Driving right in Colorado
If you are a resident of Colorado and you drive an automobile, you must have the minimum amount of liability insurance required by the state. If you cause an auto accident, liability insurance will pay medical expenses and repair of personal property of the other driver as well as those riding with you. Uninsured motorist coverage is not required by the state of Colorado.
Minimum Coverage
Drivers in Colorado must have at least $25,000 liability insurance for injuries sustained by passengers of both you and the other vehicle. The limit of that coverage for a single accident is $50,000. Finally, a Colorado driver must carry a minimum of $15,000 coverage for damages to the other vehicle and other personal property.
Other Recommended Coverages
The coverage required by Colorado is the bare minimum you should have. The state recommends that you increase the coverage substantially of the liability portion of your insurance and purchase insurance in the event that you sustain injuries and/or repairs resulting from an accident caused by someone who is either uninsured or underinsured. Also, you should consider collision insurance that will pay some of the repair costs of your car, regardless of who was at fault.
"Med-pay" Insurance
Although the policy owner can refuse this coverage when he applies for auto insurance, insurance companies must offer it as of Jan. 1, 2009. Essentially, "med-pay" will cover the medical expenses of everyone in an automobile accident regardless of who was at fault. Colorado changed from being a so-called "no fault" state in 2003 but, since cases establishing blame can take years to try, the legislature devised a way for insurance companies to pay first-responders and emergency rooms on a more timely basis. "Med-pay" coverage begins at $5,000 and it costs about $60 per year.
Verifying
An owner of an automobile must attest to having at least the minimum insurance required by Colorado and pledge to keep it while owning the vehicle. If an owner fails to note that, he will be fined. If he lies on the form, he is subject to perjury charges.
Tags: liability insurance, automobile must, coverage required, insurance companies, insurance required, medical expenses
