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Colorado Auto Insurance Minimum Coverage Requirements

admin — Tue, 27 Jul 2010 00:03:42 +0000

Are you aware of the Colorado auto insurance minimum coverage requirements? The minimum levels of auto insurance coverage requirements are set by CO lawmakers. Driving without the required insurance is a very serious matter and can result in penalties and unwanted hassle.

Bodily Injury Liability

As a Colorado driver, you must have at least $25,000 in individual bodily injury liability insurance in place. This type of insurance pays for the medical expenses of a person injured in an automobile accident where you are considered the at-fault driver. Your policy must also have a cap of at least $50,000 to pay the medical bills for two or more people injured in the same accident.

Property Damage Liability

The property damage liability portion of your policy pays for damage caused to objects, such as the other driver’s vehicle, a mailbox, a fence, or a shed. The minimum level of coverage required by law in CO is $15,000.

Please keep in mind that the minimum levels of insurance coverage set out here are just that. Drivers in Colorado do have the option of buying more coverage if they want to. Before you make a decision about what level of coverage to buy, you will need to keep in mind that if you at the at-fault driver in an accident, you will be responsible for paying for damages above your policy limits.

It makes more sense to insure your vehicle properly and not take the chance that you will have to consider tapping into your savings or liquidating your assets after an accident. Your insurance company or agent can help you to figure out how much coverage you should have in place.

Find Colorado Auto Insurance Coverage Today

Now that you know what the Colorado auto insurance minimum coverage requirements are, why don’t you get take the next step and make sure you have enough protection for your needs? Spend a few moments comparing rates from some of the top companies and you can be on your way to the best Colorado car insurance in a jiffy!

By: James J. Robinson

California Car Insurance Requirements

admin — Thu, 24 Jun 2010 19:05:59 +0000

California Law requires all motor vehicle owners to have insurance which provides Bodily Injury Coverage and Property Damage Coverage.

In the State of California the required minimum coverage for bodily injury is $15,000 per person injured in any one accident and $30,000 for all persons injured in any one accident.

The required minimum coverage for property damage is $5,000 for injury to or the destruction of property of others in any one accident.

Optional insurance may include Uninsured Motorist Coverage. If the policy holder makes this choice, the actual coverage purchased must be at least the amount of the required Bodily Injury Coverage. If the policy holder purchases more than the required amount of Bodily Injury Coverage, Underinsured Motorist Coverage may then be purchased in a lesser amount. The State of California does not require insurance companies to provide Uninsured Motorist Coverage in any amount greater than $30,000 per personal injury in any one accident and $60,000 for all persons involved in any one accident.

As well, if Uninsured Motorist Coverage is purchased, then the policy must also include Underinsured Motorist Coverage. California requires insurance companies to offer for purchase Underinsured Motorist Coverage in an amount equal to that purchased for Uninsured Motorist Coverage. Insurers may, however, offer a greater amount of Underinsured Motorist Coverage than the Uninsured Motorist Coverage actually purchased by the policy holder.

California requires liability limits of 12/30/5 which represent $20,000 for bodily injury coverage per person and $30,000 for bodily injury coverage per accident which will pay for medical bills and lost wages. The last number of 5 represents $5,000 for property damage coverage per accident which will pay for repairs and/or replacement of objects damaged or destroyed other than the policy holder’s own vehicle.

Personal Injury Protection (PIP) and No-Fault Coverage are not required by the state.

Adding Collision Coverage as well as Comprehensive Coverage to an insurance policy is optional as well in California.

By: Elizabeth Newberry

Why Do We Need Car Insurance?

admin — Mon, 05 Apr 2010 09:13:14 +0000

Having car insurance is an absolute must for all motorists on UK roads. But why is this the case? Well, the short answer is that it is a legal requirement to have at least third party cover. Then why is it a legal requirement? That’s where the long answer comes in.

First and foremost, UK road users need to have a basic level of insurance to indemnify third parties. This has been law since 1930, and was updated in the Road Traffic Act 1988. The law provides that you must have some kind of insurance or protection against their liability to third parties (which could mean other road users or pedestrians) in the event that personal injury is inflicted upon them, or that their property is damaged, as a result of your use of the road. In simple terms, other people deserve to be protected against any fallout that may result from your use of a vehicle. Being insured will protect unwitting parties therefore against costs incurred due to injury, damage to their vehicle, and legal costs.

