Colorado High Risk Automobile Insurance
Among the 141 companies offering automobile insurance in the state of Colorado are AIG, Fireman's Fund, Geico, State Farm, and more. Different companies are registered to charge different rates with the state insurance commission.
Colorado Mandates High Minimum Coverage
Colorado requires drivers to purchase insurance in minimum quantities that are enough to cover all but the very worst of accidents. Minimum bodily injury requirements are $15000 and $30000 per individual/accident. Property damage minimum is $15000. In addition, coverage not required in other states includes $50000 medical and $50000 rehabilitation coverage. Uninsured, underinsured coverage is also available, though not required.
Tort System Means Someone Will be Responsible
Colorado is another state that uses a tort system, this means that someone will be held responsible for causing any accident and that person will be financially responsible for all medical and repair bills incurred by other parties in the accident.
Insured Drivers Kept Under Regular Review
Colorado maintains a database of insured drivers that insurance companies who underwrite liability policies are required to keep updated on a monthly basis with all new policies and policies that are canceled. However, because this leaves a possible gap of up to a month from the purchase of a policy to the update of the database, citizens are required to carry proof of insurance at all times.
This proof may be a letter from an insurance agent on company letterhead, the declarations page from the actual policy, an identification card, or a binder receipt. All forms must show the make and model of the vehicle, VIN, coverages provided, and the name of the insured. Fines for not having this proof start at $500 for a first offense and increase from there.
Whether you require high risk auto insurance or the bare minimum for a safe driver, understanding your needs will help save you big on your premiums.