Colorado · The floor is liability, not the car
Colorado’s required auto coverage is legal liability: $25,000 bodily injury per person, $50,000 per accident, and $15,000 property damage. Collision is not in that statute. A paid-off car can be legal without it, and a lender can still demand it.
CRS 10-4-620 states that basic coverage. It is liability for injury, death, and property damage arising out of the use of the motor vehicle. It is not collision, not comprehensive, and not uninsured motorist coverage. “Full coverage” is a shopping nickname for liability plus collision plus comprehensive. It does not include rental, gap, roadside, or uninsured motorist unless those lines are on the declarations. Collision is a crash. Comprehensive is theft, hail, flood to the car, vandalism, and many animal strikes. The deductibles are separate. A total loss is usually actual cash value unless a stated-amount or gap endorsement applies. Gap pays the difference between that value and the loan only if you bought it. An SR-22 is a filing, not a policy. The carrier certifies liability and tells the state if it cancels. Not every carrier files.
The options, without a price: Colorado car insurance and liability. What 10-4-620 does not include: uninsured motorist, collision, comprehensive, and gap. The nickname: full coverage and why “cheap” is not a coverage. A lapse: when a policy expires. The filing: SR-22.
