C.R.S. § 42-7-411: Restrictions in certain type of policy.

(1) When a certificate is filed showing that a policy has been issued covering all motor vehicles owned by the insured but not insuring such person when operating any motor vehicle not owned by that person, it is unlawful for such person to operate any motor vehicle not owned by that person or not covered by such certificate.

(2) In the event the owner of the motor vehicle desires to be relieved of the restriction stated in subsection (1) of this section and to be permitted to drive any other motor vehicle, the owner may have such restrictions removed upon filing a certificate showing that there has been issued to the owner a policy of insurance insuring the owner as insured against liability imposed by law upon such an insured for bodily injury to or death of any person or damage to property to the amounts and limits as provided under section 42-7-103 (14) with respect to any motor vehicle operated by the insured and which otherwise complies with the requirements of this article with respect to such type of policy. Such policy is referred to in this article as an operator's policy.

(3) When the person required to give proof of financial responsibility is not the owner of a motor vehicle, then an operator's policy of the type and coverage described in subsection (2) of this section shall be sufficient under this article.