Colorado Auto Insurance Requirements
Every driver in Colorado is legally required to be covered by a current auto insurance policy. Minimum auto insurance coverage requirements are mandated by the Colorado Division of Insurance. The following minimum coverage is required on every registered vehicle, except as noted below:
(Source: Colorado Division of Insurance)
Colorado is extremely tough when it comes to driving without insurance. You could receive a $500 fine, license suspension, and 4 points on your Colorado motor vehicle record for a first offense. Penalties increase significantly for second and subsequent offenses, including high fines, insurance surcharges, and community service requirements.
The Colorado Motor Vehicle Insurance Plan is available to drivers who are unable to obtain car insurance coverage through the voluntary market. The Colorado assigned risk pool is part of the Western Association of Automobile Insurance Plans (WAAIP). More information is available by calling (800)227-4659.
Factors Influencing Car Insurance Premiums in Colorado
Finding cheap car insurance in Colorado requires research and obtaining multiple quotes, even though the state ranks in the bottom 50% of most expensive states for car insurance costs. Many conditions impact car insurance quotes and rates in Colorado, including:
• Vehicle repair costs are generally more expensive in Colorado than elsewhere
• Overall accident rates are higher than national averages
• A higher percentage of uninsured drivers
• Auto insurance fraud
• Vehicle theft rates above national averages.
The average auto insurance premium for residents in Colorado is $1,508 in 2011; the national average is $1,790.
Tips for Obtaining Cheap Car Insurance in Colorado
• If you’re over 55, consider taking an approved defensive driving course
• Maintain a good driving record
• College graduates receive discounts
• Bind multiple policies (homeowners, life, auto) with the same provider
• Maintain a good credit score
• Create a personal “emergency fund” of up to $1500 and increase deductibles accordingly
• Discuss affinity discounts with your insurance provider
• Drop comprehensive and collision insurance on older vehicles
Colorado Statistics
• Auto Theft: Colorado incidences of auto theft have decreased dramatically in recent years. This can be attributed primarily to anti-theft devices being standard on recent model cars, as well as public awareness of the issue:
(Source: Auto Thiefs)
• Automobile Accidents: The total vehicle miles traveled in Colorado have remained fairly constant in recent years, following a nationwide trend, though 2009 saw a substantial decrease in the number of deaths in car crashes.
(Source: National Highway Traffic Safety Administration
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