The state law in Colorado makes it mandatory for the drivers to carry car insurance and has also defined the minimum car insurance coverage. There are three components of the insurance, property damage, bodily injury per person and bodily injury per accident and the respective minimum coverage as per law is USD 15000, USD 25000 and USD 50000.
Many insurance companies advise the car owners to go for higher car insurance coverage with USD 100000 for bodily injuries and USD 300000 for injuries per accident. The state law requires insurers to offer policy holder medical insurance of USD 5000 but it is not mandatory. If the policy holder does not explicitly refuses than the medical policy is added to the cost of car insurance making is costlier. Also, insurance for teenage driver is quite high in the state. If the driver’s on road risk profiling is bad than also the car insurance becomes dearer.
Though you need to take the minimum coverage at least, yet there are ways to reduce your insurance cost. Most of the insurance companies offers discounts if go to renew your insurance with a good report card. Also, some insurance company gives accident forgiveness meaning even in the event of accident your rates remain the same. Also, if you take other insurance like home insurance or life insurance from the same insurance company they offer a group discount. Always do some research on discounts offered while selecting the car insurance company. Make sure that you always go for good insurance company while buying the car insurance and also check the discount conditions before buying the policy.