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What You Need
In July 2003, Colorado switched from a no-fault insurance system to a tort system.
Previously, medical expenses resulting from an accident were covered no matter who was at fault, causing premiums to be much higher. But currently, the negligent person foots the bill for injuries and damages, making it even more important than ever to protect yourself with adequate Colorado auto insurance.
Below are the main types of personal Colorado auto insurance available.
- Bodily Injury Liability: This provides coverage for bodily injury you cause to another while driving. Minimums of 25,000 per person and $50,000 per accident are mandatory in Colorado.
- Property Damage Liability: This provides coverage for damage you cause to someone's property while driving and has a minimum of $15,000 per accident in Colorado.
- Uninsured/Underinsured Motorist Coverage: This coverage protects you and the occupants of your vehicle should you or they sustain an injury when another party with insufficient or no insurance is at fault. This type of Colorado auto insurance is optional. However, 34 percent of Colorado drivers are uninsured. In most cases refusing uninsured/underinsured motorist coverage saves you a negligible amount compared to the protection it offers in the event of an accident.
- Medical Payments: Under the tort system, medical payment coverage provides benefits for you and injured passengers in your vehicle regardless of fault. Insurers aren't required to offer this coverage, but those who do usually have limits between $5,000 and $25,000 per accident.
- Collision: Regardless who is at fault, this type of Colorado auto insurance covers damage to your car caused by collision with another vehicle.
- Comprehensive: If your car is damaged through theft, fire, vandalism, hail, falling objects or collision with an animal, comprehensive coverage pays to repair the physical damage to your vehicle.
How much you pay in premiums is determined by several factors. Some, like gender and age, are beyond your control, but others you may be able to adjust to favorable rating.
- Amount and Type: The lower your payout limits and less inclusive your coverage, the less you pay in Colorado auto insurance premiums.
- Driving record: A clean driving record results in lower premiums.
- Age, sex and marital status: Although it doesn't seem fair, statistics prove certain demographical segments have more accidents and violations, which cause those groups to have higher premiums. For example, young, single male drivers usually pay the most.
- Location: Common sense tells us the more people, the more accidents. So those residing in metropolitan areas pay more for Colorado auto insurance than those in rural ones.
- Your ride: Because some cars cost less to fix, individuals with those cars generally pay less for Colorado auto insurance.
- How much you use it: This one is simple: drive less = pay less.
- Credit history: A good credit history may favorably affect your premium rate.
The following are a few ways to become a "better risk" for insurance companies and consequently receive lower premium ratings.
- Multiple Vehicles: The more the merrier! If you insure more than one car with the same Colorado insurance company, they usually offer a discount. It is less risky for insurers to underwrite an individual with whom they have a previous relationship.
- Good Student: Good grades will not only get you into college, but may reduce your insurance to boot. To insurance companies, responsible students = responsible drivers.
- Safety First: Insurers often offer discounts for safety devices such as air bags, anti-lock brakes and automatic seatbelts, as well as anti-theft devices that prevent theft or vandalism.