Consider the position where you accidentally drive into another car, but have no insurance. You may not be able to afford to cover damage to the other driver’s car, or medical bills incurred due to injury inflicted. Any resultant legal costs may also be substantial. But surely it’s not fair that the driver who isn’t at fault foots the bill?

One may be given to think ‘Well, I’m a good driver with a perfect track record – I’m not going to cause an accident’. This may very well be the case – however, the only way to guarantee such a clean-sheet is to never get behind the wheel. There are countless ways in which an accident may be caused where you may not consider yourself to be at fault in normal terms, yet would be at fault in legal terms, as the cause of the incident is not an insured party. Examples of this could include collision resulting from skidding on black ice, or swerving to avoid an animal that has strayed into the road.

So it becomes apparent that car insurance is not a matter of preference, but of legal necessity – and in most cases economic necessity too.

Ok, so why might one need a level of cover over and above the minimum legal requirement? Well, a greater number of drivers will have third party, fire & theft (TPFT) than third party only, as this will indemnify the vehicle user in the event that their pride and joy is stolen or burnt to a crisp. The desire to protect oneself against such eventualities is fairly commonsensical. Although there have been advances in anti-theft technology such as immobilizer and alarms, one can never fully alleviate the risk of a car being stolen or damaged in an attempted theft.

Furthermore, upgrading to comprehensive cover will protect you against most eventualities that this capricious world may choose to throw at you. The key difference between this cover and less expansive levels of car insurance is that you will be indemnified for damage to your own vehicle, even if the incident is deemed to be your fault. Although you do not ‘need’ this level of cover in the sense of a legal requirement, it is usually prudent if – for example – you could not afford to replace your car in the event that it was written off.

By: Sarah Maple

Easy Auto Insurance Online

admin — Mon, 22 Feb 2010 19:26:26 +0000

Getting an insurance company to supply you with a realistic quote was once hard work but the internet has made things much simpler. Many web sites have been set up to give auto insurance premium comparisons including all the pertinent features of the insurance policy. Searching online for your auto insurance could save you a huge amount of money and a considerable amount of time in the process.

There are many factors involved in the cost of your auto insurance premium including, where you live, whether the vehicle is garaged and alarmed plus the cost of parts and the power to weight ratio. However, you can be sure that if you reside in the city, your auto insurance premium will be higher than someone who lives in the suburbs or out in the country. While getting auto insurance does add to your annual expenses, you can usually cover the cost of the premiums with convenient monthly payments.

Well before you current auto insurance policy expires, most experts agree, that is the time to get a free insurance quote form a new company. For those people that drive high risk sports vehicles, comprehensive auto insurance may be too expensive so looking at a more basic insurance policy might be worth your while. However, if you carry compulsory insurance and are judged to be at fault in an auto accident, your car insurance company will pay the medical bills and lost work time. Insurance cover with this type of policy also extends to the driver and passengers of both vehicles providing they are not related by blood to the driver that caused the accident.

When you switch is very important and the best time to switch to a new auto insurance company is when the current policy is about to expire. One thing to note though is not to cancel your policy from your old auto insurance company until the insurance is actually in effect with the new insurer. You would also be wise to check and see if you can reduce your insurance premium further by combining your home and auto insurance policies with the same company as many give discounts for this. Being aware of a few facts like these before you purchase your auto insurance can save you a great deal time and more importantly, money. Visit hubpages.com/hub/lowcost-autoinsurance

By: John Sandler

Texas Car Insurance Requirements

admin — Thu, 18 Feb 2010 18:54:36 +0000

Texas state law requires all motor vehicle drivers to carry auto liability insurance in the form of Bodily Injury Coverage and Property Damage Coverage. As well, if the vehicle is still under lien, the lender will require that the policy holder also carry Collision and Comprehensive Coverage.

In Texas the required minimum coverage for Bodily Injury Liability Coverage is:

o $20,000 per person injured in any one accident

o $40,000 for all persons injured in any one accident

The required minimum coverage for Property Damage is $15,000 for injury to or destruction of the property of others in any one accident.

Optional insurance may include:

Uninsured/Underinsured Motorist (UM/UIM) Coverage: Bodily Injury UM/UIM will pay lost wages; medical bills; pain and suffering; disfigurement; and permanent or partial disability. There is no deductible. Property Damage UM/UIM will pay for damaged items in the accident vehicle, repairs and rental cars, however there is a $250 deductible. UM/UIM coverage must be offered by insurance companies. If the policy holder chooses not to purchase this coverage, he/she must put the rejection in writing.

Collision Coverage: Will pay for repair or replacement of the vehicle regardless of fault, however payment is limited to the cash value of the vehicle minus the deductible.

