Colorado Car Insurance
Car insurance in Colorado ensures that drivers do not have to pay out of pocket for the damages and injuries they have caused during accidents. Colorado requires that drivers have liability coverage and carry proof of that coverage within their vehicles at all times. Drivers also have the option of purchasing additional coverage for themselves and their property, such as uninsured/underinsured motorist coverage and comprehensive coverage. At a minimum, car insurance laws in Colorado require the following coverage, as outlined by the state Division of Insurance:
Required Coverages in Colorado:
- Bodily Injury Liability Per Person: $25,000
- Bodily Injury Liability Per Accident: $50,000
- Property Damage Liability: $15,000
Auto insurance companies in Colorado are also required to include a minimum medical payment coverage plan as part of automobile insurance policies, according to the Colorado Divison of Insurance. This additional plan provides insurance for $5,000 of medical coverage for the driver and passengers involved in a collision. If a driver wants to opt out of this policy, he or she must do so in writing. Drivers can also purchase more medical payment coverage just in case medical bills exceed the amount covered by their standard insurance policy.
Driving without insurance results in strict consequences. If you are caught operating a motor vehicle without having liability coverage, you will be fined, and your license may be suspended. It is in every driver’s best interest to purchase adequate coverage, and to carry proof of coverage within the vehicle.
Determining Your Rate in Colorado
According to the Consumer’s Guide to Insurance, insurers determine their rates by examining multiple factors. They take into consideration the driver’s age, sex, and marital status; the vehicle’s make, model, and year; and the amount of mileage covered by the vehicle on a regular basis. Car insurance quotes in Colorado are also influenced by the driver’s credit history, the previous claims made on the vehicle, and whether or not there has been a lapse in coverage.
According to the Insurance Information Institute, the average insurance policy in Colorado costs drivers $741, while the national average is $785. Drivers are encouraged to speak with their insurance companies to determine if they qualify for any discounts.