There can be several risks to not having auto insurance. Here are a few everyone should be aware of:
It is against the law to operate a motor vehicle in Colorado without having insurance. You risk citations and fines if you drive without auto insurance.
You can be personally responsible for any damage you do to another person or property. If you are legally liable for damages to another, they can come to you directly for compensation if you do not have the proper auto insurance. One thing we like to review with our clients is the liability limits they carry for bodily injury and property damage. We want our clients to be comfortable that the limits we match them with will protect them and their assets in the event of an automobile accident.
You may not have coverage to fix your car if you do not have the proper coverage in place at the time of an accident. If you want to be sure you can repair your vehicle in the event of an accident with another car, you need to carry collision coverage. In addition, if you want coverage for hail loss, you will need comprehensive coverage for your automobile. We are happy to review the need for coverage with you.
You could get hit by an uninsured motorist. Uninsured motorist coverage gives you coverage when the person responsible for your damage has no insurance. This damage is usually for bodily injury to you. When this happens, your company works with you to resolve your injury claim under the uninsured motorist bodily injury coverage. We recommend you carry the same limits for this coverage as you do for the bodily injury coverage under the liability section. Coverage is available for property damage, but this is not needed if you carry collision coverage.
These are the primary reasons everyone should carry auto insurance. One takes a risk when one does not elect to have insurance. We are happy to review the coverages needed with anyone that needs some advice.