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Is a full-coverage auto insurance policy all that's needed?

When you bought your new car, as a resident of Colorado you had to purchase auto insurance. Regulations require that all policies meet minimum levels of coverage, but those minimums don't protect you completely. They only pay the other driver for auto repair and medical costs when you are determined to be at-fault.

If your insurance agent offered you "full coverage," the fact are there are no existing guidelines that determine what a full coverage policy will actually cover from one insurance company to another.  So, what kind of coverage should you be looking for when shopping for the best price and protection?

Increase your liability coverage

The minimum liability levels in Colorado are $25,000 per person for bodily injury with a limit of $50,000 per accident. $15,000 is provided to cover repairs to the other vehicle or damaged property. Considering the average cost of a new car is around $20,000, you can see that if their ride is totaled, you could be left on the hook for the balance.

If the passenger in the other car suffers a broken leg requiring surgery, that $25,000 can be eaten up quickly.  You could be held responsible for the rest of their expenses. By raising your liability minimums, you can protect your savings account in the case of a bad accident.

Opt for medical payments

If you are hurt in an auto accident that you caused, the minimum coverage provides no provisions for your doctor bills. The medical payments section can help cover the gap between your regular health insurance and the costs of getting healthy once again. The coverage is offered in increments of $1,000.  It's an affordable way to protect your family when you suffer an unforeseen injury.

Collision and comprehensive keep you on the road

While they do add quite a bit to your monthly premiums, collision and comprehensive are often required by car loan companies. Collision will help to pay to get your car repaired when you hit another vehicle. 

Comprehensive provides coverage for those times where another vehicle isn't involved and you may or may not be at fault. You may have to pay $500 to $1,000 as a deductible, but when compared to paying thousands in repairs or for a new car, it's a good choice for protecting your lifestyle.

If you have been in an auto accident, whether you were at fault or not, it's wise to contact an attorney versed in personal injury law to ensure that all your medical and auto repair expenses are covered by either insurance or the person responsible for the incident.

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