What does this CO statute mean the insurance company owes me for the total loss of my car - details below?

Other than payment of fees and taxes, the statute would not tell you how much the insurance company owes you if it declares your car a "total loss". Rather, the statute sets forth the guidelines that insurance companies must follow when determining whether a total loss has occurred. Assuming the insurance company has declared a total loss, the insurance company will likely propose an "actual cash value" (i.e., the value of your car before the loss) plus fees and taxes to settle your claim. You can ask the insurance company how it determined such value; you can also request the valuation report(s) it used. Be sure to document and prove overlooked or undervalued elements of value (e.g., vehicle condition).

The statute is designed to prevent insurance companies from low-ball tactics in settling total loss motor vehicle property damage claims, which unfortunately still occurs in spite of the statute. Often insurers will do precisely what the last sentence prohibits, "An insurer may not use different credible sources of valuation only to determine the lowest amount payable for total loss." Typically, they will make an initial offer that does not take into account the options, mileage, or other special features of the vehicle which naturally increase the fair market value. A consumer should ask for the source of the insurer's valuation and compare it with NADA or Kelly Blue Book or other resources and argue in writing to the insurer that the actual fair market value of the vehicle is higher than proposed. From the language of the statute, the enforcement of this provision is determined by the Colorado Department of Insurance, which can be found on the DORA website. However, a lawsuit may also be initiated referencing non-compliance with this provision under a number of common law and statutory claims, including the Colorado Consumer Protection Act. If the insurance company will not provide a fair valuation in spite of your efforts, you may contact the Division of Insurance and file a complaint and/or retain an attorney to sue the company.