Having an SUV in Colorado has a lot of advantages. It provides more room for passengers and cargo, as well as higher ground clearance for off-roading. But with the perks come risks. To protect yourself and your SUV from financial losses, it’s important to get adequate insurance coverage.
Insurance helps to cover the costs of repairs or replacement if you have an accident or your SUV is damaged or stolen. It also provides protection from liability if you cause damage or injuries to someone else or their property. There are several types of insurance that are important to consider when insuring your SUV in Colorado.
Liability Insurance
Liability insurance covers damages you may cause to someone else or their property if you’re at fault in an accident. It also covers your legal expenses if you’re sued. Colorado requires drivers to carry at least $25,000 in bodily injury liability coverage per person, $50,000 per accident, and $15,000 in property damage liability coverage.
Collision Insurance
Collision insurance covers the cost of repairing or replacing your SUV if it’s damaged in an accident. It also covers the cost of a rental car while your SUV is being repaired. It’s important to note that collision insurance only covers accidents with other vehicles or objects, not with animals.
Comprehensive Insurance
Comprehensive insurance covers damage to your SUV from non-accident causes such as fire, theft, vandalism, or falling objects. It’s important to note that comprehensive insurance does not cover damage from floods or earthquakes.
Uninsured/Underinsured Motorist Insurance
Uninsured/underinsured motorist insurance covers you if you’re in an accident with a driver who doesn’t have enough insurance or any insurance at all. It pays for your medical expenses, lost wages, and damage to your vehicle. Colorado requires drivers to carry at least $25,000 in uninsured/underinsured motorist bodily injury coverage per person and $50,000 per accident.
Medical Payments Coverage
Medical payments coverage pays for your medical expenses if you or your passengers are injured in an accident, regardless of who is at fault. It can also cover funeral expenses if someone dies in an accident. Colorado does not require drivers to carry medical payments coverage.
Gap Insurance
Gap insurance covers the difference between the actual cash value of your SUV and the balance you owe on your loan if your SUV is totaled in an accident. This is especially important for drivers who are financing their SUV, as the actual cash value of the SUV may be less than the loan balance.
In Conclusion
Having adequate insurance coverage is essential to protecting your SUV in Colorado. You should consider the types of insurance coverage mentioned above, as well as any other coverage that may be recommended by your insurance company. If you’re looking for an insurance policy for your SUV, be sure to compare rates and coverage from several different companies to find the best policy for your needs.
