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Colorado Car Insurance

Written by Michele Wilmonen. Posted in Research Last Updated: 09/28/2014

In addition to the normally required liability coverage, Colorado car insurance requires you to carry coverage to protect yourself as well.

State Regulator Information 800-930-3745 www.dora.state.co.us
Insurance Premium Avg. Annual Premium: $ 1558 National Average: $1,503
Mandatory Car Insurance Coverage Bodily Injury Liability:$25k/50k
Property Damage Liability: $15k
Colorado car insurance

Enjoy the beauty of Colorado from your legally insured vehicle.

Colorado car insurance requirements are about average when they are compared to other states. The only difference is that Colorado is one of the few states that also require that you carry some insurance coverage to protect yourself in the event that you are injured in a car accident. Well, the requirement is actually more of a strong suggestion with how the state allows for the option of declining this “required” coverage.

Required Colorado Car Insurance

Vehicle owners in the state of Colorado are required to carry no less than the following Colorado car insurance:

• $15,000 in liability property damage coverage; for damages you cause to another person’s vehicle or property.

• $25,000 in liability bodily injury coverage; this is for medical expenses that arise if you injure or kill another person with your vehicle.

• $50,000 in liability bodily injury coverage; this is coverage for the medical expenses that may arise if you injure or kill two or more people.

Required but Optional Colorado Car Insurance

Medical Payments (med-pay) coverage is also required as part of your Colorado car insurance. Med-pay coverage provides you and your passenger coverage for the medical expenses you may have after an accident.

Even though you are required to have this coverage, the state does allow you to opt out. You just need to sign a document stating that you are refusing this specific coverage. Doesn’t sound all that required now, does it?

No Colorado Car Insurance Penalties (Traffic Stop)

If you are pulled over and do not have Colorado car insurance, you will be given 7 days to either request a hearing or to get insurance (including SR-22 insurance). If you take no action, then your driver’s license will be suspended.

If you haven’t got it through your head that you have to have Colorado car insurance to drive, the penalties get worse the more times you get caught.

Suspension #2 – Your driver’s license is suspended for four months.

Suspension #3 – Your driver’s license is suspended for eight months.

No Colorado Car Insurance Penalties (Accident)

If you get into a car accident and don’t have Colorado car insurance at the time of the accident, you will be under a Financial Responsibility Act Suspension. You will have the right to request a hearing, but if the hearing officer finds that you did not have Colorado car insurance at the time of the accident and you were responsible for the accident; your driver’s license will be suspended.

To get your license back you have to do one of the following:

• Allow three years to pass after the accident without a lawsuit resulting from the accident being filed.

• Provide proof of a sufficient bond

• Provide proof that you were found not responsible for the accident in a lawsuit.

• Provide proof that you have been released by the parties you caused damage to of any liability.

 

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Michele Wilmonen

Michele's first introduction to insurance was working for a major insurance company as a file clerk and a mailroom supervisor in a regional office. She learned insurance directly from underwriters and claims adjusters from questions and also watching them do their job. Since then, she's earned a number of insurance certifications from the Insurance Institute of America and also a Bachelor’s degree from the University of Idaho. She blogs at Car Insurance Guidebook.

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