what is full coverage auto insurance for colorado?

[linnb2000]

I am financing a car and I have to have full coverage but I just want the minimum full coverage I can get that colorado requires. I am setting my dedutibles at 1,000.

[Andrewc]

It really doesn't matter what the state sets as minimum, or where you'd like to set deductibles.  What will matter is what the finance company wants as far as insurance goes.  They will set the minimum deductible they want, and also the minimum coverage, and if you don't do as they require, you will be in violation of the terms of your contract and they can do one of three things then.  1.  Demand you pay off your loan, in full.  2.  Take your car.  3.  Add their own expensive insurance and bill you the costs of it.

[Austin]

I know you think you want the min full coverage, but sit down and talk to an agent. Personally, I would rather pay 5-10 bucks more per month, to know that if I am in an accident, I won't go into debt over it. If you have state minimum liability (Bodily Injury:25,000 per person, 50,000 per incident ... Prprty Damage 15,000) and you totalled THEIR car that is more than 15,000, you could be responsible for the rest. Same with the medical. If you hurt them worse than 25,000, then you could be responsible. They can take all your assets and garnish a third of your wages for 10 years. That is not a third of what you are making now, but also what you make in the future.



I don't know very many cars around me that are worth less than 15,000, and haven't see very many injury accidents come in less than 15,000. Most of the time, the injuries will be less than 50,000; but there are the few that go above that.



Killing someone in an accident can range between 100,000 and 2.5 million. Good luck paying that one off.



As Far as your deductible, read the loan contract. It should state what the max deductible you can have is. If not, ask.