Buying car insurance in the Centennial state is overwhelming. We have put together this guide that lists everything you need to know about buying car insurance in Colorado so that you can easily get the plan that fits your personal needs - at the lowest rate.
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In Colorado having car insurance is a requirement. You are required to carry bodily injury liability and property damage. These coverages will protect you if you are in an at-fault accident. Here is a list of the minimum requirements and their limits:
|Bodily Injury Liability Coverage||$25,000 per person and $50,000 per accident.|
|Property Damage Liability Coverage||$15,000 per accident.|
Do I Need More Than the Minimum Coverage?
You will need more than the minimum coverage required in Colorado. The minimum does not cover your car or bodily injury when in an accident. We recommend adding additional coverages to round out your car insurance policy. Purchasing the most insurance you can afford will guarantee you the best coverage your money can buy.
Additional Coverages Available
Adding additional coverage to state required minimums can be overwhelming and confusing. But in most cases, it is needed to provide the best coverage. Here is a list of additional coverages and how they protect you:
Collision Coverage- Collision insurance will cover repairs to your vehicle in an accident you are at fault for.
Comprehensive Coverage- Comprehensive insurance covers you for other situations than a car accident; if you hit an animal, vandalism, fire, hail, flooding, or of your car is stolen.
Uninsured/Underinsured Motorists- Optional coverage that protects you if you are involved in an accident with a driver who has no insurance or too little insurance to cover the accident.
Medical Coverage- Optional coverage that will pay for medical bills when health insurance exceeds coverage amounts and covers medical expenses for you and your passengers. Do you walk or bike? This policy offers additional coverage if you are struck by a car in those instances.
Gap Insurance- Optional coverage that will pay if you don’t own your car outright and have an accident. Gap insurance will pay the difference between the cash value of your car and the current balance on your loan or lease. This policy is best for newer non-owned cars.
Teen Drivers in Colorado
At 15 1/2 in Colorado, a teen can begin their driving journey. This means they need to have car insurance. A teen has to have car insurance, just like an adult. Adding a teen to your policy is going to increase your premiums. However, it is typically cheaper than them getting their own policy. Adding a teen as a primary driver, who has their own car is a higher risk than adding a teen to your policy that shares a vehicle with another driver on the policy.
More Than One Driver
If you have more than one driver in your house this information needs to be disclosed to your car insurance agent. This is to ensure maximum coverage and alleviate the possibility of any back premiums or loss of coverage. If you wish to exclude a driver in your household you can do so, just make sure you tell your car insurance agent. You should never let an excluded driver use your vehicle because they will not be covered. Any damages that occur will be your responsibility.
Penalties for Driving Without Car Insurance
Driving in Colorado without insurance will warrant penalties. It is smart to be in compliance with the law at all times to avoid fines, fees, and your driver’s license being suspended. Here is a list of more information:
First Offense- You will pay a minimum $500 fine. Your driver’s license will be suspended until you can provide proof of insurance. Four points will go on your driver’s license. You will be required to do community service.
Second and Subsequent Offenses (within five years)- You will pay a minimum $1000. Your driver’s license will be suspended up to eight months. Four points will go on your driver’s license. You will be required to do community service.
Colorado Car Insurance Savings
Getting insurance is mandatory, however getting a discount isn’t. However, there are many discount options offered across all companies for the state of Colorado. Ask your car insurance agent for a list of available discounts, this will help you decide which discounts you qualify for. Here is a list of common discounts in Colorado:
Good Driver- Maintain a good driving record free of accidents, tickets, and any moving violations.
Multiple Policy- Most insurance companies will offer a discount for having multiple policies such as car insurance, renters insurance, homeowners insurance, or motorcycle insurance.
Good Student- If you are a student enrolled in high school or college curriculum and maintaining a B average most companies offer a discount.
Get a Quote Fast for Colorado Car Insurance
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