to help answer your questions, explore your options, and secure protection that fits your budget. We can also explain some of the benefits of insurance that may not be fully appreciated.

Here are five aspects of life insurance that you should be aware of.

1. Quick Access to Cash Following a Claim

A life insurance policy can quickly provide needed cash to a family following a death, helping ease the stress of a difficult time.

2. Tax benefits

Life insurance proceeds are generally tax-free, meaning a family would receive the full value of their policy.

3. Accidental death benefits

Many life insurance policies may pay a multiple of the face value should death occur as the result of an accident.

4. Easy to change beneficiaries

The beneficiary of a life insurance policy can be easily changed. This can be helpful in situations such as marriage, divorce, or death.

5. Potential to build cash value

Many whole life or permanent insurance policies have a cash value element that can build equity as payments are made. This is a value that can be tapped into for future opportunities and emergencies. Ask our agent if you want to build cash reserves with your life insurance policy.

Get a Life Insurance Quote Today

Because life insurance premiums are based on the insured’s age and health, it may never be more affordable than right now. If you live in the Colorado Springs, CO area and want to see how affordable it may be, contact us at Westco Insurance LLC.

We look forward to assisting you in protecting your future.

Getting Insurance Coverage for Your Custom or Classic Car

Posted on October 21, 2024October 16, 2024 by agentinsure

Classic or Custom Car Insurance: Protecting Your Unique Vehicle

Owning a classic car or customizing a modern vehicle is an investment in time and money. You need an insurance policy that mirrors your efforts and ownership. At Westco Insurance LLC in Colorado Springs, CO, we can assist you in obtaining a policy that covers your car’s uniqueness while protecting you from liability in the event of an accident.

The Necessity of Classic or Custom Car Insurance

The state of Colorado mandates that all vehicles traveling on public roads have, at a minimum, liability insurance. This means you need to have at least a minimum liability policy on your vehicle. However, there’s more to it than just meeting legal requirements.

A classic or custom vehicle isn’t as easy to repair as a regular vehicle, as off-the-shelf parts may not be readily available. Repairing such vehicles requires a specialized repair shop capable of restoring damage to the body and engine and knowledgeable in sourcing or machining parts.

What Does a Classic or Custom Auto Insurance Policy Cover?

This type of insurance offers coverage for accidents, personal injury, medical payments, and underinsured/uninsured motorists. It also includes roadside coverage so that you can get a tow or other assistance. The major distinction from traditional auto insurance is that this coverage is based on the value of your vehicle and is tailored to its unique repair needs following an accident.

Secure the Coverage You Need to Safeguard Your Investment

At Westco Insurance LLC, we understand the challenges associated with insuring unique vehicles. We specialize in insurance coverage for classics, reproductions, antiques, and customized vehicles. Contact us today to discuss your vehicle, its unique features, and the type of coverage you’re seeking. We’ll help you find a policy that protects your investment and more.

Commercial Insurance Provides Protection for Companies of Every Size

Posted on September 30, 2024September 24, 2024 by agentinsure

Mitigate Business Owner’s Responsibilities with Commercial Insurance

Being a business owner often implies wearing multiple hats and a constant round-the-clock commitment. It can be a weighty role with tasks ranging from talent management to company safeguarding. However, commercial insurance can alleviate some of these responsibilities, offering a safety net for your business. It’s for this reason that entrepreneurs in the picturesque Colorado Springs, CO area rely on Westco Insurance LLC for comprehensive commercial insurance solutions.

Suitable Commercial Insurance for Businesses of Varied Scales

Regardless of the scale of operations, every business, whether a local neighborhood establishment or a large, renowned enterprise, can benefit from commercial insurance. It secures small business owners’ livelihoods and shields larger companies from significant expenses and financial losses. Hence, aligning with professional and experienced agents who can guide you toward the appropriate insurance coverage is fundamental.

Secure Your Peace of Mind Against Business Uncertainties

Business owners in Colorado Springs, CO looking for ways to safeguard their businesses need not lose sleep over it. Our team at Westco Insurance LLC specializes in offering commercial insurance solutions customized to your specific needs. Reach out to us today to learn more about how we can assist in protecting your business. Secure the peace of mind you deserve with the right commercial insurance solutions from Westco Insurance LLC.

