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The purpose of having liability automobile insurance is to provide financial protection in case you are involved in an auto accident that injures someone else or damages someone's property.
If you have valuable assets such as a home or other physical properties, you may want to consider carrying more insurance than the minimum which is required by state law in Colorado. If you are involved in an accident that is your fault, and your insurance coverage is not sufficient to pay the other person's claims, a judge could order that your assets be used to pay your financial obligation to the injured party.
The minimum limits of liability insurance legally allowed in Colorado are:
$25,000 bodily injury per person
$50,000 bodily injury per accident
$15,000 property damage
Colorado law requires insurance companies to provide a minimum amount of medical payment coverage on all of the vehicle insurance policies issued in the state. No matter who is at fault in an accident, this coverage provides at least $5,000 of medical coverage for the driver and the passengers.
The term "Med-Pay" is actually short for "Medical Payment," and even though this coverage has been deemed mandatory by the state, consumers not wanting the coverage can opt out in writing. The insurance companies are then required to save the written "opt-out" paperwork for at least 3 years.
One important aspect of the Med-Pay coverage is the fact that medical payments are allowed immediately to pay for auto accident injuries up to the limit of coverage purchased on the auto insurance policy.
When you first get your auto insurance policy, make sure you carefully examine the information listed to confirm its accuracy. You should check the Vehicle Identification Number (VIN) for each vehicle listed, as well as the make, model, and year for each auto.
Additionally, you should make sure that all discounts have been properly applied. Check to see that each driver's name, date of birth, and driver's license number is correct.
Then it will be important for you to ensure that you keep your information up-to-date in the future. If you move, add or sell a vehicle, change the number of miles driven annually, or add a new driver to your household, those changes should be immediately reported to your insurance company.
You need to be aware of the various factors that come into play when insurance companies are determining the rate for your automobile insurance rates.
(1) Your Driving Record History - Most companies will ask about the last 3-5 years of your driving history. For example, how many tickets or accidents you've had during that time frame.
(2) Your Prior Insurance Coverage - The company wants to know if you've had continuous coverage, or if you've been dropped by a company, or possibly driven uninsured.
(3) Your Age and Gender - Whether we like to admit it or not, males statistically have more accidents than females. Males AND females in the age group under 25 pay more for insurance, because history shows more accidents for that age group.
(4) Your Annual Mileage - If you drive more, you will pay more.
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