Having comprehensive car insurance In Colorado means protecting against risks that your vehicle may face, but come unexpectedly. Drivers are well aware that an accident may cause a loss to their vehicles, but what about other perils that can also destroy property?
Are you prepared for damage from a wildfire? What about flood damage? Can you restore your vehicle if a tree were to fall on it? The list goes on and on. But with comprehensive auto insurance, you’re covered from such events, many of which are all too common for Colorado drivers.
The Centennial State requires drivers to have at least the minimum amount of auto insurance coverage to protect against property damage and liability resulting from accidents. But to protect against the several other risks your vehicle may face, including hail damage, you’re going to need more.
Avoid bearing the financial burden of restoring such losses on your own with the right comprehensive insurance car owners can benefit from. Learn more about this coverage, the costs involved, and how to enroll in this protection for the lowest price available.
What is Comprehensive Car Insurance in Colorado?
For drivers in Colorado, comprehensive car insurance coverage provides protection for your vehicle against unforeseen events that can result in damage. This means protection from damage beyond those resulting from accidents with other vehicles or property.
Liability coverage is important and required, but it only covers the damages of another party. Comprehensive auto insurance is a protection for Colorado drivers that will cover things such as theft or damage caused by falling objects.
Car accidents are far from the only way to suffer damage to your fleet. There are wildfires, floods, and a variety of other weather-related perils alone. By having auto insurance with comprehensive coverage you can enjoy peace of mind knowing that you are covered for unexpected events that could cause harm to your vehicles.
What Does Comprehensive Auto Insurance Cover in the State of Colorado?
Auto comprehensive insurance can provide protection for perils that occur outside of an accident involving another driver, but it is not all-inclusive. Some examples of situations that comprehensive auto coverage in Colorado can address are:
- Collisions with animals, like deer, cows, pets, or other livestock.
- Vandalism or damage caused during moments of civil unrest.
- Impact damage from objects thrown by other vehicles.
- Damage from natural disasters like wildfires, earthquakes, floods, hail, lightning, wind, etc.
- Fire and explosion damage.
- Damage from falling trees, branches, or other objects.
- Theft from your vehicle, depending on your policy.
- Damage to your windshield or windows.
In Colorado, car insurance with comprehensive coverage is designed to protect your vehicle from non-collision damages, but not everything is covered. Here are a few common examples to consider:
- Accidents while driving and restoring the damage to other vehicles or property.
- Hit-and-run incidents, loss of income, and legal expenses following an accident.
- Damage or theft of personal property inside your vehicle, depending on your policy.
- Pothole damage isn’t covered by comprehensive coverage in Colorado.
- Damage caused by underinsured motorists will require additional protection.
Remember, comprehensive coverage safeguards your vehicle against unexpected damages. If you’re seeking coverage for other types of risks, it’s best to discuss your options with your auto insurance agent. This will help you determine your coverage needs and choose the right protection for your vehicles and driving habits.
How Much Is Comprehensive Car Insurance for Colorado Drivers?
Because comprehensive auto insurance covers what happens outside of the realm of driving, there are unique factors to look at, but it’s still important to remember: premiums will vary from driver to driver.
Your comprehensive car insurance cost will not be the same as anyone else, averages you might see, or even the same among different brands. There are a few reasons for that, but it all comes down to risk.
Determining your premium is based on the level of risk you present to the insurance provider. Unfortunately, when it comes to things such as hail damage, wildfire, flood damage, falling trees, and other weather-related threats, Colorado drivers can expect to endure higher rates.
But each company assesses risks differently, meaning that different factors are taken into account in their calculations, which results in varying rates for the same driver and coverage.
In terms of comprehensive coverage in Colorado, a few other factors, somewhat unique to the coverage itself, are also in play. This includes your deductible and the value of your vehicle. Your deductible is set and agreed upon by you and your carrier when you enroll.
If you have a higher deductible, you’re going to pay less money on your monthly premium, and vice versa. But you’ll need to be prepared for paying a larger sum of money after a loss before your policy will provide compensation.
The compensation you receive from your insurance provider is typically based on the actual cash value (ACV) of your vehicle, meaning, if you experience a loss, you’ll receive payment based on the value of your vehicle when it was damaged. Additional costs will be covered by you out of your own pockets.
Replacement value compensation may be available, depending on your carrier and policy, but it will cost more in premiums. However, no matter which method you choose, your deductible must still be paid first before receiving reimbursement for repairs.
How to Choose the Best Deductible for Comprehensive Auto Insurance in Colorado
Deductibles are unique considerations for both comprehensive coverage and collision coverage. Your comprehensive car insurance deductible refers to the amount that you are responsible for paying after a claim before your insurer will reimburse you.
