Colorado Auto Insurance
The state of Colorado auto insurance requirements have been established to enable drivers to take financial responsibility for accidents where the insured driver is at fault. These laws apply to every motorist that will be traveling on private roads or highways. Colorado has a large number of highways that flow throughout the state like the I-70, US Highway 6, Colorado 470, and State Highway 93.
Since insurance premiums can vary based on your driving record, personal characteristics, and other factors, it is best to shop around so that you can find affordable rates. To quickly check all of the rates in the area, click above to securely access multiple quotes from different insurance companies.
Colorado Auto Insurance Laws and Requirements
Colorado law mandates that drivers obtain minimum liability coverage to protect innocent parties in the event of an accident. Since Colorado is classified as a tort state, all of the damages, injuries, and other costs resulting from a collision or other automobile accident are the sole financial responsibility of the party at fault. In compliance with state law, minimum liability coverage is mandatory for all parties that intend to maintain registration of an automobile in Colorado.
The authorities in Colorado may require proof of insurance during stops for a traffic violation or after an accident, and if adequate proof is not shown, a motorist may be liable to pay fines and fees. In many instances, the DMV will suspend a driver’s license pending the acquisition of a liability insurance policy, and after the driver has obtained a suitable policy, the DMV will also charge a penalty fee to reinstate the license.
Colorado Auto Insurance Minimums
Colorado minimums are 25:50:10, which means that a driver must hold at least $25,000 worth of liability insurance towards bodily injury of one person in an accident and $50,000 total per accident for injuries to the other party. Motorists must also show proof of damage insurance that amounts to at least $10,000. These minimums only pertain to liability coverage, but there are many other types of coverage available.
These optional forms of coverage are usually very beneficial to people who are in a collision because personal coverage will allow you to cover your own medical expenses or property damages. Insurance companies also offer coverage in the event that an uninsured or underinsured driver is responsible for an accident where you are not at fault.
Colorado State Specific Auto Insurance Policies
Colorado now requires med-pay (medical payment) coverage on every insurance policy, but it is possible to opt out of this type of coverage in writing when you sign up for your plan. This type of coverage will provide a minimum of $5,000 in coverage for any medical injuries sustained by an insured driver during an accident. In the event that you incur any major medical costs such as emergency medical procedures, ambulance services, and other medical care, the med-pay coverage will pay for these expenses up to the amount that you have been insured for.