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Minimum Auto Insurance

Under Colorado law, all motor vehicles registered in the State must carry liability insurance. The minimum coverages are $25,000 for per person, $50,000 for bodily injury for two or more persons.

These limits for minimum coverages may seem low to you, that’s because they are VERY low. The laws in Colorado establishing these minimum limits are outdated. Insurance companies strongly oppose any new legislation which would require higher limits then the established minimums. The costs of medical care have increased significantly while the amount of insurance coverage has not. There are a few states like Wisconsin, which require minimum limits of $50,000 per person, $100,000 for two or more injured persons. But most states follow the same limits as Colorado.

Typically, you do not know that you have too little insurance coverage until you need those benefits. This problem could affect you in two different areas: (1) If you are at fault for causing a collision which seriously injures another; or (2) If you are injured by and underinsured or uninsured driver which leaves you with little available money to cover your medical expenses and lost wages. There are reasons why you should carry much more insurance than the minimum policy limits in Colorado. If you are found at-fault for an accident, the value of the claim could far exceed these minimal limits which could expose your personal assets. If you do not have enough insurance, the victim's uninsured motorist carrier can pay the victim for the difference between the value of the claim and your insurance policy. In this case, the victim's insurance company can bring a claim against you for whatever they paid out to the victim.

The other reason mentioned above is just as important involves you being injured by someone else’s negligence. If you are injured in an accident which is not your fault and the other driver does not have enough insurance to cover your loss, your insurance company can step in to make up the difference. For example, if the person who caused the accident has the state minimum of $25,000, your insurance company can pay you for “under insured” motorist benefits up the limits you have purchased. If you purchase the minimum policy, the total benefits available to you could be $50,000. If the at-fault driver had no insurance, your benefits may be only $25,000. With the rising costs of hospital bills in Colorado those, benefits will got fast. If your health insurer pays some of these bills, they will seek reimbursement from the money you receive from the Auto Insurance Company. It is imperative that you protect yourself by purchasing a policy that will cover the possible large loss you may have from medical bills, damage to your vehicle and lost time from work. Not having enough coverage leaves you vulnerable. Take care or yourself and your family and purchase the right coverage for you. If you have other questions about how much insurance coverage to purchase or what benefits you are entitled, please call the Boulder personal injury lawyers at Cook, Bradford & Levy as we are here to help.

If you have questions about your insurance coverages we encourage you to call Cook, Bradford & Levy, LLC, at 303-543-1000 for a free consultation. We are experienced Boulder, CO car accident attorneys who can help. We handle car accident claims throughout Denver, Boulder and most of the Front Range.