Mandatory Coverage for Colorado Auto Insurance Plans
In Colorado auto insurance plans used to be no-fault. However, in 2003, the law was repealed. It was replaced by mandatory bodily injury and property damage liability coverage, in the amounts of:
- $25,000 bodily injury limit per person
- $50,000 bodily injury limit in total per accident
- $15,000 property damage limit per accident.
These levels of coverage are in the median range for mandatory liability limits imposed by states nationwide. While these limits are much better than many other states, they are still insufficient by most standards. Experienced insurance professionals recommend no less than $100,000 bodily injury coverage per person, $300,000 bodily injury coverage per accident and $100,000 property damage coverage per accident.
Colorado does not require other types of auto insurance for car owners. Even Uninsured Motorist coverage is optional, despite the state having an estimated 15.2% of drivers operating vehicles without insurance coverage. Most insurance agents recommend this type of coverage.
Colorado Auto Insurance Plans: Coverage Worth Considering
Personal injury protection is another form of car insurance that one should carry. It provides for medical payments for drivers and passengers in the car and typically goes beyond some of the things health insurance will cover. If you are one of the many Colorado residents without health insurance, it is even more imperative that you carry PIP.
Collision and comprehensive coverage are collectively referred to as personal property damage and cover damage to your vehicle. They are important components of what is considered full coverage. These forms of coverage are not mandatory according to the state, however if your vehicle is not paid of, your lender will require you to carry full coverage. If you own your vehicle, the choice is yours and should be determined by whether or not it would be a big financial struggle to replace your car if it were destroyed.
If you are in the market for Colorado auto insurance plans, shop around for a variety of prices and compare and contrast the quotes you get based on price, coverage, company reputation and ratings.
If you are in the market for Colorado auto insurance plans, shop around for a variety of prices and compare and contrast the quotes you get based on price, coverage, company reputation and ratings. Get started now.
