Colorado Auto Insurance – An Overview
Colorado is one of the many famous states of mighty, wealthy, superpower united states of America. The auto insurance laws of Colorado may not be the same like the other states. Hence if you are the resident of Colorado it is wise to get in touch with the Colorado insurance department for the details regarding the Colorado Auto Insurance Laws.
As dutiful resident of Colorado one must take the mandatory coverage but can think about the optional coverage loudly before taking in order to save money. There are many, many auto insurance companies vying with each other with best cost effective quotes for auto insurance. If one shops properly, he will end up getting a best quote.
Colorado auto insurance laws
Few years back the Colorado auto insurance was based on no fault system. But in the year 2003 Colorado State started following tort system. As per the no fault system of the person who had an accident due to his fault or not, need to compensate the monetary losses to cover the injury to the body and the damage to the property.
But as per tort system the person who was at fault is ascertained. That person, meaning his auto insurance company needs to take care of the financial obligations that arises due to the accident which includes both the bodily injury and the damage to the property.
The injured person has every right to sue the person at fault for the other
that accident. In addition to that the insured person should have 15000 dollars for the damage caused to the property.
Colorado insurance division
Colorado insurance department is the one that takes care of the state insurance industry regulations. This department functions at the following address 1560, broad way, suite 850, Denver, Colorado 80202, united states of America.
This insurance department assists for consumer protection as far as Colorado State is concerned. This department in addition to auto insurance deals with life insurance, health insurance, home owner insurance and many other type of insurance.
The consumers can walk in to this department and can get information and details about no-fault system and tort system. One can get information about what happens in case of accident if the person is still holding the auto insurance policy as per no –fault system. The general public can get details regarding open hearing schedules of public, new insurance regulations, bulletins etc