As a Colorado driver, you know there's a lot that can happen on the road. Uncertain weather conditions / trends could leave you stranded in your car. You might have to share the road with large animals like moose or deer in certain areas. They tend to be near roads as they like to feed on the roadside vegetation or salt from winter de-icings or escape the deep snow by traveling in the open. All this and more could cause you and your car severe damages leading to a very pricey claim. So it's a good idea to buy auto insurance for your car.
Colorado Auto Insurance Coverages
Bodily injury and property damage coverages can be purchased as split limit coverage or as combined single limit coverage. The minimum limits of Colorado auto insurance liability required by Colorado law are 25/50/15. If you choose, you can purchase Colorado auto insurance coverage as a combined single limit, i.e. the minimum allowable is $65,000 under Colorado law.
Comprehensive, collision coverages, medical payments or uninsured/underinsured motorist coverage are not mandatory in Colorado. However, if you borrowed money to purchase your automobile, your lender may require you to carry this coverage until the loan is paid. All insurance companies are required to offer uninsured/underinsured motorist, collision and comprehensive coverages. Are you leasing your vehicle? Then check the lease agreement to see if it requires you to carry liability coverage in the amount of $100,000 per person, $300,000 per accident property damage coverage in excess of the Colorado Insurance Law.
The Tort system
In Colorado, legal and financial responsibility is based upon the law of negligence. A negligent act causing damage or injury is legally known as a tort. If an accident is your fault, i.e. you are negligent; you are responsible for bodily injury and property damages suffered by the innocent party.
To assure that innocent parties are adequately compensated for their injuries, Colorado law requires that all registered owners of a motor vehicle have a liability insurance policy. Going without insurance can cost you much more than carrying the liability coverage that is required by Colorado law.
Underwriting and rating
Insurance companies underwrite to assess the risk associated with an application, grouping it with other similar risks and then decide whether they will accept the application or not. Rating is the determination of premium based on the driver and the automobile characteristics. The above two factors govern what will you pay for auto insurance.
When you apply for Colorado Auto insurance, you will be asked a series of questions, which assess the expected cost of insuring you. Common questions asked for rating purposes are:
- Driving records
- Territory
- Gender & Age
- Marital status
- Prior insurance coverage
- Usage of vehicle
- Make & model of vehicle
Discounts
Discounts are awarded because you're viewed as "better risk". Here are some discounts you should look for:
- Multiple vehicles
- Driver's education courses
- Good student
- Safety devices
- Anti-theft devices
- Low mileage
- Good drivers
- Auto/Home package
- Dividends
Discounts are just another way for companies to compete and retain their business. So while shopping for Colorado auto insurance, ask if discounts exist and also how much you save.
Shopping for Colorado auto insurance
The key to comparison shopping is to know what auto insurance coverages you need, and then to find out how much those coverage will cost from a number of companies. Comparison shopping takes time but can save you money. So shop around and find out what different companies charge for identical products and services. Seek unbiased information from a number of unbiased sources.
Useful Resources for Life Insurance:
- www.long-term-care-insurance-quote.com - Your guide to long-term care insurance, life insurance and latest health care coverage on the net. We provide you with best insurance information and insurance comparison quotes online
- www.accuterm.net - Understanding and choosing term life insurance – we provide you with all the information you need to make an informed life insurance decision. Free comparison quotes from top providers.
- www.lifeinsurancetechnology.com - An authoritative online resource that provides you with all of the tools you need (including getting quotes from top insurance carriers) when buying life insurance.
- www.onesmallpayment.com - Avoid bankruptcy and let debt consolidation be the answer you are looking for to help get you financially healthy! We are the number one online resource for debt relief.
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