Basic levels of automobile insurance are required for all vehicle owners in the Centennial State, but residents are encouraged to strive for the greatest amount of coverage possible while still remaining within budget. The mandatory liability insurance that the state requires is only in place to ensure that a motorist is financially responsible in the event of an accident, but this form of protection covers little else. In order to be adequately prepared for a variety of vehicle related incidences residents are urged to investigate the possibility of increasing coverage limits by including additional protection into one’s policy and to research ways of doing so while still keeping premium prices reasonably low.
One of the simplest and more cost effective ways of increasing coverage is to improve upon the required amount of liability. Motorists with auto insurance in Colorado are required to have limits of 25/50/15 but oftentimes this coverage can be exceeded after an accident. For example, being insured for only $15,000 worth of property damage liability means that in the event that a resident is at-fault for an accident and causes damages that exceed this amount, then said motorist will likely have to pay the remaining expenses out-of-pocket. Improving upon these limits can typically be done for only a few extra premium dollars and can provide significantly more coverage.
An option for many motorists is to include Medical Payment (Med-Pay) Coverage in Colorado because it covers many of the policyholder’s immediate medical costs after an accident, which also includes those of any the policyholder’s passengers. Within the Centennial State all coverage providers are required to include this additional protection into all policies, but residents are given the option of opting-out with a written statement. Although Med-Pay may be unnecessary for individuals with health insurance of some form or another, many residents may wish to not only keep med-pay coverage, but improve upon it’s initial $5,000 limit in order to counter the rising costs of health care.
Even though motorists are encouraged to strive for the greatest amounts of vehicle protection, acquiring a policy with increased limits and additional coverage doesn’t necessarily have to be expensive. Insurance companies often provide policies at competitive prices, and many determine premium prices differently. By thoroughly shopping around for the most affordable plans a resident may be able to obtain a policy that both fits their coverage needs and is still comfortably affordable. One of the most efficient ways of gathering estimates is with an online quote comparison. Completing a search online allows for motorists to view many different estimates from dozens of insurers in a single convenient location.
Source: http://www.onlineautoinsurance.com/colorado/
