Colorado drivers must carry certain amounts of liability insurance to help pay for damages they cause through negligent driving. These limits are $25,000, $50,000, and $15,000.
Below, the attorneys of Dulin McQuinn Young share what you need to know about these Colorado car insurance requirements.
Mandatory Insurance in Colorado
Like most states, Colorado requires drivers to maintain minimum amounts of liability insurance, which covers bodily injury to another person or property damage to someone else’s vehicle when the insured is at fault for an accident.
The minimum amounts of liability insurance in Colorado are:
- $25,000 for bodily injury or death to one person in an accident
- $50,000 for bodily injury or death to more than one person in an accident
- $15,000 for property damage in one accident
Failing to maintain this minimum amount of liability insurance is illegal and can subject the driver to fines and a loss of their driving privileges. Additionally, if they are responsible for an accident, they can be held personally liable for the damages that they cause.
While the amounts listed above are the minimum amount of insurance required by law, motorists can purchase additional insurance to protect their personal assets.
Optional Insurance in Colorado
There are additional forms of insurance that insurance companies must offer you when you purchase auto insurance in the state of Colorado, but it is up to you whether or not you wish to purchase it, including:
- Medical payments coverage: Medical payments coverage (MedPay) pays for your medical bills after an accident, regardless of fault. Colorado insurers are required to offer motorists $5,000 in coverage. If you don’t explicitly op out of the coverage, it will automatically be added to your auto insurance policy.
- Uninsured motorist coverage: Uninsured motorist coverage (UM) is part of your on insurance. It covers losses if you are involved in an accident where the at-fault driver has no insurance. Uninsured motorist coverage (UIM) helps cover damages when the at-fault driver does not have enough insurance to cover your damages. Colorado insurers must offer UM/UIM in the same amount as the bodily injury liability amounts the insured purchases. You can only reject this coverage in writing.
Additionally, you can purchase other insurance to protect you in case of an accident, such as collision and comprehensive coverage. Collision coverage covers damage to a vehicle caused by a collision with another car or stationary objects.
Comprehensive coverage pays for damage if your vehicle is stolen or damaged in ways not involving a collision, such as hail, theft, or fire. Collision and comprehensive coverage are optional forms of coverage, but they are sometimes required when a vehicle is financed.
Trial Proven
Denver Car Accident Lawyers
Contact Us for a Free Case Review to Discuss Your Situation
If you were involved in a car accident caused by another driver, a car accident lawyer from Dulin McQuinn Young can help.
We can identify the at-fault driver and the full extent of their insurance coverage. We can also identify whether there are additional forms of insurance or pathways for financial recovery. Contact us today for a free consultation.