Liability Insurance: Understanding Limits and Requirements [Colorado]

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Liability Insurance – Colorado

Liability Insurance: Understanding Limits and Requirements of Liability Insurance in Colorado

Minimum Liability Requirements for Colorado

When shopping for liability insurance Colorado residents need to be aware of the state requirements.  Based on the law, most states actually require specific types of coverage that is within the minimum liability limits.

25/50/15 – That translates to 25,000 per person in medical payments up to 50,000 per occurrence and 15,000 in property damage.

What are the requirements for Bodily Injury Liability?

Liability Insurance
2023 Liability Insurance: Understanding Limits and Requirements [Colorado]

As stated above the liability limits for the state of Colorado is 25/50/15, if you have these coverages then you are legally able to traverse the roads of CO.

Having Colorado liability insurance is required to drive in the state.

You’d be shocked to know that 40% of drivers in CO have the required liability limits, which has led to much higher rates than others.

 

You may wonder how much insurance you really need and what does this 25/50/ even cover? The law in Colorado mandates that the auto insurance policies should provide the following:

For bodily injury liability insurance Colorado coverage, it will cover accidents that a person causes where another person is hurt or even killed. According to the laws of Colorado, the limit is $25,000 for every person and $50,000 for every accident for bodily injury.

In line with this, one must consider the assets that must be protected and the amount that one can afford before deciding on what to purchase.

CarrierPrice
Dairyland$77
Progressive Insurance$88
Bristol West$91
AssuranceAmerica$98
National General$102
Mendota Ins. Company$103
The General$106
Geico$108
USAA$116
State Farm$119
Acceptance RTR$124
Farmers$133
21st Century$143
American Family$144
Safeco$152
Liability Insurance – Colorado

What are the requirements for Property Damage Liability?

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2023 Liability Insurance: Understanding Limits and Requirements [Colorado]

When it comes to Property Damage liability in Colorado, the minimum required by the State is $15,000. If this is where your policy range is then you are set. But does this mean this is where you should set you Property Liability limit?

Why might you set your limits higher? There are a few reasons that you might bump up your limits to a higher amount.

  1. It doesn’t dramatically raise your rate! The difference between $15,000 in Property Damage and $25,000 in Property damage is barely $27.00 for 6 months in most cases. Thirsty extra dollars for 10 GRAND more in property damage coverage is a no brainer.
  2. Look at the vehicles around you. Notice Tesla, new Trucks like the Ford Maverick or Bronco, or Maseratis zooming past ya? Those cars are much more expensive than the average Toyota crusing around. More to the point MANY vehicles today aren’t even worth $15,000… Prices have soared and you do not want to be responsible for the cost.
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Liability Only Insurance

SR22 Filing

Why would someone need an SR22 filing?

Multiple violations, a DUI, or driving without proper liability insurance can incur fines that include being required to file an SR22 in your State.

Is SR22 Insurance Expensive?

SR22 is not insurance, but it is a filing done for you by the insurance company confirming that you are insured with Liability Insurance. The minute the insurance lapses, the Carrier informs that State that you are not insured. In most cases it isn’t more than $25.

How do I file the SR22?

An individual cannot file the SR22, it must be filed by the insurance carriers. But when shopping, just ask for SR22.

Why is SR22 Insurance so expensive?

As mentioned, SR22 is not insurance but a filing fee that you have the State minimum liability insurance in-force. The cost with this policy is due to the violations on the individual policy.

How long do I need to carry an SR22 on my insurance?

Varies depending on the violations. Always check with your state DMV if uncertain.

What is required to fulfill the SR22?

At least the minimum in liability insurance.

Mendota Ins. Company$97
National General$104
The General$104
Dairyland$110
Progressive Insurance$111
Bristol West$112
AssuranceAmerica$117
Farmers$117
Acceptance RTR$124
21st Century$128
State Farm$134
Geico$135
State Auto$135
USAA$135
Travelers$150

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National General$120
Bristol West$135
Travelers$144
Mendota Ins. Company$148
Nationwide$148
Acceptance RTR$149
Allstate$158
Farmers$160
Progressive Insurance$160
Liberty Mutual$162
GAINSCO$165
AssuranceAmerica$171
State Farm$172
21st Century$180
USAA$180
Full Coverage

What is Uninsured Motorist Protection?

For underinsured or uninsured motorist coverage, this will cover medical as well as other expenses whenever one is hit by a driver who does not have adequate auto insurance.

Uninsured motorist bodily injury protection, helps protect you and your passengers medically if you are hit by another driver, and they are found to be the one at fault, and they either do not have an active insurance policy or maybe carrying liability limits lower than your policy.

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2023 Liability Insurance: Understanding Limits and Requirements [Colorado]

Once you have uninsured motorist bodily injury protection, you can also purchase uninsured motorist property damage protection.  This coverage will protect damage done to your vehicle if it is hit by an uninsured person, or possibly a hit and run accident.

A person may purchase added coverage to pay for the damage to one’s car if it is hit by an uninsured motorist. However, most will purchase collision as well as comprehensive instead.

Just Liability Insurance?

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We’ll ask the right questions to get you the right coverage.

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In Colorado, the insurers are actually required to offer under-insured or uninsured motorist coverage in the same amount as that of bodily injury liability insurance Colorado limits that a person selects. This type of coverage may be waived only if this is rejected in writing. The limit that must be selected starts at $25,000 or $50,000, which is the same amount of the minimum liability limit in Colorado.

Most people opt to carry this since this can actually cover economic damages like medical bills and non-economic damages for cases wherein the other person in the accident is uninsured and under-insured.

For Colorado Liability insurance Call 719 392 4000 or 303 355 2337.

Serving Denver, Colorado Springs, Pueblo, Fort Collins, Aurora, and the entire state of Colorado.

Colorado Insurance
2023 Liability Insurance: Understanding Limits and Requirements [Colorado]
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Last Updated on by Amanda Moss