Car Insurance Statistics In Colorado

Posted by Brendan McQuaid | Jun 26, 2023 | 0 Comments

Car insurance is a must-have for all drivers in Colorado. It not only provides financial protection but also gives peace of mind while driving. Car insurance coverage comes in different types and levels of protection, and it is essential to understand the types of coverage you need to have before purchasing a policy.

According to recent statistics, the most common types of car insurance coverage carried by drivers in Colorado are liability, collision, and comprehensive insurance.

Liability insurance covers damages to other people and their property if you are at fault in an accident. This type of insurance is mandatory in Colorado, and all drivers are required to carry a minimum of $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $15,000 per accident for property damage.

Collision insurance covers damages to your car if you collide with another vehicle or object. This type of insurance is optional, but many drivers choose to carry it to protect their investment. According to recent statistics, about 60% of Colorado drivers carry collision coverage.

Comprehensive insurance covers damages to your car that are not caused by a collision, such as theft, vandalism, or natural disasters. This type of insurance is also optional, but many drivers choose to carry it for added protection. About 48% of Colorado drivers carry comprehensive coverage.

Other types of car insurance coverage include personal injury protection (PIP), uninsured/underinsured motorist coverage, and roadside assistance. PIP coverage is mandatory in Colorado and covers medical expenses and lost wages for you and your passengers regardless of who is at fault. Uninsured/underinsured motorist coverage protects you if you are hit by a driver who does not have enough insurance to cover the damages. Roadside assistance covers emergency services like towing and flat tire repair.

Liability insurance is mandatory for all drivers in Colorado, while collision and comprehensive insurance are optional but commonly carried by a majority of drivers. When shopping for car insurance, it is essential to consider the type and level of coverage you need based on your driving habits and the value of your vehicle. By understanding the different types of car insurance coverage available, you can make an informed decision and ensure that you have the protection you need while on the road.

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