How Much Auto Insurance Do I Need in Colorado?

Every Colorado driver requires auto insurance to legally operate their vehicle within the state. Failure to carry insurance can lead to fines, suspension of your driver’s license, and even jail time under Colorado law. Aside from these consequences, however, having auto insurance is important as it provides you with certain protections in the event of a car accident.

Colorado’s Minimum Insurance Requirements

Colorado law currently requires all drivers to carry an insurance policy that provides the following minimum coverage:

• $25,000 for bodily injury or death to one person in a single accident;
• $50,000 for bodily injury or death to two or more persons in a single accident; and
• $15,000 for property damage in a single accident.

Colorado is an “at-fault” state when it comes to determining financial responsibility for a motor vehicle accident. This means that a negligent driver, and the negligent driver’s insurance company, is primarily responsible for compensating any victims who suffer personal injuries. So if you cause an accident, then your bodily injury or death coverage would apply to the victim’s losses. Similarly, if you are the injured party, the at-fault driver’s bodily injury coverage would compensate you.

As noted in the above minimums, Colorado insurance law further distinguishes between death/bodily injury and property damage. The latter refers to the costs of repairing or replacing a vehicle or other personal property damaged by the insured driver. For example, if an at-fault driver runs off the road and damages a building or fence, property damage coverage would be available to cover those losses.

Additional Insurance Available in Colorado

Colorado law only specifies minimum insurance requirements for drivers. Any driver is free to purchase additional bodily injury or property damage coverage with their policy. Additionally, auto insurers offer a number of forms of additional coverage that are not strictly mandated by law:

• Uninsured/underinsured motorist coverage (UM/UIM) — Most Colorado drivers only carry the minimum amount of bodily injury coverage required by law; some even ignore the insurance mandates entirely and operate their vehicles without insurance. If you are injured in an accident with such a driver, your own insurer may be financially responsible if you have UM/UIM coverage. Colorado law requires insurers to offer such coverage with your policy, although you are free to reject it in writing.
• Comprehensive and collision coverage — This is optional coverage you can purchase to cover damage to your own vehicle caused by an accident or natural disaster; if you purchased your car under a financing deal, your lender may require you carry such coverage.
• Medical payments coverage — This coverage supplements your existing health insurance, if any, to help you pay for deductibles, copayments, and other medical costs arising from an accident.

Contact a Grand Junction Car Accident Lawyer

Even when you are involved in an accident with a fully insured driver, there are often legal complications that can arise that may delay your efforts to obtain full and fair compensation. Our Grand Junction car accident lawyers can assist you in these situations. Contact Killian, Davis & Richter, P.C., today at 970-241-0707. We serve clients throughout Colorado and Wyoming. We have a long-established practice on Colorado’s Western Slope including Grand Junction, Rifle, Delta and Montrose.