Colorado auto insurance is an entirely new ballgame these days. Up until 2003, the Centennial State was a member of the minority where auto insurance is concerned, aligned with the 14 or so other "no-fault" states across the country. In 2003, however, a sharp 20% rise in auto insurance premiums sparked a legislative debate that resulted in Colorado defaulting to the more common "tort" system that is still in place today. Whether the switch was ultimately good or bad for Coloradoans is still up for debate; what it means for auto insurance in Colorado, however, is not. Tort states operate on the idea that if you're at fault, you should foot the bill, and that makes it vital that you acquire ample auto insurance to protect your family and your finances in the event of a serious auto accident.
Mandatory Auto Insurance in Colorado
How much auto insurance is enough? For starters, it's important to understand the difference between meeting Colorado's state required minimums for auto insurance, and carrying adequate insurance coverage to protect you and yours. Like most other tort states, Colorado auto insurance requires that you carry minimum amounts of bodily liability and property damage insurance coverages in the following amounts:
- Bodily Liability --Colorado mandates bodily liability coverage of $25,000/$50,000. In layman's terms, that means that if you get in an accident in Colorado, your insurance provider will cover the medical expenses of a single person up to $25,000, and up to $50,000 total for everyone involved.
- Property Damage --Colorado state law requires that Colorado drivers carry property damage coverage to the tune of $15,000. In other words, your insurance provider will pay up to $15,000 to repair any property damage that you inflict, whether you mow down your neighbor's award winning rose bushes or collide with another vehicle.
For the record, the minimum required insurance is better than no insurance --especially in a state where you're going to be held liable for expenses if you're found to be at fault, and where penalties for uninsured motorists include escalating fines up to $1,000, as well as the potential suspension of your license and registration. That said, you don't have to be an astrophysicist from CU to realize that a 25/50/15 policy isn't much of an umbrella if you're in a serious accident. This is one case where more is almost always better.
Protect Yourself with Colorado Auto Insurance
How much insurance should you invest in? According to insurance giant Allstate, Colorado drivers carry average coverages of bodily liability at $100,000/$300,000, and property damage at $50,000. In addition to those figures, there are a few additional coverages that Coloradoans should seriously consider. With an uninsured motorist rate of 15% according to the IRC, underinsured/uninsured motorist coverages of $100,000/$300,000 come highly recommended, while Coloradoans with newer vehicles will most likely want to add collision or comprehensive coverage to their policy in order to protect their own automobile (the deductible is up to you. The higher you go, the lower your premiums will be).
How to Get the Best Colorado Auto Insurance Quotes
Once you've established some baselines for quality auto insurance policies, the next question is how does one go about getting the most favorable Colorado insurance quotes possible? To find the answer, you don't need to look any further than your home computer. At no cost to consumers, online insurance quote providers like NetQuote.com can provide you with a handful of auto insurance quotes at the click of mouse. And with multiple Colorado auto insurance quotes at your disposal, you'll be able to compare the rates, service, and coverages of a number of reputable providers, allowing you to narrow those select Colorado auto insurance quotes down to the best value for you and your individual auto insurance needs.