C.R.S. Section 42-7-408
Proof of financial responsibility

  • methods of giving proof
  • duration
  • exception

(1)

Intentionally left blank —Ed.

(a)

Proof of financial responsibility for the future, when required under this article, may be given by the following alternate methods:

(I)

Proof that a policy of liability insurance has been obtained and is in full force and effect or that a bond has been duly executed or that deposit has been made of money; or

(II)

Securities as provided in section 42-7-418.

(b)

Proof of financial responsibility for the future in the amounts provided in section 42-7-103 (14) shall be maintained for three years from the date last required and shall be furnished for each motor vehicle registered during that period; except that, if during such three-year period the insured has not been licensed to drive pursuant to this title, the insured shall be credited with the nonlicensed time toward the three-year period.

(c)

Notwithstanding the three-year requirement in paragraph (b) of this subsection (1):

(I)

If an insured has been found guilty of DUI, DUI per se, or DWAI or if the insured’s license has been revoked pursuant to section 42-2-126, other than a revocation under section 42-2-126 (3)(b) or (3)(e), only one time and no accident was involved in such offense, proof of financial responsibility for the future shall be required to be maintained only for as long as the insured’s driving privilege is ordered to be under restraint, up to a maximum of three years. The time period for maintaining the future proof of liability insurance shall begin at the time the driver reinstates his or her driving privilege.

(II)

If an insured has been found guilty of a second or subsequent offense of UDD with a BAC of at least 0.02 but not more than 0.05 or if the insured’s driver’s license has been revoked because of a second or subsequent offense pursuant to section 42-2-126 (3)(b) or (3)(e), proof of financial responsibility for the future shall be required to be maintained only for as long as the insured’s driving privilege is ordered to be under restraint. The time period for maintaining the future proof of liability insurance shall begin at the time the driver reinstates his or her driving privilege.

(2)

The term of the policy of liability insurance or the bond submitted as proof of financial responsibility for the future shall be for a minimum of three months.

(3)

If an insured’s driver’s license is canceled pursuant to section 42-2-125 (4), and after such cancellation neither a court of competent jurisdiction nor an administrative hearing officer determines that the charges have been proved, the insured shall not be required to comply with the proof of financial responsibility requirements stated in this section.

(4)

If at any time when insurance is required to be maintained in accordance with section 42-4-1409 or this article it is not so maintained or becomes invalid, the director shall suspend the driver’s license of the person who has not maintained the required insurance and shall not reinstate the license of such person until future proof of financial responsibility is provided in accordance with section 42-7-406 (1).

(5)

Repealed.

(6)

Intentionally left blank —Ed.

(a)

Upon receipt of evidence from an agency of another state or foreign jurisdiction that a former Colorado resident has obtained a license in such state or foreign jurisdiction, the director shall suspend the requirement for proof of financial responsibility for the future until such time as the former resident has made application for a new Colorado license.

(b)

If such former resident makes application for a Colorado driver’s license, the director shall reinstate the requirement for proof of financial responsibility for the future until such time as the original requirement to maintain proof of financial responsibility for the future has expired.

Source: Section 42-7-408 — Proof of financial responsibility - methods of giving proof - duration - exception, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-42.­pdf (accessed Oct. 20, 2023).

42‑7‑101
Short title 42‑7‑102
Legislative declaration 42‑7‑103
Definitions 42‑7‑201
Director to administer article 42‑7‑301
Security and proof of financial responsibility for the future required under certain circumstances 42‑7‑301.5
Proof of financial responsibility 42‑7‑302
Exemptions from requirement of filing security and proof of financial responsibility for the future 42‑7‑303
Duration of suspension 42‑7‑304
Custody and disposition of security 42‑7‑401
Proof required on judgments 42‑7‑402
Suspension, duration, bankruptcy 42‑7‑403
Sufficiency of payments 42‑7‑404
Payment of judgment in installments 42‑7‑405
Suspension upon second judgment 42‑7‑406
Proof required under certain conditions 42‑7‑407
Duty of courts to report 42‑7‑408
Proof of financial responsibility - methods of giving proof - duration - exception 42‑7‑409
Proof for member of family or chauffeur 42‑7‑410
Certificate for insurance policy 42‑7‑411
Restrictions in certain type of policy 42‑7‑412
Certificate furnished by nonresident 42‑7‑413
Motor vehicle liability policy 42‑7‑414
Requirements to be complied with 42‑7‑415
When insurance carrier to issue certificate 42‑7‑416
Notice required upon cancellation 42‑7‑417
Article not to affect other policies 42‑7‑418
Money - securities for financial responsibility 42‑7‑419
Substitution of proof 42‑7‑420
Failure of proof - other proof 42‑7‑421
When director may release proof of financial responsibility 42‑7‑422
No proof when proof required 42‑7‑501
Self-insurers 42‑7‑502
Action against nonresident - reciprocity with other states 42‑7‑503
Director to furnish operating record 42‑7‑504
Matters not to be evidence in litigation 42‑7‑505
Forging ability to respond in damages 42‑7‑505.5
Motor carrier indemnity agreements void - choice of law for transportation contracts 42‑7‑506
Surrender of license 42‑7‑507
Penalty 42‑7‑508
No repeal of motor vehicle laws 42‑7‑509
Article does not prevent other process 42‑7‑510
Insurance or bond required 42‑7‑601
Short title 42‑7‑602
Uninsured motorist identification database program - creation 42‑7‑603
Definitions 42‑7‑604
Motorist insurance identification database program - creation - administration - selection of designated agent - legislative declaration 42‑7‑606
Disclosure of insurance information - penalty 42‑7‑607
Part 6 not to supersede other provisions 42‑7‑609
Report
Green check means up to date. Up to date

Current through Fall 2024

§ 42-7-408’s source at colorado​.gov