Colorado state auto insurance minimums are as follows:
-Bodily injury coverage of $25,000 per person and $50,000 per accident -Property damage liability $15,000
Colorado insurers offer uninsured motorist insurance at the same rate as bodily injury coverage (25/50). Customers who wish to opt out of uninsured motorist insurance must do so in writing. The same rule applies for medical payment coverage.
When buying car coverage, keep in mind that insurers recommend bodily coverage insurance coverage of $100,000 per person and $300,000 per accident. The at-fault driver is responsible for paying all damages, even if the damages exceeds what the at-fault driver is insured for. If you have enough coverage, you will avoid tapping into your savings to pay for a collision.
The average premium is about $800 in Colorado, which is very moderate compared to other states. Though Colorado enjoys fairly reasonable auto insurance rates, there are critical factors that determine individual premiums. Most of these factors are under your direct control – others are not. Credit rate, driving record, location, and gender all play a part in establishing your costs.
Your choice of vehicle is key in deciding how high your coverage rates will be. A modest vehicle with high safety ratings is much more affordable to insure than a sports vehicle with high horsepower.
If you want to save on your premium, try raising your deductible. The deductible is what you pay when your insurance has to pay out on a claim. Setting your deductible at $1,000 will save you money on your premium after about a year or two (dont raise your deductible unless you can afford it).
The best way to find affordable car coverage is to shop online. You can compare many coverage companies by submitting your information only once. Online shopping has been proven to be the most effective method for purchasing and comparing car coverage rates.
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