What are Colorado’s Auto Insurance Requirements? | Some states just want you to have the bare minimum in auto insurance, but Colorado’s different: It requires drivers to carry a little extra coverage. If you’re a Colorado driver, you’ll need:
$25,000 in bodily injury liability per person and $50,000 per accident. Bodily injury liability pays for injuries suffered by other people in an accident you’re legally responsible for
$15,000 in property damage liability, which pays for damage to other people’s property in an accident you’re responsible for
$5,000 in medical payments coverage (MedPay). MedPay coverage is designed to pay for your medical bills (and your passengers’, too) if you’re hurt in an accident, no matter who’s at fault
Do I really need MedPay coverage in Colorado?
People looking for cheap auto insurance in Colorado often want to know if MedPay is mandatory. When you buy insurance through Compare.com, it’s added automatically to your policy — you’ll see it in the quotes you get through our quoting tool. It is possible to opt-out of MedPay by making the request to your insurer, whether on the phone or in writing.
We recommend keeping your MedPay coverage, however. As law firm Bachus & Schanker points out, the average cost is just $5 per month. For that small payment, you get $5,000 in medical coverage without any deductible, which can be used to pay your medical bills or the deductibles for your health insurance. Your passengers get the same protection. So if you get hurt in an accident, you’ll be glad you have MedPay.
What About Uninsured/Underinsured Motorist Coverage in Colorado?
In Colorado, insurers are required to offer you uninsured/underinsured motorist coverage that matches your bodily injury limits — at least $25,000 in uninsured/underinsured motorist (UM/UIM) coverage per person and $50,000 per accident. You’re not required to carry it, however.
So no, UM/UIM coverage isn’t mandatory. When you compare quotes for auto insurance in Colorado with us, we’ll give you the option to leave it off of your policy. However, it’s a good idea to carry it if you can afford it. UM/UIM liability covers medical and other expenses when you’re hit by a driver who has inadequate or no auto insurance. And if you do get hit, there’s about a 1 in 8 chance the other driver won’t have insurance; just over 13 percent of Colorado drivers are uninsured, according to the Insurance Information Institute.
Cheap Liability Coverage in Colorado
Searching for a cheap liability car insurance policy in Colorado? Let Compare.com help! All you have to do is compare quotes for a state minimum policy. That means insurance with limits of $25,000 per person and $50,000 per accident in bodily injury liability, plus $15,000 in property damage liability and $5,000 in medical payments coverage.
When we ran the numbers for a 27-year-old Colorado driver with a good driving record, his best quote for state minimum coverage was $33 per month. That’s cheap liability insurance! But your rates will vary, depending on your age, driving history, place of residence and other factors. Compare to see your best deal.