Car Insurance Quote Colorado
Car Insurance Quote Colorado
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Insurers depend on information provided on your policy application. When you apply for insurance, you will be asked a series of questions, which assess the expected cost of insuring you.
Bodily Injury/Property Damage Liability - These coverages protect you if you injure someone else or damage someone else’s property while operating your automobile. You must be legally liable for the injuries or damages to activate these coverages. Colorado law requires liability insurance.
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Uninsured/Underinsured Motorist - This protects the named insured, the named insured’s resident relatives and occupants in the insured vehicle, if they sustain bodily injury in an accident in which the owner or operator of another motor vehicle is legally liable and does not have insurance (uninsured) or does not have enough insurance (underinsured). This coverage must be offered under C.R.S., 10-4-609, but does not have to be accepted by the insured.
Medical Payments - This pays for reasonable and necessary medical expenses, without regard to legal liability, resulting from accidental bodily injury in a motor vehicle accident. This coverage is not required to be offered by the insurance company.
Collision - This protects against damage to your vehicle resulting from a collision with another vehicle or object regardless of whom is at fault. If the other driver is at fault, your insurance company may have a legal right to seek reimbursement from the other driver or the other driver’s insurance company.
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Comprehensive - This insures you against theft or other damage to your vehicle other than collision, such as wind damage, falling objects and vandalism.
Collision and comprehensive coverage are subject to a deductible selected by the insured. Other coverages that may be sold include towing and rental reimbursement.
BUYING AUTOMOBILE INSURANCE
When buying auto insurance, it is recommended that you seek advice from an insurance agent. This booklet is designed to be a tool to help you understand the process and value of insurance policies.
Bodily injury and property damage coverages (liability coverages) can be purchased as split limit coverage or as combined single limit coverage. The minimum limits of liability required by Colorado law are 25/50/15. If you choose to purchase the coverage as a combined single limit, the minimum allowable is $65,000 under Colorado law.
Comprehensive and collision coverages are not required by Colorado. Colorado law requires collision coverage be offered by an insurance company. However, if you borrowed money to purchase your automobile, your lender may require you to carry this coverage until the loan is paid. You are not required to carry medical payments or uninsured/underinsured motorist coverage, but all insurance companies are required to offer uninsured/underinsured motorist coverage in an amount equal to your bodily injury coverage or one hundred thousand dollars per person and three hundred thousand dollars per accident, whichever is less.
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If you plan to lease an automobile, you should check your lease agreement. Generally, these agreements require that you carry liability coverage in the amount of $100,000 per person, $300,000 per accident and may require you to carry property damage coverage in excess of the Colorado Insurance Law.
UNDERWRITING AND RATING
Two factors, underwriting and rating, govern what you will pay for auto insurance. These factors analyze a consumer’s characteristics and determine the risk that consumer presents.
Underwriting - Insurance companies underwrite in order to assess the risk associated with an applicant, group the applicant with other similar risks, and decide if the company will accept the application. The underwriting eligibility review period varies by company, but is typically between 3-5 years of prior history.
Insurers want to know your past driving record and certain personal characteristics to group you with other similar drivers. Insurers review the claim history of your group to make projections about future claims.
Some of these characteristics are beyond your control, such as age and gender. Other characteristics can be controlled, but since they may relate directly to lifestyle or income, such as geographic location and use of the vehicle, may be difficult to control. A third group of characteristics is highly controllable, such as the make and model of the vehicle the consumer wishes to own and insure. A vehicle with few safety devices and a powerful engine carries a greater risk of high claims than a less sporty model. The consumer has a choice, or control, over the decision to own a high-risk vehicle.
Insurers also consider lifestyle characteristics in the underwriting process. These characteristics include marital status and employment history. From prior claims data, insurers know that married persons tend to have lower claim levels than unmarried persons. Other statistics show that persons who work in the same place for a long time tend to have lower claims. Also, underwriting criteria can include credit history.
A rate for each group is set based on the historical claims statistics paid by the insurer for the people in that group. The higher the losses from a group, the higher the rate for that group and, therefore, it is an advantage for you to be in a low-risk group.
CONSUMER’S GUIDE TO AUTO INSURANCE
The Colorado Division of Insurance prepares this booklet to assist you in “shopping” for auto insurance and to help you understand your Personal Auto Policy.
When shopping for insurance, please remember there are factors to consider other than price, such as the level of service offered. Your premium will vary depending on the coverages you choose, your driving record, the type of vehicle you drive, your age, and other factors. A list of all companies offering personal automobile insurance in Colorado is available upon request by calling the Division of Insurance.