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Colorado State Car Insurance Laws
Every state in the US has laws that require drivers to have car insurance. In Colorado, the requirements are set by the Colorado Revised Statutes (CRS). Under CRS 10-4-702, all drivers must have liability insurance. Liability insurance covers the costs of damage or injury to other people or their property in the event of an accident that is your fault.
Minimum Liability Coverage Requirements in Colorado
The minimum liability coverage requirements in Colorado are as follows:
– $25,000 for bodily injury or death per person
– $50,000 for bodily injury or death per accident
– $15,000 for property damage per accident
These minimum requirements are often referred to as 25/50/15 coverage.
Additional Required Coverage in Colorado
In addition to liability insurance, Colorado also requires uninsured/underinsured motorist coverage (UM/UIM). This coverage protects you if you are in an accident with someone who doesn’t have insurance, or doesn’t have enough insurance to cover the costs of the damages and injuries.
The minimum UM/UIM coverage required in Colorado is:
– $25,000 bodily injury or death per person
– $50,000 bodily injury or death per accident
Optional Car Insurance Coverage in Colorado
While liability and UM/UIM coverage are required by law in Colorado, there are additional types of coverage that are optional. Some types of optional coverage include:
– Collision coverage: This coverage pays for damage to your own vehicle in the event of an accident, regardless of who is at fault.
– Comprehensive coverage: This coverage pays for non-collision damage to your vehicle, such as theft, vandalism, or weather-related damage.
– Medical payments coverage: This coverage pays for medical expenses for you and your passengers in the event of an accident, regardless of who is at fault.
– Rental car coverage: This coverage pays for the cost of a rental car if your own vehicle is being repaired following an accident.
While these types of coverage are not required by law, they can provide additional financial protection and peace of mind in the event of an accident.
The Consequences of Driving Without Car Insurance in Colorado
Driving without insurance in Colorado is illegal. If you are caught driving without car insurance, you could face the following consequences:
– A fine of up to $1,000
– Suspension of your driver’s license
– Suspension of your vehicle registration
– Mandatory SR-22 insurance for up to three years
– Possible community service or even jail time
In addition to these legal consequences, driving without insurance can also result in significant financial losses if you are involved in an accident. Without insurance, you would be responsible for paying for any damages or injuries out of your own pocket, which could potentially bankrupt you.
Conclusion
To comply with Colorado state car insurance laws, all drivers must have liability insurance and uninsured/underinsured motorist coverage. The minimum liability coverage requirements are 25/50/15, and the minimum UM/UIM coverage is $25,000/$50,000. Other types of car insurance coverage are optional but can provide additional financial protection and peace of mind. Driving without car insurance in Colorado can result in significant legal and financial consequences. It’s important to have adequate car insurance to protect yourself and others on the road.