Colorado Car Insurance Comparisons

Colorado street signComparing automobile coverage is a very essential part of obtaining a policy for Colorado's motorists for various reasons and not only because being insured is required by law. Aside from locating the most affordable auto insurance company, a properly completed comparison can help ensure that all necessary risks are covered as well. Fortunately for residents, the state has a vibrant market with numerous insurers competing for business, which can lead to savings.

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Price is important to most individuals when shopping for any product, especially automobile coverage, but necessary protection should not be sacrificed in order to save a few dollars. Unfortunately, many residents choose to purchase the minimum coverage requirements in order to trim down monthly expenses. With a proper auto insurance comparison this may not be necessary and adequate coverage can be found at a reasonable rate.

Currently, the state requires motorists to purchase liability policies consisting of limits as follows: $25,000 per person for bodily injury, $50,000 per accident for bodily injury and $15,000 for property damage. On paper these amounts may seem like large sums of money, but following a serious accident this may not be enough to cover a third party's expenses. A common suggestion is purchase, or at least compare the price of limits in the amounts of $100,000, $300,000 and $50,000, respectively. This may help avoid having to pay for expenses out of pocket should injuries or damages exceed the limit stated on the policy.

In addition, as of Jan. 1, 2009 the state began requiring to also carry Medical Payments "Med-Pay" in the amount of $5,000. Although, Med-Pay can be rejected in writing by the consumer at the time that a car insurance policy is being purchased. Even though a motorist can reject this option, keeping it should be taken into consideration. This will pay for injuries to the policyholder up to the limit regardless of who is at fault for causing the accident and will not cause premiums to increase all that much.

Additional coverage that is not mandatory and may want to be considered is Uninsured/Underinsured Motorist, which will pay for bodily injuries if a policyholder is struck by a driver who does not have a policy or has limits that will not cover the cost of medical expenses. It is estimated that roughly 15% of motorists in the state lack Colorado auto insurance coverage.

Comprehensive and Collision may be beneficial to certain motorists and in some cases necessary. This covers physical damage caused to an automobile and may be required for individuals that are financing a vehicle. Most financial institutions will require that customers maintain this coverage during the course of the loan to ensure that damages are paid for following a traffic accident.

Colorado state flagConsumers have many options when it comes to automobile policies and although one may think that it may expensive to add additional coverage, it is not necessarily always the case. Comparing rates based on the various levels of protection is the only way to know what can truly be afforded and may pay off.