Comprehensive Coverage: Will pay for damage to the vehicle caused by other incidents besides collision, i.e., vandalism, storm damage, and theft.

By: Elizabeth Newberry

Understanding Auto Insurance Jargon

admin — Sun, 03 Jan 2010 02:12:31 +0000

When reading through an auto insurance policy, it can seem almost impossible to understand. This is because there are various words that we do not use in our everyday language. Actually, those words are not really used outside of the insurance industry or outside of a conversation involving insurance. If you don’t have an understanding of those words, then it can seem as if someone is speaking a foreign language to you. That is why you should learn some of the insurance jargon that is thrown around because insurance happens to be a large part of your life.

Without insurance, you do not have any type of protection in case you are in a car accident. If you don’t have protection, then you can be sued. Being sued means you’ll have to pay for any damages sustained in an accident if the accident was your fault. Even if the accident wasn’t your fault, you still have to worry about your medical bills, replacing your car and the medical expenses of anyone in the car with you. This in itself makes it obvious why auto insurance is a necessity. Luckily, states mandate that people must have a minimum amount of auto insurance.

Basic terms

There are really only five basic terms that you need to know when talking about car insurance. Those terms are:

- Liability coverage
- Physical damage coverage
- Medical coverage
- Emergency assistance coverage
- Unattached equipment coverage

A few of these may look a bit familiar to you, but there are a couple of them may not. We frequently hear the terms liability coverage, physical damage coverage, and medical coverage when talking about car insurance and reading our policies. What we don’t hear much of is emergency assistance coverage and unattached equipment coverage. These are, of course, not as important as the other aspects of your coverage, but that does not mean that they should be ignored since they are great add-ons to your policy.

The most common of the terms you will hear is liability coverage. Liability coverage is the part of your policy that covers damages caused by you in the case of an accident. You should always make sure this coverage is enough to cover damages. If not, then you may have to pay an out of pocket expense to the person who was the victim in the crash. Medical coverage covers you and any passengers within your vehicle as a result of a crash. Physical damage coverage will help you repair or replace your vehicle.

As for the two terms that are a bit different, emergency assistance coverage is like a type of roadside assistance. Adding this to your plan provides you with tow service so that you’re not stranded on a highway in unfamiliar territory. Lastly, unattached equipment coverage provides coverage for that equipment that is not a permanent attachment to your car. That may include something such as a satellite radio system. If you have expensive attachments on your car, you want to make sure that you insure those as well so that you don’t have to pay for their replacement or can have those items repaired by your insurance.

Having an understanding

Knowing these terms is the first step in understanding some of the confusing but important terms that you will see and hear. If you don’t understand them, you cannot understand what type of home and car insurance coverage you have or even how it works. Knowing how it works helps you determine if what you have is adequate enough for your particular needs.

By: Amy Nutt

Georgia Auto Insurance Requirements

admin — Wed, 02 Sep 2009 09:26:53 +0000

There are a few Georgia auto insurance requirements to consider when shopping for a policy for your vehicle. These are standard necessities that the state has mandated in order for you to drive legally. The state minimum is all that you need to drive but it is always a good idea to consider getting a bigger policy.

All drivers in the state of Georgia must have liability insurance for each vehicle that they own and operate. This insurance is very important because it serves to help pay for injuries and property damage that may occur in the event of an accident. Liability insurance pays medical bills and for damages done to vehicles and other property.

Georgia Auto Insurance Minimums

Many drivers just want the minimum coverage that will allow them to drive legally in the state. The least amount you can purchase for your policy is 25,000 per person for injuries to the body and 50,000 for bodily injury for two or more people. Property damage must cover at least 25,000 dollars worth of damage.

While some drivers used to try to operate their vehicles without insurance, modern technology has made this very difficult to do without being detected. The state can verify your insurance status by using the Internet. This resource offers quick, reliable information that is supplied by the Department of Revenue.

Some drivers like to be a little conscientious especially after switching insurance plans. Consumers can check with the Department of Revenue by visiting its website. The process of verifying whether or not your insurance is well documented is an ideal way to cover your basis.

Many drivers may be surprised to find out that they still need to carry a hard copy of proof of insurance. This is a necessary document that should accompany you at all times. Most people just keep a copy stored in the vehicle. This information is helpful in case of an accident or if you are pulled over by a police officer. The document is also necessary when traveling out of state.

Having adequate coverage is not only a relief but it is also the law. Georgia auto insurance is well documented and very important to maintain.

