Colorado Auto Insurance: Affordable Monthly Premiums

The cost of auto insurance in Colorado varies depending on factors such as age, gender, driving record, and location. The average cost of car insurance in Colorado is $195 per month or $2,337 per year for full coverage. For minimum coverage, the average cost is $50 per month or $602 per year. The cheapest car insurance company in Colorado is American National, with an average rate of $975 per year for full coverage and $283 per year for minimum coverage. Geico is also a good option, with average rates of $1,306 per year for full coverage and $337 per year for minimum coverage.

Average cost of auto insurance in Colorado

The average cost of auto insurance in Colorado varies depending on the level of coverage, driver demographics, and location within the state.

The cost of auto insurance in Colorado depends on the level of coverage chosen. The state's minimum liability-only coverage costs around $437 to $602 annually, while full coverage policies with higher liability limits and comprehensive and collision coverage average $1,346 to $2,337 per year.

Age is a significant factor influencing auto insurance rates in Colorado, with younger and teen drivers paying higher premiums than more experienced drivers. The average annual cost of auto insurance for a 16-year-old driver in Colorado is around $2,994 to $6,807, while a 22-year-old driver can expect to pay around $758 for state minimum coverage. For drivers aged 30 and above, the average cost decreases to approximately $1,346, and seniors aged 60 and older can expect to pay around $1,322 per year.

Gender also impacts auto insurance rates, with female drivers often paying lower premiums than males due to lower accident and violation rates.

Auto insurance rates in Colorado vary by city, with urban areas typically having higher premiums than rural areas due to factors such as traffic congestion, accident rates, the number of uninsured drivers, and crime rates. The cheapest city in Colorado for auto insurance is Fruita, with an average annual rate of $1,861, while the most expensive city is Cope, with a rate of $2,729 per year.

Average Monthly Cost of Auto Insurance in Colorado

The average monthly cost of auto insurance in Colorado is approximately $112 for full coverage and $50 for minimum coverage. However, these rates can vary significantly depending on individual factors and the chosen insurance provider.

Cheapest Auto Insurance Companies in Colorado

The cheapest auto insurance companies in Colorado include Geico, Southern Farm Bureau, USAA, State Farm, and Nationwide. These companies offer competitive rates for various driver profiles, including young drivers, adults, seniors, and high-risk drivers.

Factors Affecting Auto Insurance Rates in Colorado

In addition to age, gender, and location, other factors influencing auto insurance rates in Colorado include driving record, credit score, vehicle type, mileage, and coverage level. Maintaining a clean driving record, improving credit scores, and comparing quotes from multiple insurers can help drivers find the most affordable coverage options.

Factors that affect auto insurance rates in Colorado

Several factors influence auto insurance rates in Colorado. Here are some key considerations:

Driving Record

A clean driving record can lead to lower auto insurance rates in Colorado. Traffic violations or accidents indicate a higher risk to insurers, resulting in higher premiums. The impact of violations on insurance rates varies based on their severity and how long they remain on your record. For example, a DUI can affect your insurance rates for up to 10 years.

Age and Gender

Younger drivers, especially males, often face higher auto insurance premiums in Colorado due to statistical risks associated with these demographics. Rates tend to decrease as drivers get older and gain more experience, with the lowest rates often enjoyed by seniors.

Credit Score

In Colorado, auto insurance companies consider an individual's credit score when determining rates. A higher credit score indicates financial reliability and can result in more favorable insurance rates. Maintaining a good credit score, typically above 670, can help keep auto insurance costs down.

Vehicle Type

The make, model, and age of your vehicle impact auto insurance rates in Colorado. Newer and sportier models are generally more expensive to insure due to higher repair costs and an elevated risk of theft.

Location

Urban areas in Colorado, such as Denver, tend to have higher auto insurance rates than rural areas. This is because urban centers have higher crime and traffic accident rates, increasing the likelihood of insurance claims. Local factors, such as weather conditions and the rate of uninsured drivers, can also affect premiums.

Mileage

The amount you drive annually can affect your auto insurance rates in Colorado. Lower mileage often results in lower premiums as it indicates a decreased likelihood of accidents.

Coverage Level

Opting for comprehensive and collision coverage in addition to the state-mandated minimum coverage will raise your auto insurance premium. However, selecting higher deductibles can offset some of the added expense.

