Colo. Rev. Stat. § 10-4-104
Any minor sixteen years of age or older may, notwithstanding his or her minority, contract for insurance, including motor vehicle insurance, upon his or her own property or liabilities. The minor is hereby determined to be competent to exercise all rights and powers with respect to or under any such contract as might be exercised by a person of full legal age and may at any time surrender the minor's interest in the contract and give valid discharge for any benefits accruing or money payable thereunder. Having entered into a contract for insurance, the minor is not entitled to rescind, avoid, or repudiate the contract nor to rescind, avoid, or repudiate any exercise of a right or privilege under the contract by reason of minority.
C.R.S. § 10-4-104
For competency of persons to enter into any legal contractual obligation, see § 13-22-101.