subject: Optional Colorado Springs Auto Insurance Coverages [print this page] Optional Colorado Springs Auto Insurance Coverages
If you reside in Colorado, you are required to carry automobile insurance to operate motor vehicles on local public roadways. While you may be carrying the coverage required by the state to satisfy the financial responsibility laws in force in the state of Colorado, it is important to educate yourself on optional coverages and coverage limits available to you. Optional coverage and increased limits will provide you with a comprehensive Colorado Springs auto insurance policy that will give you peace of mind. Refer to coverage descriptions below to gain a deeper understanding of how each coverage works.
Liability Insurance (BI/PD)
Liability insurance is the only coverage that is actually required by the state of Colorado. Designed to pay for injuries and damages you cause to a third party, liability insurance is designed to protect not only the third party but also your assets. If you choose to carry the state minimums, which are $25,000 per person/$$50,000 per accident for Bodily Injury and $15,000 for Property Damage, you could be leaving yourself at risk for financially damaging lawsuits. Because of this, it is important to assess your assets and choose a liability coverage limit that is adequate.
Uninsured Motorist (UM/UMPD)
Uninsured Motorist and Uninsured Motorist Property Damage will protect you against drivers who choose not to follow the laws and drive without insurance. This coverage can also extend to pay you in the event that the driver at fault for the accident did not carry enough coverage to cover your injuries or damage. While this coverage is not required by the state of Colorado, insurers are required to offer you the coverage and policyholders who reject the coverage will have to sign a rejection form. If you elect to carry the coverage, you will be allowed to carry limits up to those you carry for Liability Insurance.
Medical Payments (Med Pay)
Medical Payments is another coverage that is not required to carry, however is required to be offering when binding Colorado Springs auto insurance. Medical Payments will pay for you and your passengers injuries up to the limits stated on the policy. It is important to recognize the limits stated on your policy declarations or quote is on a per person basis. Medical expenses will be reimbursed no matter who is deemed at fault for the accident. Inquire whether your medical insurance provider excludes chiropractic care. If so, it is recommended to carry higher limits of Med Pay.
Policyholders will also have the option to carry Comprehensive and Collision coverage for their vehicle. It is important to quote various coverage limits to build a policy that is affordable and comprehensive. You will be surprised how affordable raising your coverages from state minimums in Colorado will be.
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