Colorado Auto Insurance Requirements
When purchasing auto insurance in the state of Colorado, it is important to make sure you are aware of the minimum requirements regarding the amount of liability insurance you must carry by law. In CO, operators of motor vehicles are required to have an auto insurance policy that includes minimum liability coverage for the following amounts:
$25,000 per individual for bodily injury
$50,000 for each accident that involves bodily injury
$15,000 for each accident that involves property damage
It is imperative that you make certain you carry the minimum amount of insurance as required by Colorado law. Legal repercussions can result if you are found to be driving in Colorado and you do not have the minimum amount of auto insurance.
Colorado Auto Insurance Laws
In Colorado, you are required to have at least a minimum amount of auto insurance when operating a motor vehicle. The minimum amount of auto insurance you are required to carry in the state of Colorado is 25/50/15. There are often questions about whether Colorado is a PIP or a tort state. The reason there is sometimes confusion about this is because the law changed in Colorado in 2003. Prior to that time Colorado was a no-fault PIP state. As of July 1, 2003 Colorado became a Tort state. This means that drivers who are at fault in an accident are responsible for any and all additional and related damages that arise from that accident. This includes lost wages and pain and suffering. The driver who is at fault is also responsible for the medical expenses of the victim. The victim may file a claim in court against the driver found to be responsible for the accident. Due to the fact that Colorado is in fact a Tort state, many auto insurance companies do recommend that drivers carry more coverage that is required by state minimums.
Colorado Auto Insurance Coverage
In the state of Colorado drivers are not required to carry uninsured or underinsured motorist coverage, nor or they required to carry medical payments coverage. All insurance companies in the state of Colorado are required to offer this type of coverage that is equal to an amount of the bodily injury coverage of the policy or up to $100,000 per person and $300,000 per accident; whichever amount is less. The state also does not require drives to carry comprehensive and collision coverage, although insurance companies are required by the state to offer this type of coverage. While motorists are not required to carry such additional coverage, many insurance companies do recommend that drivers consider increasing their coverage, particularly considering the fact that Colorado is a Tort state. Also, if your vehicle is financed, you may be required by your lender to carry additional coverage on your vehicle.
Cheap Colorado Auto Insurance Quotes
When looking for cheap Colorado auto insurance quotes, there are many different ways to obtain quotes. The best and often fastest way to obtain inexpensive insurance quotes is usually online. Many insurance companies will now provide you with free online insurance quotes.
Colorado Auto Insurance Ratings
The best way to shop for auto insurance quotes when looking for Colorado auto insurance is to obtain more than one quote. By obtaining multiple auto insurance quotes you will be in a position of being better able to compare the quotes and terms of each policy. Keep in mind that although it is important to shop for the lowest quote possible on your auto insurance, this should not be your only deciding factor. It is also important to consider the financial strength of the auto insurance company. You certainly do not want to find yourself in a situation where you must file a claim on your auto insurance only to discover that the company is not in a financial position where they are able to pay out the claim. You can avoid this type of situation by examining the Financial Strength Rating or FSR of all auto insurance companies you obtain quotes from.
Colorado Auto Insurance Rates
Currently, the average auto insurance premium in the state of Colorado is around $1,190 for a twelve month policy. This does reflect a slight increase in auto insurance rates in the state over the past few months. Keep in mind that average policy amounts can vary and your quotes may be higher or lower based on your driving record and the type of vehicle you wish to cover. Also, auto insurance companies in the state of Colorado are allowed to take your personal credit history rating into consideration when they are determining auto insurance rates. One of the best ways to obtain the lowest rates is to keep your driving record clean and make sure that you pay all of your bills on time.
Colorado Auto Insurance Companies
When shopping around for auto insurance companies in Colorado, remember that there are several important factors to consider beyond which company offers you the lowest rate. Other important factors that should be taken into consideration when looking for auto insurance in Colorado include the reputation of the company and the type of customer service they offer. Be sure to check their rating with the Better Business Bureau and find out as much information as possible about their claims process. It is also a good idea to try and find an auto insurance company that offers discounts for your policy. In many cases you may be able to obtain a lower rate if you combine your homeowner’s policy with your auto insurance policy. Drivers are also sometimes able to obtain discounts on their auto insurance if their vehicles are equipped with certain safety features.