Alyssa Lane
Finding cheap auto insurance in Colorado can be challenging, but it's not impossible. The best way to find affordable car insurance is to compare rates from multiple insurers. The cheapest car insurance company in Colorado varies depending on age, gender, driving record, and other factors. For example, for young drivers, American National offers the cheapest rates, while for adults with a clean driving record, Geico is the most affordable option. It's important to note that the cost of car insurance in Colorado is generally higher than the national average due to factors such as extreme weather conditions and densely populated cities.
What You'll Learn
What are the minimum insurance requirements in Colorado?
In Colorado, it is illegal to drive without insurance. The minimum amount of auto insurance coverage in Colorado is $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $15,000 per accident for property damage. This is often written as 25/50/15.
Liability insurance is required by law in Colorado. This includes both bodily injury liability and property damage liability. Bodily injury liability insurance covers the cost of any bodily harm or death to another person in an accident where you are at fault. Property damage liability insurance covers the cost of any damage to another person's property in an accident where you are at fault. The minimum coverage levels for liability insurance in Colorado are $25,000 per person and $50,000 per accident for bodily injury, and $15,000 per accident for property damage.
In addition to liability insurance, Colorado drivers are required to have uninsured motorist bodily injury coverage. This type of insurance covers medical and other expenses when you are hit by a driver without adequate insurance. The minimum coverage level for uninsured motorist bodily injury insurance in Colorado is $25,000 per person and $50,000 per accident.
While not legally required, collision coverage and comprehensive coverage are often recommended as additional protection. Collision coverage pays for damage to your car if you hit another car or object, while comprehensive coverage pays for damage to your car in non-collision incidents such as theft, fire, or natural disasters.
It is important to note that the minimum insurance requirements in Colorado may not provide sufficient coverage in the event of a major accident. It is recommended to consider purchasing higher coverage limits to protect yourself financially.
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What is the average cost of car insurance in Colorado?
The average cost of car insurance in Colorado varies depending on the type of coverage. The average cost of full-coverage car insurance in Colorado is $3,010 per year or $251 per month, according to MarketWatch. This is about 12% higher than the national average of $2,681 per year or $223 per month. On the other hand, minimum coverage in Colorado costs $750 per year on average, which is about 14% cheaper than the national average.
According to Liberty Mutual, the average cost of car insurance in Colorado was $1,687 in 2021, which is 10% higher than the national average. However, it's important to note that car insurance costs can vary depending on factors such as age, location, and driving history.
When it comes to finding the cheapest car insurance in Colorado, American National offers the lowest rates for both minimum and full coverage. For minimum coverage, American National's average cost is $23 per month, while their full coverage option averages $126 per month. Other insurance companies, such as Geico, Southern Farm Bureau, USAA, and Auto-Owners, also offer competitive rates in Colorado.
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What are the cheapest insurance companies in Colorado?
The cheapest car insurance in Colorado depends on a variety of factors, including age, driving record, and coverage level.
Cheapest Car Insurance for Young Drivers
For 20-year-old drivers, Colorado Farm Bureau and Grange Insurance Association offer the cheapest rates. For 16-year-old drivers, Southern Farm Bureau is the cheapest option.
Cheapest Car Insurance for 30-Year-Olds
For 30-year-old drivers, Colorado Farm Bureau and Grange Insurance Association again offer the cheapest rates.
Cheapest Car Insurance for 40-Year-Olds
For 40-year-old drivers, Colorado Farm Bureau, Grange, and State Farm offer the best rates.
Cheapest Car Insurance for 50-Year-Olds
For 50-year-old drivers, Colorado Farm Bureau, Grange, State Farm, and National Farmers Union provide competitive rates.
Cheapest Car Insurance for 60-Year-Olds
For 60-year-old drivers, Colorado Farm Bureau, State Farm, Grange, and Kemper are the cheapest options.
Cheapest Car Insurance for 70-Year-Olds
For 70-year-old drivers, Colorado Farm Bureau, State Farm, National Farmers Union, and Grange have the best rates.
