Why Many Drivers in Colorado on the Road Don’t Have Insurance

Driving in Colorado is an adventure. You never know what is going to happen, as many drivers aren't paying attention, some are trying to speed through lights before they turn red, and the weather can throw things off at any moment. These are all good reasons to have insurance, to be prepared if anything happens. There are different types of plans. Full coverage is the best way to go, but some have only liability. Most assume that other drivers are insured, and if you get in a wreck and they are at fault, that their insurance will cover your damages, but that isn't the case. Many in Colorado are driving without insurance currently, and there is a reason so many drivers are choosing to do so. 

Drivers Without Insurance in Colorado

Getty Images

It feels like it is required to have insurance to drive a vehicle, and while it is highly recommended, it technically isn't required. Many are choosing not to have it right now. According to a recent study by coverageprofessor.com, 35% of drivers have admitted that they have driven without insurance at some point. That is over a third of the drivers on the road. Even more shocking, 56% said they have delayed renewals of their insurance plans or missed payments. Due to the cost of insurance, many are deciding against having it, and 76% say it has become unacceptable, with 23% admitting to knowing someone who does not have insurance. As the cost of everything goes up, more and more people will consider going this route. 

The Cost of Insurance in Colorado

kevin mayer

The cost of insurance has reached the point where many would rather risk not having it. It isn't only low-income people who are doing this, either. Of those with lower income, 29% say they are choosing no insurance, 31% of the middle class are doing this, and for those making over $100,000, 47% are choosing no insurance. Some have downgraded insurance to help pay for other things. To help pay for groceries, 45% lowered their coverage, 41% did so to cover house costs, 37% for utilities, and even 36% borrowed money from friends or family to cover their insurance. If you are desperate to pay for everything, 34% have taken a second job to help make payments. 

Get our free mobile app

To see the full study, make sure to click the link in the second paragraph above. If money is tight, you could lower your coverage insurance policy, but there can be consequences, especially if you get in a wreck. Be safe, because a wreck could hurt your wallet, especially with other drivers no longer being insured.