If you drive, chances are you have auto insurance. In Colorado, some form of coverage is mandatory, and you can’t drive legally without it. But if you are insured, how do you know you have the right coverage? Insurance isn’t typically something we think about until we need it. But maybe we should.

After all, you don’t want to pay more than you need to, and you don’t want to get hit with unexpected costs if you’re involved in an accident. Here’s how to make sure you have the right type of coverage to fit your needs and your budget.

Have You Looked For Cost-Saving Discounts in Colorado?

Surprisingly, few people know that they can save money on car insurance simply by exploring available discounts. Cost savings are often made available to senior drivers, teens who maintain good grades in school, and drivers who add safety features such as anti-theft devices or anti-lock brakes to their vehicle.

Be sure to look for discounts that could reduce your premium—you may already be eligible and don’t even not know it.

A Higher Deductible Can Keep Your Colorado Premium Low

If you’ve been driving for decades, and you consider yourself a safe driver, why not increase your deductible to lower your rate? Typically, higher deductibles equal lower premiums.

However, before making any changes, be sure you understand the consequences. In the event of an accident, you will need to meet your entire deductible before your insurance pays. If you’ve been accident free for years, and you’re deducible is low, it may be worth the time to review your options.

Is Extra Liability Necessary in Colorado?

Liability insurance in Colorado includes two parts: bodily injury and property damage. Bodily injury coverage helps pay for medical expenses and loss of income for someone else, should they get hurt in an accident you cause. Property damage coverage helps pay for damage you cause to someone else’s property, whether it’s a car, a fence or other structure.

In most states, a minimum level of liability coverage is mandatory. But the bare minimum may not be enough to provide the protection you need. For example, if you have $20,000 in coverage and you cause $50,000 in damage, you would be responsible for paying the remaining balance of $30,000.

How much liability insurance you are required to have varies by state. But the coverage limit you choose determines how much you pay out-of-pocket if you have an accident. If you have the resources, it may be worth considering a policy with more than minimum liability coverage as an extra layer of protection.

Liability Insurance Does Not Cover Your Vehicle

In some states, it is perfectly legal to drive with liability only. That means, if you cause an accident, your insurance will pay for the other person’s needs. But, liability does not pay for damage to your vehicle.

If you have an accident, you could end up paying thousands of dollars to repair your car. If you depend on your vehicle to get to and from work, and you only carry liability, you may want to look for some low cost options of adding coverage to protect your vehicle.

Thinking about the type of auto insurance you have and how you could lower your rate or expand your coverage where necessary is smart. When you’re ready to look, we’re ready to help. Start by getting a free online car insurance quote—and be sure to reach out to us with your questions. We’re happy to help you secure reliable coverage that makes sense for you. 

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