the state of Colorado?
-In the state of Colorado, all drivers must carry minimum liability coverage of $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $15,000 per accident for property damage.
What is the Minimum Liability Coverage (Bodily Injury amounts per person, per accident, and property damage amounts):
If you buy automobile insurance in the state of Colorado, your policy must include minimum liability coverage of:
$25,000 per person for bodily injury
$50,000 per accident for bodily injury
$15,000 per accident for property damage.
What are the Rental Car Insurance Requirements?
In the state of Colorado it is against the law to operate a motor vehicle without minimum liability, this includes rental cars. If your credit card or your current auto insurance policy does not cove car rentals, the state of Colorado requires that you carry a copy of the rental agreement when renting a motor vehicle, which specifies the insurance coverage.
What are the rules pertaining to washington dc estate laws?
Under Colorado law, driver’s are not required to carry medical payments or uninsured/underinsured motorists coverage, but all insurance companies are required to offer uninsured/underinsured motorist coverage in an amount equal to the policy’s bodily injury coverage or one hundred thousand dollars per person and three hundred thousand dollars per accident, whichever is less. In addition, comprehensive and collision coverages are not required by Colorado. Colorado law requires collision coverage be offered by an insurance company.
What are the rules pertaining to the exclusion from coverage of a driver living in household?
In the state of Colorado, it is a common practice for insurance companies to exclude a driver from your policy for a variety of legitimate reasons under the law. This is permitted under Colorado law. Such exclusions must be stated in the policy or by endorsement. The driver’s coverage is not valid while a specifically excluded driver is allowed to drive the vehicle, so it is important to be aware of all policy driver restrictions.
What are the rules regarding whether a driver has prior insurance? That is, how does state law handle it if a driver has no prior insurance or has let their previous insurance lapse?
There is no statutorily required grace period on insurance premium payments. This means that if an insurance premium payment is due on the 15th of the month, the payment must be received by the insurance company on or before that date. Higher premiums may be charged and you might have a difficult time obtaining insurance coverage with a lapse in coverage even if you have a clean driving record.
Colorado law restricts the mid-term cancellation of auto insurance policies, except in cases of non-payment; suspended or revoked licenses; an insured knowingly made a false statement on a claim, and the insured knowingly made a false statement on the application. If an insurance company cancels your policy, the premium will be prorated without any penalty to you, but the reason for cancellation must be in compliance with C.R.S., 10-4-602. However, if you cancel the policy, there is normally a “short rate” penalty that usually amounts to about 10% – 15% of the return premium. If the policy is canceled early in the term, the penalty is greater than if it is canceled late in the term.
What are the rules and guidelines auto insurance companies must follow regarding the use of Personal Credit History in selecting applicants and setting rates?
Colorado state law permits the use of Personal Credit History to determine which products will be offered to any given applicant and what rates will be offered. In order to enjoy a lower insurance premium, pay your bills on time in an effort to improve your score. This will also help improve your credit history so that in the long run, you can save money on your car insurance premium.
Is the state a No Fault or Tort state? What does either mean to the policy owner?
For thirty years prior to July 1, 2003, Colorado was a Tort state. Effective July 1, 2003 the Colorado State Legislature “deactivated” the thirty-year old No-Fault (PIP) system and Tort is currently effective. This means that the driver who is at fault in the accident must pay the victims medical expenses and the victim has the ability to file a court claim against the driver found to be responsible for the accident for any additional and related damages including pain and suffering and lost wages. Because Colorado is a Tort state, most insurance companies recommend that driver’s consider carrying higher coverages than the state minimums.