Colorado Auto Insurance Requirements

Colorado Springs Road SignIf you wish to drive a car in the state of Colorado, you will need to have a minimum level of auto insurance coverage. This coverage will allow you to pay the other driver for damages to their car as well as any medical bills or property damage related to the accident. How much auto insurance do you need in Colorado? What are the Colorado auto insurance requirements?

Colorado Auto Insurance Requires Bodily Injury Coverage

Drivers in Colorado must carry bodily injury insurance of up to $25,000 per person and $50,000 per accident. In laymen’s terms, your insurance policy will pay up to $25,000 of medical and/or funeral expenses per person and up to $50,000 if there are multiple passengers in an accident. In 2009, a law was added requiring insurance companies to offer a med-pay option of at least $5,000.

Property Damage Insurance on Auto Policy

Under Colorado law, each driver must carry at least $15,000 of property damage insurance on their auto insurance policy. Property damage coverage will pay for up to $15,000 of damage to a house, mailbox or any other property that is damaged due to your negligence behind the wheel.

Uninsured/Underinsured Motorist Coverage

While not required, uninsured/underinsured motorist coverage should be added to your policy in the event that you are hit with a driver who does not have insurance. It can take months or years attempting to fight and win your case against an uninsured motorist. If you are the victim of a hit-and-run, this extra level of coverage will help you pay for damages that are unlikely to be recovered from the person who hit you. To waive this coverage, you must notify your insurance company in writing.

What Happens If You Are Not Insured?

Those who are caught driving without insurance will face fines of at least $500 for a first offense ranging to $1,000, community service and a suspension of your license for a third offense. You will also not be able to register your vehicle when your current registration expires.

If you need to drive in Colorado, you need to have the proper auto insurance. Therefore, make sure that you are adhering to state minimums and always be sure to keep proof of insurance in your car at all times.