Home Insurance: Protecting Your Home, Your Investment, and Peace of Mind

Posted on August 30, 2024August 19, 2024 by agentinsure

Homeowners all have one thing in common: unexpected new home surprises and experiences. It doesn’t matter if you are buying and building a new home or purchasing a preexisting or even older home. There are new experiences with each home you own. One of those surprises, however, shouldn’t include getting the right home insurance and protection for your new abode. That is also why homeowners in and around the greater Colorado Springs, CO area rely on the trusted, friendly, and professional team at Westco Insurance LLC for all their home insurance needs.

Protecting Your Home, Your Investment, and Peace of Mind

When those surprises impact the condition of your home or require significant repairs, insurance could help. When you are uncertain about your new home and what to expect, home insurance can provide the peace of mind to improve your new home experience. Additionally, the need to protect the investment that is your home is another reason why home insurance is a necessary resource for homeowners all across Colorado Springs.

Old or new, homes are often a labor of love and part of the American dream for many people. With the right home insurance partners, homeowners can have a partner to help with that heavy lifting and someone to help them protect those dreams.

Home Insurance Solutions in Colorado Springs, CO

If you are a homeowner in or around the beautiful Colorado Springs, CO, area or need home insurance for your home, we can help. At Westco Insurance LLC, our proven and friendly team of professional agents will help you find the right coverage and protection and without any surprising new home experiences. Contact us to learn more and schedule an appointment today for the home insurance solutions you need and deserve at Westco Insurance.

How Whole Life Insurance Builds a Cash Value

Posted on July 30, 2024July 22, 2024 by agentinsure

There are two principal types of life insurance: whole life and term life. Term life policies are less expensive but don’t build up a cash value. However, whole life policies can, which is an important benefit of this type of life insurance. When you need life insurance, whether it’s whole life or term life, give us a call at Westco Insurance LLC in Colorado Springs, CO.

What Is a Cash Value?

A life insurance policy’s main value is the death benefit paid to beneficiaries when the policyholder dies. However, that isn’t the only value of a whole life insurance policy. These policies also build up a cash value, which is money that the policyholder can use while they’re still alive. The cash value is an amount that builds up slowly in the policy over time. The amount can eventually become enough to help with financial difficulties if they arise. The cash value can be borrowed against and then paid back like any other loan. This can give the policyholder peace of mind because they have this amount available should they ever need it.

How Cash Value Grows

The policyholder pays the premiums regularly. Over time, the insurance company uses this amount to invest. As they make a profit on that investment, a small portion of that profit goes into the policy’s cash value. It can take years for a whole life policy to grow a substantial cash value, but this type of life insurance is a helpful benefit.

Get a Whole Life Insurance Policy

If you’re interested in helping your loved ones financially when you’re no longer here, you need life insurance. Call us at Westco Insurance LLC in Colorado Springs, CO to get started.

Differences Between Minivans and SUVs For Growing Families

Posted on June 28, 2024June 21, 2024 by agentinsure

If you have a growing family and are considering upgrading shortly, there are a few things you need to remember when comparing SUVs and minivans. They usually carry about the same number of people, but then they start to shift.

Sliding Doors

SUVs will all have the standard opening door that opens out and requires your passengers to climb in on either the left or right side. These are the only door options, even if they have a third row in the SUV. With minivans, most models have large sliding doors on one or both sides that open up and make it easy for your passengers to get to the middle of the third row.

Height Difference

A minivan is usually lower to the ground than a car or sedan. This is considered to be easier than most SUVs, which sit several inches higher. If you have tall family members, a low-riding minivan could pose a problem, or a family full of shorter individuals may not find a tall SUV ideal.

Fuel Efficiency

If you’re considering your gas bill when you purchase your next vehicle, you might want to opt for a minivan. They get better fuel efficiency because they are equipped with smaller motors than some of the larger SUVs. This can give you the space you need and help you with the expenses required to care for your family.

Cargo Space

If you have to haul as much sporting equipment, groceries, and other items as you do kids, you may want to compare the cargo spaces between minivans and SUVs. SUVs with a third row have to sacrifice cargo space, whereas minivans have three rows and room to carry around precious cargo.

If you’re in the Colorado Springs, CO, area and considering getting a new auto insurance policy, contact our team at Westco Insurance LLC today for your quote.

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