By: James Hyder

Illinois Car Insurance Requirements

admin — Tue, 31 Mar 2009 01:50:20 +0000

Illinois Law requires all motor vehicle owners to have minimum amounts of auto liability insurance. In addition, lending institutions may require physical damage insurance to protect their interests in a financed vehicle.

In the State of Illinois the required minimum coverage for bodily injury is $20,000 per person injured in any one accident and $40,000 for all persons injured in any one accident.

The required minimum coverage for property damage is $15,000 for injury to or the destruction of property of others in any one accident.

Optional insurance may include Uninsured Motorist Coverage. The total amount of this insurance coverage must be equal to the bodily injury liability limits, unless specifically rejected in writing. The amount of Uninsured Motorist coverage may never be less than that which is legally required for Bodily Injury Liability Coverage.

Liability insurance will cover bodily injury (costs stemming from injury or death to pedestrians or to occupants in another vehicle) or property damage (costs stemming from damage to another person’s vehicle or property, i.e., fences, trees and buildings) caused by the policy holder’s negligent operation of the vehicle. Additionally, this coverage may also be used if a member of the policy holder’s family or another person with permission to use the vehicle caused an accident. Legal defense in lawsuits may also be covered under this insurance.

Illinois requires liability limits of 20/40/15 which represent $20,000 for bodily injury coverage per person and $40,000 for bodily injury cover per accident which will pay for medical bills and lost wages. The last number of 15 represents $15,000 for property damage coverage per accident which will pay for repairs and/or replacement of objects damaged or destroyed other than the policy holder’s own vehicle.

Personal Injury Protection (PIP) and No-Fault Coverage are not required by the state, however, Uninsured (UM) as well as Underinsured Motorist Coverage (UIM) is mandatory. The UM coverage will pay expenses for bodily injuries caused by a hit-and-fun driver or a driver without auto liability insurance who is at fault. The monetary limits here are $20,000 per person and $40,000 per accident. UIM coverage will pay the difference between the policy holder’s UIM limits and the liability limits of the driver causing the accident if those limits are lower than UIM. This is required only if the policy holder purchases higher limits of UM coverage.

Collision Coverage as well as Comprehensive Coverage may also be required with regard to actual physical damage.

By: Elizabeth Newberry

Why Is Auto Insurance Important?

admin — Tue, 06 Jan 2009 12:19:15 +0000

Auto insurance protects you from being financially responsible for an accident, but you’re required to pay monthly premiums to keep the insurance. By law you must have car insurance if you want to drive on the road and without it you can be fined, lose your license, go to jail and also be sued depending on the seriousness of the accident you caused. Even if you’re pulled over without car insurance you can be fined though which means you must have and maintain auto insurance.

There are lots of companies that offer auto insurance and you’ll need to research which is the best option for your specific needs. Auto insurance has many different types of policies and coverage so you need to make sure when you buy your car insurance that the policy makes sense for you. One thing you want to make sure of is that the monthly premium will fit into your budget and also that you’re getting the right amount of coverage for your vehicle. Don’t get to much coverage but also don’t get too little coverage, there is a very fine line between the two and you’ll need to determine which is suitable for your vehicles.

Typically if you get into a car accident and you’re at fault then you need to put the claim through your insurance. This will mean that your insurance company will pay the damages to the vehicles and also any medical expenses that anyone faces, if any. Without car insurance it makes you liable for the damages and medical bills and this is where it gets very serious. You can be sent to jail for injuring someone in an accident without any insurance and you will most definitely be sued by the family. This will often result in you losing everything you own.

Car insurance isn’t a joking matter and is one of the most important insurance policies you need. It’s also one of the insurance policies that are mandatory to have while driving. Having car insurance is also necessary to have in case somebody hits your vehicle. If someone hits your vehicle and you don’t have insurance then they won’t be liable for paying any damages to you.

As you can tell having car insurance benefits you in a lot of ways and also gives you a feeling of safeness while out on the road. It’s always better to drive focused and not sub-cautiously have to be thinking about the fact you’re driving without insurance. Car insurance can be bought for very affordable monthly premiums and offer great coverage, you just need to do a bit research beforehand so that you can find the best deal. There is highly competitive competition in this industry and there are many companies fighting for your business. Decide on a budget savvy auto insurance policy and I guarantee you’ll be saved a lot of hassles and unnecessary fines. You’ll also be ensured that you won’t be financially accountable for any damages to people or vehicles as your insurance will cover you.

By: Brenda Williams