Cheapest Car Insurance for Military Families
USAA offers affordable rates for military members, veterans, and their families.
Cheapest Car Insurance for Drivers with Poor Credit
For drivers with poor credit, Colorado Farm Bureau, Grange, and National Farmers Union have competitive rates. Geico is also a good option.
Cheapest Car Insurance for Drivers with a Speeding Ticket
Colorado Farm Bureau, State Farm, and Grange offer the best rates for drivers with a speeding ticket on their record.
Cheapest Car Insurance for Drivers with an At-Fault Accident
Colorado Farm Bureau, State Farm, National Farmers Union, and Grange have the cheapest rates for drivers who have caused an accident.
Cheapest Car Insurance for Drivers with a DUI
For drivers with a DUI on their record, Colorado Farm Bureau, State Farm, and Progressive offer the lowest rates.
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How can I get cheap car insurance in Colorado?
How to Get Cheap Car Insurance in Colorado
The cost of car insurance in Colorado is higher than the national average, so it's important to know how to get the best deal. Here are some tips to help you get cheap car insurance in Colorado.
Compare Rates from Multiple Insurers
The best way to find cheap car insurance is to compare rates from different insurance companies. Get quotes from at least three insurers on the same day, using the same coverage details, and apply any discounts that you're eligible for. This will give you an accurate picture of which company can offer you the best rate.
Decide on the Level of Coverage You Need
If you're on a tight budget, you might only need the bare minimum of insurance, which is typically liability-only coverage. However, if you want extra protection, consider full coverage insurance. If you don't drive much, pay-per-mile insurance could be a good option, as you pay a small monthly fee plus a few cents for every mile you drive.
Look for Discounts
Many insurers offer discounts when you bundle multiple policies, such as auto and home insurance, or insure multiple cars on one policy. Ask about multi-policy discounts when shopping around. You can also save money by paying for your policy in full, rather than in monthly instalments.
Raise Your Deductible
Choosing a higher deductible can lower your monthly premium, but make sure you can afford to pay the deductible amount in case of an accident.
Choose the Right Car
The type of car you drive can affect your insurance rates. Generally, safer, less expensive cars are cheaper to insure. Sports cars are often considered high-risk and may have higher premiums.
Remember, while it's important to find affordable car insurance, the cheapest option isn't always the best. Make sure you have enough coverage to protect yourself financially if you're in an accident.
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What are the cheapest insurance companies in Colorado for drivers with poor credit?
Colorado drivers with poor credit pay more than double what drivers with good credit scores pay for car insurance. The cheapest car insurance companies in Colorado for drivers with poor credit are:
- Geico
- Grange Insurance Association
- Colorado Farm Bureau
- National Farmers Union
- Kemper
- Progressive
- Allstate
Geico has the lowest quotes for a driver with poor credit, at around $218 per month. Grange Insurance Association, Colorado Farm Bureau, and National Farmers Union also offer competitive rates for drivers with poor credit.
It is important to note that car insurance rates in Colorado are higher than the national average due to various factors such as population size, the number of uninsured drivers, and insurance companies' revenue loss via claims.
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Frequently asked questions
According to different sources, the cheapest auto insurance in Colorado is offered by American National, State Farm, or Geico.
The average cost of car insurance in Colorado varies depending on the type of coverage and the driver's age, gender, and location, among other factors. The average cost of full coverage car insurance in Colorado is around $2,333 per year or $194 per month. The average cost of minimum coverage car insurance in Colorado is around $543 per year or $45 per month.
The minimum auto insurance required in Colorado includes bodily injury liability, property damage liability, and uninsured motorist bodily injury coverage. The minimum coverage limits are $25,000 per person and $50,000 per accident for bodily injury liability, and $15,000 per accident for property damage liability.
Car insurance rates in Colorado are influenced by various factors, including the driver's age, gender, driving record, vehicle type, location, mileage, and credit score.
