Statutes, codes, and regulations
Colorado Administrative Code
Department 700 - Department of Regulatory AgenciesDivision 702 - Division of InsuranceRule 3 CCR 702-5 - PROPERTY AND CASUALTY
Regulation Regulation 5-2-15 - CONCERNING CONSUMER PROTECTION FOR VEHICLE VALUATION AND RENTAL REIMBURSEMENT
Section 3 CCR 702-5-2-15-4 - Definitions

3 Colo. Code Regs. § 702-5-2-15-4

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Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-5-2-15-4 - Definitions
A. "Collision Damage Waiver" means, for the purpose of this regulation, the contractual agreement between an automobile rental company and the consumer renting an automobile whereby the rental company agrees to forfeit its right to recover property damage to the rented automobile from that consumer, regardless of fault.
B. "Comparable Class" means, for the purpose of this regulation, the same or similar vehicle type. This includes, but is not limited to, vehicle type (passenger car, cross-over, sport utility or truck) and number of passengers.
C. "Third-Party Claimant" means the individual other than the insured or the insurer who has incurred a loss as a result of the negligent acts or omissions of the insured and is legally entitled to receive reimbursement for damages resulting from that loss.
D. "Total Loss" means the condition of a motor vehicle when it is damaged or destroyed to such an extent that the insurer determines it cannot be rebuilt or repaired to its condition prior to the loss; or the cost of the loss (including, but not limited to, rental expenses, specialized labor and part availability) makes the repairs of the vehicle uneconomical.
E. "Valuation" means the method of determining the worth of property that has been lost or damaged.

3 CCR 702-5-2-15-4

38 CR 17, September 10, 2015, effective 10/1/2015
38 CR 18, September 25, 2015, effective 10/15/2015
39 CR 01, January 10, 2016, effective 2/1/2016
39 CR 05, March 10, 2016, effective 4/1/2016
41 CR 01, January 10, 2018, effective 2/14/2018
40 CR 21, November 10, 2017, effective 4/1/2018
41 CR 19, October 10, 2018, effective 11/1/2018
42 CR 18, September 25, 2019, effective 1/1/2020
42 CR 23, December 10, 2019, effective 1/1/2020
44 CR 13, July 10, 2021, effective 6/3/2021
44 CR 08, April 25, 2021, effective 8/1/2021
45 CR 03, February 10, 2022, effective 3/2/2022
45 CR 22, November 25, 2022, effective 12/15/2022
46 CR 11, June 10, 2023, effective 4/27/2023