Colorado Car Insurance Laws, Rates, and Minimums
Finding auto insurance in Colorado is made easier with the help of the Internet. Completing quote requests individually from each company can be a very time-consuming process. That's why OnlineAutoInsurance.com helps you compare quotes from multiple companies by completing one simple form.
Colorado street sign Making a quote comparison is among the best ways to save money on automobile coverage. Since there are multiple carriers, obtaining quotes is only one way to find out which company will provide cheap CO car insurance rates. Even the Colorado Department of Insurance suggests that comparison shopping is a great way to save.
Colorado Car Insurance — Tips for Saving Money
- Comparison shop for rates. The auto insurance market in Colorado is competitive, which helps keep rates low. When comparing companies, be sure to compare rates with the same coverage. And keep in mind other factors such as service and financial strength.
- Consider multiple types of coverage. Raising a deductible can lead to savings; however, those who do so will be required to pay more in case of an accident. Be attentive when choosing coverage and deductibles.
- Be sure to take advantage of any discounts that may apply. Most carriers will automatically give discounts based on eligibility, but shoppers need to mention if they are good students, have completed a driver-safety course, or have equipped their automobiles with antitheft devices. Driving a vehicle a relatively low amount of mileage will also reduce the premium, so consumers should be sure to mention that if it applies to them.
- Keep a good driving record, since rates are also based on them. Obeying all traffic laws can help keep a driving record clean and lower the risk of being involved in an accident. Of course, having fewer violations and accidents all lead to savings on coverage. There are three major driver classifications on which rates are determined:
- Preferred — Drivers with one or no violations or accidents on their driving record. These drivers usually get the best rates since they pose the lowest risk.
- Standard — Drivers with one or very few violations or accidents. This driver classification generally will pay average rates.
- Non-standard — Drivers with multiple violations or accidents. These drivers generally pay the highest premiums.
- It's a good idea to check the rates of a vehicle before purchasing it, in order to make sure that premiums will be affordable. Some vehicles can have higher premiums due to the make and model, even if its purchase price is the same as others. Some vehicles have the sporty or speed factor, which will increase rates.
If drivers are on the road in the state of CO, they are required to have a policy in place by Colorado car insurance laws and requirements. The state requires drivers to keep their vehicles insured at all times with at least liability coverage. This is commonly referred to as the "financial responsibility law."
|Colorado Auto Insurance Requirements|
|$25,000 bodily injury coverage per person|
|$50,000 bodily injury coverage per accident|
|$15,000 property damage coverage|
|$5,000 medical payments coverage|
Although the above is the minimum required by law, one should compare CO auto insurance based on the many different types of coverage available in Colorado. Liability does not provide coverage for the insured vehicle in case of an accident. It's only designed to pay for others' bodily injury and property damage caused by the policyholder, up to the specified policy limits.
Some common options aside from liability are:
- Uninsured motorist coverage - Provides limited protection against uninsured drivers
- Comprehensive and collision - Provides coverage for the insured vehicle for multiple causes