The other economic damages are limited by the policy. Bad drivers are protected since there isn't any incentive to drive well. It's nobody's fault. The litigation costs remain the same because the insured sue the insurance companies for non-payment instead of the other driver. So, I said that Colorado was a modified no-fault insurance state.
Economic damages are medical bills, lost wages, etc.
Non-economic damages are pain and suffering, loss of companionship, etc. The monetary threshold is the dollar amount required to be reached on medical bills, etc. These thresholds vary by state. Your system is choice no-fault. Once again, the pure system is less expensive and better for bad drivers, while the modified version is geared towards good drivers and is likewise more expensive.