Colorado auto insurance laws
Here are a few Colorado auto insurance laws all drivers should be familiar with.
Colorado is an at-fault state
Colorado is an at-fault auto insurance state, like most of the rest of the U.S. This means that the driver found to be at fault in an accident must pay for the medical bills and repairs for both parties. This could easily cost tens or hundreds of thousands of dollars in a severe accident, and state minimum car insurance may not be enough to cover it.
Consequences for driving without insurance in Colorado
Drivers who get behind the wheel in Colorado without at least state-minimum coverage are guilty of a Class 1 misdemeanor. They could be subject to the following consequences:
- Fines of not less than $500 for a first offense and of not less than $1,000 for subsequent offenses
- Requirement to perform at least 40 hours of community service
What is the minimum car insurance required in Colorado?
All Colorado drivers must carry at least the following auto insurance:
- $25,000 of bodily injury liability coverage per person
- $50,000 of bodily injury liability coverage per accident
- $15,000 of property damage liability coverage per person
The bodily injury liability coverage limits are on par with what most other states require, but the property damage liability limits are actually below average for the U.S.
Other things to consider when looking for car insurance in Colorado
Here are a few other things Colorado drivers should know when shopping for car insurance.
Colorado has a large percentage of uninsured drivers
More than 16% of Colorado drivers don't have insurance, according to the Insurance Information Institute. That's the 13th-highest rate in the nation. Drivers who want to be fully protected should they get into an accident with an uninsured driver must add uninsured and/or underinsured motorist coverage to their policy.
Vehicle thefts are common within the state
Colorado also sees the fifth-most vehicle thefts in the country, per the Insurance Information Institute. Three of the top 10 auto theft hotspots in the U.S. -- Pueblo, Denver-Aurora-Lakewood, and Greeley -- are in Colorado. State minimum coverage doesn't protect drivers against theft. Those who want to be reimbursed for stolen vehicles will need comprehensive coverage.
How to find the best car insurance in Colorado
Here are a few things Colorado drivers can do to score the best auto insurance rates:
- Shop around: All auto insurers evaluate risk differently and offer unique rates because of it. Comparing quotes from several companies is the best way to find out which offers the most affordable deal.
- Check for discounts: Many insurers offer similar car insurance discounts, but some offer unique savings opportunities for drivers of hybrid vehicles, military veterans, and more. Those who think they may qualify for these savings should seek out insurers who reward them.
- Choose a higher deductible: A higher deductible will increase a driver's out-of-pocket costs in the event of an accident, but it will also lower monthly premiums.