Discounts

Many auto insurance providers in Colorado offer various discounts that can help reduce your premium. These include discounts for bundling policies, installing safety features in your vehicle, maintaining a safe driving record, and more.

Cheapest auto insurance companies in Colorado

The cost of car insurance in Colorado depends on several factors, including age, gender, driving record, credit score, location, and vehicle type. The average cost of car insurance in Colorado is $50 per month for minimum coverage and $112 for full coverage.

According to various sources, the cheapest auto insurance companies in Colorado are:

• American National: Offers the cheapest full coverage in Colorado, with an average rate of $975 per year.
• Geico: The second cheapest option, with an average rate of $1,109 per year.
• State Farm: Offers the cheapest rates for teens, young drivers, and drivers with a poor driving record.
• Grange Insurance Association: One of the cheapest options for 30, 40, 50, 60, and 70-year-old drivers.
• Colorado Farm Bureau: One of the cheapest options for 20-year-old drivers.
• USAA: The best-rated car insurance company in Colorado, but only available to military members, veterans, and their families.

Average cost of auto insurance in Colorado by age

The average cost of auto insurance in Colorado varies depending on age, gender, and driving record. According to MoneyGeek, the average annual premium for a 16-year-old male driver in Colorado is $2,994 when added to a family policy and $6,807 for an individual policy. For a 22-year-old, the average annual premium is $1,718, while for a 30-year-old, it is $1,346. For a 60-year-old, the average annual premium is $1,448 for a woman and $1,499 for a man. US News and World Report found that the average rate for a 35-year-old woman is $1,578, while for a 35-year-old man, it is $1,602.

NerdWallet found that the cheapest full-coverage insurance in Colorado for a 35-year-old driver with a clean driving record is offered by American National at $975 per year, while Grange Insurance Association offers the cheapest minimum coverage at $165 per year. For a 35-year-old driver with poor credit, Grange Insurance Association offers the cheapest rates for both full coverage ($1,357 per year) and minimum coverage ($546 per year). For a 35-year-old driver with a speeding ticket, Grange Insurance Association also has the cheapest rates for both full coverage ($1,518 per year) and minimum coverage ($546 per year). For a 35-year-old driver with an at-fault accident, the cheapest rates are offered by Colorado Farm Bureau for full coverage ($1,802 per year) and Grange Insurance Association for minimum coverage ($546 per year). For a 35-year-old driver with a DUI, the cheapest rates are offered by Colorado Farm Bureau for both full coverage ($1,802 per year) and minimum coverage ($546 per year).

The Zebra found that auto insurance is slightly more expensive than average in Colorado, with an average annual rate of $1,435. They also found that auto insurance costs $6,956 per year for a 16-year-old driver in Colorado but only $1,289 per year for a driver between 50 and 59.

Average cost of auto insurance in Colorado by city

The average cost of auto insurance in Colorado varies depending on the city and other factors such as age, gender, driving record, and credit score. Here is an overview of the average cost of auto insurance in Colorado by city:

Fort Collins

Fort Collins is one of the cheapest cities in Colorado for auto insurance, with an average annual rate of $857 for full coverage and $384 for minimum coverage, according to MoneyGeek. US News also found Fort Collins to be the cheapest city in their study, with an average rate of $1,489 per year.

Denver

Denver has higher auto insurance rates compared to other cities in Colorado. The average annual cost of full coverage in Denver is $1,142, while minimum coverage costs around $518 per year, as per MoneyGeek. US News found slightly higher rates, with an average of $1,630 per year.

Colorado Springs

In Colorado Springs, the average annual cost of full coverage auto insurance is $1,009, and minimum coverage costs around $478 per year, according to MoneyGeek. US News found slightly higher rates, with an average of $1,594 per year.

Aurora

Aurora is one of the most expensive cities in Colorado for auto insurance. The average annual rate for full coverage is $3,647, and minimum coverage costs around $722, as per Bankrate.

Pueblo

Pueblo has the second-highest auto insurance rates in Colorado, according to US News. The average annual cost of auto insurance in Pueblo is $2,008.

Other Cities

Other major cities in Colorado, such as Boulder, Grand Junction, and Lakewood, have average auto insurance rates ranging from $1,594 to $1,861 per year, according to US News.

It is important to note that these averages may not reflect your actual insurance costs, as they can vary based on individual factors such as age, driving record, and the type of coverage chosen. It is always a good idea to compare quotes from multiple insurance providers to find the best rate for your specific needs.

Frequently asked questions