Colorado residents who want to drive legally in the state must be able to show proof of financial responsibility, and the easiest way to do that is with liability auto insurance. Buying car insurance in Colorado doesn't have to be difficult or expensive. Drivers have the easiest time getting the coverage they need when they do a little research beforehand. Learning about things like the types of people who drive in the state and the basic insurance requirements is very helpful. Following up that research by collecting auto insurance quotes is the best way to go.
Who Drives in Colorado?
Why is it helpful to know who drives in the Centennial State? It's primarily useful because it highlights the importance of maintaining valid car insurance at all times. According to the U.S. Census Bureau, there were 5,187,582 residents in the state in 2012. While most of them are concentrated in a handful of metropolitan areas, roads and freeways around the state can get quite busy. The more cars there are on the road, the more likely it is that accidents will occur. However, they can happen anywhere at any time.
Out of the more than five million people who live in the state of Colorado, 3,669,816 were legally licensed to drive as of November 2012. This information comes from the Federal Highway Administration. This agency maintains many other statistics about drivers in the state of Colorado. For example, 1,826,708, or 49.78 percent, of all registered drivers are men while 1,843,108, or 50.22 percent, are women. 717 of every 1,000 residents are registered to drive, and 913 of every 1,000 people who are eligible to drive legally do.
Car insurance companies don't consider drivers' genders when calculating premiums. One thing they do look at, however, is the age of a driver. Younger drivers are less experienced drivers, so their premiums tend to be very high. In Colorado in November 2012, 150,635, or 4.1 percent, of all registered drivers were aged 19 and under. That isn't a significant percentage, but it still highlights the fact that all drivers share the road with people who don't have much experience behind the wheel. Drivers aged 50 to 54 made up the largest group of registered drivers, with a total of 364,768, or 9.9 percent.
Car Insurance Requirements in Colorado
It is critical to understand the minimum requirements for driving legally in Colorado. Drivers will not get anywhere by claiming to be unaware of the law. There are many consequences for failing to have one of the two available options for demonstrating proof of financial responsibility. The first offense involves a fine of at least $500, four points on a person's driving record and possible suspension. The second offense involves a fine of at least $1,000 and a four-month suspension. The third offense involves a minimum fine of $1,000, community service and an eight-month suspension.
One way to show proof of financial responsibility in Colorado is with self-service auto insurance. However, a driver must have at least 25 registered vehicles to exercise this option. Therefore, very few drivers do.
Everyone else must maintain liability car insurance. This law is in place to protect everyone who operates motor vehicles in Colorado. Without liability auto insurance laws, many people would choose to go without coverage entirely. The courts would be filled with drivers suing one another for damages. The state has no interest in dealing with such situations, so it requires all drivers to maintain liability auto insurance that meets certain requirements. Theminimum requirements for auto insurance in Colorado are:
- At least $25,000 in bodily injury coverage per person
- At least $50,000 in bodily injury coverage per accident
- At least $15,000 in property damage coverage
- Med-pay coverage, which covers up to $5,000 in medical expenses following an accident. Residents may opt out by sending a refusal in writing.
Many drivers opt for auto insurance that includes more extensive coverage. By collecting car insurance quotes in Colorado, drivers can get the most bang for their buck.