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How to Choose Your Auto Insurance Plan in Colorado

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The insurance plan you choose for your automobile can significantly impact your life in the future.  There are different kinds of insurance.  Each state requires a specific level of insurance to obtain a driver’s license.  Let’s go over our insurance insights to help you choose the best insurance plan for your Colorado automobile.  Right now is a wonderful time to refresh your memory on your auto insurance, what it covers, and edit your insurance plan as needed.  Keep in mind that you should always speak with your insurance agent to confirm what their policy covers explicitly.  For those of you in the Denver area, we’ll even include how Capital Dent Masters can help you along the way.  Here are our auto insurance insights and how they can help prevent you from a potentially destabilizing financial pickle.  

Minimum Auto Insurance Coverage Required in Colorado

Each state mandates a different level of automobile insurance coverage to become a licensed driver in their state.  If you don’t live in the state of Colorado, it is easy to look up online.  The State of Colorado’s official website explains the requirements in Colorado.  All Colorado drivers must have liability insurance, outlined in the link above as insurance that “…covers bodily injury to another person or property when the insured is at faulty for an accident.”

The minimum coverage for your liability insurance in Colorado is as follows: 

  • $25,000 coverage of any bodily injury or death to one person in one accident.
  • $50,000 coverage for all persons in an accident with physical injuries or death.
  • $15,000 in coverage for property damage from one accident.  

Now you know what the minimum amount of insurance is mandated for each driver to have, but what does it all mean?  We’ll go over the most common choices you should consider with many different insurance options.  

How Does Auto Insurance Work? 

Auto insurance essentially helps you out of a financial pickle should you get into an accident.  The insurance plan you choose will cover certain situations you may find yourself in.  Should you need repairs on your vehicle or have medical bills due to an accident, the insurance could cover the costs, so you do not have to pay out of pocket.   Without the proper insurance, you could find yourself with a substantial amount of money to be paid, even leaving you without a vehicle.  Each person lives a different lifestyle, therefore having different auto insurance needs.  Here’s an overview of some standard insurance plans you could choose to add to your auto insurance.  

Different Types of Auto Insurance

There are many different types of auto insurance you can choose when building your plan.  Many insurance companies offer many choices so that you can customize your insurance plan to suit your car’s lifestyle.  The most common kinds of insurance are collision insurance and comprehensive insurance.  It’s likely that if you are leasing a vehicle, both of these auto insurance plans are required until the car is paid off.  These two make a big difference if your car incurs any damage.  They drastically change your financial outcome in the event of said damage. 

Niche Auto Insurance Plans 

Some of the niche car insurance plans available are classic automobile insurance and specific insurance for delivery or rideshare drivers.  These auto insurance plans are not necessary for your day-to-day driver.  If you are employed as a delivery driver or use your car as a taxi via the rideshare apps, see what additional coverage your insurance provider offers.  The more often you work in the car, the more you increase your risk of damage to your vehicle.  

Liability Auto Insurance

Liability insurance for your automobile covers the costs associated with the property damages or bodily injuries to another person in an accident when you are at fault.  Property damages would include an accident with things such as a light pole or a fence.  Medical bills, prescriptions, and lost wages are all things that could be covered under the bodily injuries portion of liability insurance.  The liability insurance cost varies mainly on the amount of coverage you seek.  

Uninsured & Underinsured 

Some auto insurances cover you when you are involved in an accident caused by another driver whose insurance does not cover the total cost of damage.  This often comes in handy when the other driver only has basic limited liability coverage or is driving uninsured.  Otherwise, the difference in damage cost will be coming out of your pocket.  

Gap Insurance

Gap insurance is sometimes required for leasing a vehicle.  This auto insurance covers the difference between the actual cash value of your car at the time of an accident (or if stolen) and the total amount still due on your loan.  We all know that cars depreciate, but did you know a new vehicle will decrease in value 20% on average in the first year of ownership?  The loan on your car can increase due to interest.  When combined with depreciation, that can leave a gap between what other coverage will pay and what is due.  Gap insurance is intended to supplement collision or comprehensive auto insurance policies.  If you’re interested in finding out the value of your vehicle, we recommend Kelly Blue Book as a trusted source.  

