Colorado is a state with a diverse population and culture. This diversity is reflected in its car insurance companies as well. For every make and model of car available, there is an insurance which suits it perfectly.
By State Law, Colorado is considers the resident financially liable for any injury and damage caused by an auto accident. Liability protection is mandatory coverage. While you can go with minimum coverage, it is recommended that you obtain higher coverage unless you have no assets to protect. Medical payments, collision, comprehensive and underinsured and uninsured motorist coverage are optional.
Your premium rate is determined by your make and model of car and its year, a clean or not so clean driving record, age and demographics. Other determining factors would be mileage, personal or work-related usage and your credit scores. Do not carry any more than you need to. If you have good quality medical coverage you should not require PIP (Personal Injury Protection). The medical coverage will encompass treatment of the automobile accident and will cover more services than the much more limited PIP coverage.
If you are driving a really old vehicle, collision and comprehensive aren't necessary … they will probably cost you the more than the actual value of the car. Standard liability is completely different from minimum liability. Minimum constitutes the least amount of coverage you can have. This is contraindicated simply because it means you are actually underinsured in the event of a serious accident. Why leave your assets vulnerable unnecessarily. Typically a deductible will run about $ 500. However if you increase the amount to $ 1000, this means peace of mind because you can then increase the amount of personal liability coverage to above minimum standards.
Discounts on Colorado auto insurance can be due to no moving violations in the last 3 years, proof of anti-theft devices, locater tracking, defensive driving courses, decrease in mileage, etc. Don't expect to qualify for safe driving discounts if you have a teen driver in the house. In the event you are in an accident with an uninsured driver you won't be financially compensated without having uninsured motorist coverage.
Not only does uninsured and underinsured motorist coverage protect you, you are handsomely compensated for out-of-pocket expenses related to your injuries and compensated for pain and suffering as well. Your uninsured and underinsured motorist coverage should match your liability coverage … so figure if you have $ 25,000 / $ 50,000 / $ 15,000 for your liability you should have the same for uninsured, underinsured motorist coverage.
It makes perfect sense to protect yourself and your family, as much or so than other drivers on the road. Protecting your assets by having uninsured / underinsured coverage often means reimbursement for property damage you incur in an accident. PIP or Personal Injury Protect is unnecessary unless you have no medical coverage. Otherwise it would be redundant and it is very limited in what it covers. New cars must carry Collision and Comprehensive. But for old vehicles, that is just money better served for another purpose. When making a decision about auto insurance in the state of Colorado, be an informed consumer and comparison shop. You will be glad you did so.