If you have a history of fewer claims, you’ll benefit by opting for higher deductibles. However, if you are susceptible to experiencing losses from the risks covered by comprehensive coverage, it might be more cost-effective to choose a lower deductible, even if it means paying a higher premium over time.
The way your deductible works is that if you have a $2,000 loss but a $1,000 deductible, you’re responsible for paying $1,000 before your policy will kick in. After you do, the other $1,000 is covered by your auto policy.
This is why the best deductible for comprehensive auto insurance isn’t exactly a choice between lower or higher, but rather dependent upon your own personal financial situation. Here are some things to consider when choosing your deductible:
- If you are able to afford a higher loss then having a higher deductible can help you mitigate monthly costs while being prepared for a rainy day.
- Take into consideration your location. If where you live is susceptible to the perils in which comprehensive car insurance covers, then having a policy that has a lower deductible due to your increased risk may be a better option.
Everyone is different and speaking with an insurance agent can help you assess your risks and determine the best approach to managing them. A personalized approach is the best approach because it allows you to hedge against your own personal risks while saving money today and in the long haul.
Comprehensive Coverage Helps Drivers in Colorado With Extra Protection
Liability coverage is mandatory. Enrolling in comprehensive insurance for your car is a great way to help restore your vehicle after a loss involving perils outside of an accident. But if you’re looking to restore your vehicle after an accident, you’ll need more coverage.
Though they protect your vehicle in different ways, both comprehensive and collision coverage are commonly purchased together. When it comes to collision coverage, you’ll be able to restore your vehicle after an accident, and in many cases, both collision and comprehensive coverage may be required together.
Not because of the law but because they are often a term and condition of vehicles purchased with a loan. Together with liability coverage, they form what is known as full coverage auto insurance.
Combining auto policies in this sense provides you with a much more collective form of coverage and by doing so, you’ll enjoy cheaper rates. Many insurance carriers in Colorado offer multi-policy discounts that can be beneficial to drivers looking to protect themselves and save money in the process.
Do I Need Comprehensive Insurance on an Old Car in Colorado?
Comprehensive car insurance coverage is beneficial for drivers who wish to protect against risks of damage outside of driving. But the protection is not equally advantageous for every vehicle owner.
If you own an older vehicle with high mileage, it may not be a wise financial decision to enroll in an auto insurance comprehensive policy, as the cost of the premium and deductible could be higher than the actual value of your vehicle.
It is essential to consider the potential payout of a claim and ensure that it covers a financial loss that you cannot manage without significant difficulty before enrolling in any policy regardless of coverage.
Financed and Leased Vehicles
If you have taken out a loan or a lease on the vehicles your business uses, comprehensive coverage may be mandatory. Although there may be circumstances where you can opt out of the coverage, your company will be accountable for any financial losses resulting from unexpected risks to a vehicle that you do not entirely possess. Car insurance with comprehensive coverage in Colorado is an important consideration whether or not you own your company vehicles.
Can a Comprehensive Claim Affect My Auto Insurance Rates in the State of Colorado?
Yes, filing a claim can cause your rates to go up, but that doesn’t mean you should avoid them altogether. Your insurance policy is there for you when you need help the most and will provide you with the financial backing to restore your vehicle and regain normalcy.
But not all claims are the same. For example, in terms of comprehensive car insurance specifically, you also have to consider your deductible. If you’re paying a $1,000 deductible but only have $400 worth of damage, making a claim isn’t justified.
Several factors go into how much you’ll pay for your coverage and that includes your claims history. While it’s important to file when your policy will help you protect against financial hardship, it’s also important to not simply file every time you may think it qualifies.
Otherwise, your rates can raise and in the long run, you’ll end up paying more than simply handling it yourself. But remember, not all carriers will raise your rates, and there are some carriers that won’t penalize you when switching if you’ve made such claims in the past.
How To Enroll in Colorado Comprehensive Car Insurance for Less
Getting Colorado comprehensive auto insurance is simple. Freedom Insurance Group is here to help you not only find the right coverages for your needs but to keep your comprehensive auto insurance cost as low as possible through comparison shopping among top-rated carriers.
Because our experts are connected with more than 25 top-rated insurance carriers, our partners provide a wider range of coverages, more discounts, and better opportunities than simply enrolling with a single carrier. On average, our clients save 40% on coverage.
Furthermore, we can help you bundle your auto policy with your homeowners insurance coverage for even more savings. Comprehensive car insurance in Colorado can help you restore your vehicle from a wide variety of events. Get an online auto insurance quote today, or contact one of our expert agents to compare coverages and rates.