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Insurance Advisors' Newsletter
February 2016

Colorado’s Auto Insurance Laws - Part 1
Liability and Other Auto Insurance Options

By Susan Cormier for Insurance Advisors

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IA Team

Like most states across the country, Colorado requires its drivers to have liability insurance.

This insurance covers damages to other vehicles and bodily injuries to other passengers that are the result of an accident in which the insured was at fault.

It has been a requirement since 2003, when Colorado changed from being a no-fault state to a tort system in an effort to help reduce the cost of insurance premiums and prevent claims abuses. With the change came the requirement of the following minimums: 

·         $25,000 per person for bodily injury

·         $50,000 per accident for bodily injury

·         $15,000 per accident for property damage.

These amounts represent the minimum insurance coverage you need to drive legally in the state. They aren’t coverage recommendations. In fact, your actual coverage should be determined by you and your insurance agent after giving thorough consideration to your individual situation.

In that discussion, you and your insurance agent will consider how much liability insurance you need so that you can avoid significant financial damage if you are in a bad accident.

For example, if you are young and don’t have any assets to protect, you might not need a lot of liability protection. However, if you own a home and have substantial savings, you’ll want a policy that covers their value.

Keep in mind, injuries and property damage from a car accident can easily surpass the state minimums. Think of the how the costs could escalate if you are in a multi-car accident in which several people suffer major injuries.

But liability insurance is just the start. Other insurance coverages that should be discussed with your insurance agent include:  

·         Collision coverage, which helps coverage damages to your car caused by hitting other objections and vehicles.

·         Comprehensive coverage, which covers damage to your car caused by non-accident-related incidents, such as wildlife, extreme weather and theft.

·         Uninsured/underinsured motorist coverage, which helps cover expenses if you are involved in an accident with a driver who has no insurance or too little insurance.

The above-mentioned insurances are optional, but they should be considered by all motorists. If you’d like more information or want to review your auto insurance coverages, please give us a call at 720-210-9898. 

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