Car Insurance In Colorado: Frequently Asked Questions
by Arnab Dey Insurance Published on: 30 November 2022 Last Updated on: 13 November 2024
Nearly every state, including Colorado, has a mandate requiring drivers to have auto insurance. Owners of motor vehicles are required to maintain liability insurance with a minimum level of protection.
In Colorado, driving without insurance carries fines and license suspension. Having automobile insurance coverage will safeguard you and your vehicle in addition to being required by law. So, here is our guide to low-cost car insurance in Colorado.
What Are The Minimum Car Insurance Requirements In Colorado?
Drivers in the state of Colorado are required to hold a minimum level of liability coverage in order to drive legally. You will often see it written as 25/50/15; let’s break down what that actually means.
Liability for Physical Injury
Colorado’s responsibility for injuries covers bodily harm liability of $25,000 per person and $50,000 per accident.
To lawfully drive in Colorado, you must have bodily injury liability coverage of $25,000 per person and $50,000 per accident. That is exactly the same as the requirements in the majority of U.S. states.
This means that the highest amount that your insurance company will cover for a single victim of your negligence in an accident is $25,000. And if you cause an accident and more than one person is hurt, your insurance company will only cover $50,000 in total, regardless of the number of victims. Any expenses beyond your bodily injury cap must be covered by you yourself.
Property damage liability in Colorado
Colorado requires liability for property damage of $15,000.
In order to lawfully operate a vehicle in Colorado, drivers must have $15,000 in property damage liability. When compared to what other states demand property damage liability, this requirement is pretty standard.
This means that the most your auto insurance provider will contribute to repairs for a car, fence, or building is $15,000 for damages you cause to another person’s vehicle or property. Any expenses that exceed your responsibility limit for property damage must be covered by you personally.
How Much Does Colorado Auto Insurance Cost?
How much does the average Colorado auto insurance cost? Well, that is affected by a number of variables, such as:
- Age
- Sex
- Driving background
- State
- Location
- Vehicle make and model
- Deductible
- Assurance Amount
- Discounts
- Marital status
- Credit rating
Currently, the cost of automobile insurance in Colorado ranges from $495 for the bare minimum of coverage to $2,019 for comprehensive coverage. This is a little bit more than the U.S. national average for full coverage car insurance, which is currently identifiable as $1,771 per year, but it is actually a little lower than the national average minimum coverage rate, which is currently $565 annually.
Conclusion
Car insurance in Colorado is not the cheapest out there, but if you are willing to do your research, take some time, and shop around a bit, you can find a great deal for low-cost car insurance.
For the most part, car insurance laws in Colorado are similar to those of other states, so if you have got the coverage you need for other states, you will be well on your way to sorting out auto insurance coverage for Colorado!
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