subject: Satisfy Colorado Financial Responsibility Laws By Carrying The Proper Auto Insurance [print this page] If you reside in Colorado Springs, you are legally required to carry auto insurance to operate a motor vehicle on public roadways. If you are caught without insurance, you could face serious penalties including the suspension of your driving privilege, the suspension of your vehicle registration, fines, and jail time for multiple offenders. Generally, the cost of purchasing insurance is far less than the costs if you are caught driving without insurance. If you currently do not have Colorado Springs auto insurance, or you are in the process of relocating within the state of Colorado, you must educate yourself on the financial responsibility laws to ensure you satisfying the state laws. Each state in the nation has a different law pertaining to insurance. Understand the Colorado insurance laws and avoid paying more then necessary in tickets and fines.
Liability Insurance
Every state in the nation requires drivers to carry liability insurance to protect third party drivers in the event they are considered at fault for a collision. Liability consists of Bodily Injury and Property Damage coverage. Each coverage has a different limit and coverage purpose. Bodily Injury is designed to pay for injuries to a third party if you are deemed at fault. Colorado Springs auto insurance required drivers to carry no less than $25,000 per person and $50,000 per accident in Bodily Injury coverage. If you cause more injuries, you could face civil lawsuits from the parties who were injured. Because of this, it is always recommended to choose higher limits if you can afford to do so.
Property Damage will pay for damage to third party property including vehicles. The state of Colorado requires drivers to carry no less than $15,000 per accident in Property Damage cover. This limit will apply no matter how many vehicles are involved in a single accident. Because the cost to repair or replace vehicles can be high, it is recommended to bind higher coverage if you can afford the premiums.
Medical Payments Coverage
While you are not required to purchase Medical Payments coverage, Colorado insurers are required to offer you $5000 in coverage. Medical Payments also referred to as Med Pay, will pay for injuries to you and your passengers no matter who is at fault in the accident. If you choose to reject the coverage, you must reject the optional limits in writing or sign a rejection form.
Colorado residents also must be offered Uninsured Motorist protection. If your vehicle is financed, the lender will require that you carry comprehensive and collision physical damage coverage to protect their investment. Quote a comprehensive Colorado Springs auto insurance policy with adequate coverage limits and types, and build a policy that will satisfy the state and protect you sufficiently.
by: jenbravely
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