Drivers in Colorado may be considering forgoing insurance coverage in this challenging economy due to premiums increasing substantially. We at BIG Insurance Group understand that this is a difficult time for people and are here to help! This article will define potential repercussions of driving without insurance in Colorado.

Some penalties will be immediate, including fines, having your license suspended, having to carry an SR-22, and out-of-pocket expenses in the event of an accident. Depending on the circumstances, fines can be anywhere from $500 to upwards of $1,000. Your license being suspended will disrupt your daily life until you are able to secure coverage and get it reinstated. Most often, you will be required to have an SR-22, or financial responsibility filing, for 3 years. This requirement does make insurance more expensive and is necessary for the state to be notified in the event of an insurance policy lapsing or cancelling. Not all carriers offer SR-22 coverage, but we do have a few in our agency. If you are involved in an accident while uninsured, you will be financially responsible for any damage and medical expenses. You will also be legally liable, meaning the other party may sue you personally. If you are unable to pay for the damage caused in the accident, you may lose your assets. Assets include but are not limited to, your vehicle(s), house(s), and future wages.

Future ramifications include difficulty securing coverage, community service, and jail time. When you drive for any period without insurance, insurers will see you as high-risk. This can mean higher premiums and even denial of coverage. Depending on the circumstances, you may be required to participate in community service or be sentenced to jail. This can affect your life for an extended period of time.

While we understand that paying premiums can be difficult in this changing economy, we highly encourage you to at least carry the minimum liability insurance required by the state. This will help you avoid repercussions that can sometimes affect your life for years to come. If you have any questions or would like a quote for your car insurance, please don’t hesitate to contact our office.

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