Do you often drive through Wheat Ridge, CO?

The professionals at CO Insurance Specialist can provide the auto coverage you need to drive with security and teach you why it is required by law.

Why do you need auto insurance in Colorado?

Auto insurance is mandatory in 48 out of 50 states and offers financial protection. If you cause an accident, you could be held responsible for all associated costs. This includes legal fees, the injured party’s medical costs, or their lost wages if they are unable to work. Liability coverage will help pay for these expenses.

When you purchase a car with a loan, the lender will require the purchaser to have insurance. Car loan lenders require collision coverage which pays for repairs to the vehicle if the policyholder is responsible for a crash.

Comprehensive coverage is also mandated to cover repairs or replace a vehicle if it is stolen or damaged by something other than a collision.

Gap insurance could also be required. This coverage pays the difference between what is owed on the vehicle loan and the amount their insurer would reimburse them if their car were totaled. This is important because most insurers will pay below what is owed on the loan.

Another good reason to have auto insurance is it protects the driver’s assets. Without this coverage, a driver could be financially responsible for any costs associated with the accident. This could mean paying all legal fees and damages. These expenses would have to be paid out of pocket without insurance coverage. If your home is mortgage-free, if you have a lofty savings or retirement account, or other assets, they could be at serious risk.

CO Insurance Specialist in Wheat Ridge, CO can answer any questions or provide a no-obligation quote. Contact our office today.