Collision Auto Insurance 

Collision auto insurance is one of the most popular plans, albeit usually the most expensive.  It strictly covers the cost of repairs due to colliding with another vehicle or an object and often a single-car rolling incident.  When filing a claim with your collision auto insurance, the insurance will usually cover the actual cash value (and nothing more) of your vehicle at the time of the accident.  Your premium for collision auto insurance is based on several factors, such as the deductible you choose, what kind of vehicle you drive, and your driving record.  Should you cause an accident, your monthly premium could go up.  

All that being said, collision insurance is essential when living in Colorado.  You never know when a light collision could occur with our winter weather.  Denver is a growing city, bringing new traffic patterns and construction debris.  These two things increase your chances of colliding with another vehicle or object on the road.  

Comprehensive Auto Insurance

Comprehensive auto insurance will cover things that generally do not have someone to immediately put fault onto.  Examples of that situation could be a stolen car, objects falling onto your vehicle, damage from animals, damage from a civil disturbance (someone on the street), vandalism, and natural disasters.  Without a comprehensive plan, you could find yourself paying out of pocket for the damaged caused by things out of your control.  

Comprehensive Auto Insurance in Colorado 

With hail season rapidly approaching, it is time that every Coloradoan checks their auto insurance policy.  Your insurance provider may require you to be covered for a minimum amount of time before paying for the repairs after something like a hail storm.  Colorado gets 3 or 4 massive hail storms on average per year, with smaller ones in between.  Hail season begins in mid-April, just a month away.  Make sure you’ve got comprehensive auto insurance this hail season! 

Auto Insurance & Repairs 

When your vehicle has damages that need to be repaired, it is often paid for by an insurance company.  Nearly every insurance company has a list of ‘preferred shops’ or a list of auto body shops they recommend.  You are legally allowed to have your vehicle repaired at the shop of your choice, on that list or not.  An insurance company cannot force you to have your car repaired at a shop of their choice. 

When choosing a repair company, we always suggest getting a few estimates if possible.  You want to make sure you pick the best company for you.  Many local auto body shops offer free estimates, allowing you to find out what getting your vehicle repaired with them would be like.  While getting estimates, be sure to ask the body shop if they offer any assistance for you, such as a free rental vehicle, while your car is being repaired.  

The insurance process can be overwhelming and confusing, not to mention take up time in your day you don’t necessarily have to give.  At Capital Dent Masters, our claim specialists will work directly with your insurance company.  This allows you to focus on your daily tasks at hand rather than learn about the specifics of auto insurance processing.  While doing so, we will take care of all the repair details with your insurance company.  

Capital Dent Masters is Your Local Auto Body Repair Shop in Denver, CO

Located in the Park Hill neighborhood of Denver, CO, Capital Dent Masters is your local, family-owned auto repair shop.  As we serve the Denver area out of our shop, our clients have become a part of the family.  In Colorado, consistent hail storms brought us to Denver years ago as paintless dent repair technicians for hail-damaged vehicles.  We felt at home in the vibrant city alongside the beautiful mountains and decided to grow our family in Denver.  

We offer a free estimate so you understand exactly what your vehicle needs and how we can help.  From there, our claim specialist can work directly with your insurance company if you’d like, ensuring smooth communication during the repair process.  In addition, we offer a variety of different services to help you while your vehicle is in repair, depending on the situation.  

We are Denver’s top-quality hail repair company as paintless dent repair experts.  We are hail damage experts with over 15 years of worldwide experience.  Pristine repairs with our hospitable customer service give you an auto repair experience like no other.  Reach out to Capital Dent Masters today.  

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