Cheap Car Insurance Quotes in Colorado

Posted on September 23, 2014

Car insurance in Colorado

This handy page summarizes the latest rates, laws and statistics pertaining to car insurance in the state of Colorado. Keeping track of important details goes a long way. Luckily, customizing an auto insurance coverage package that suits your particular needs at the lowest possible rates is easier than it looks.

Colorado Minimum Liability Coverage

The state of Colorado requires that drivers purchase a minimum per-vehicle insurance coverage of 25/50/15. What this means is $25,000 in Personal Injury Protection for the driver, $50,000 in per-accident protection for injury to others, and $15,000 against property damage. The state now also requires that drivers purchase $5,000 worth of medical payments coverage (MedPay) with all car insurance policies, ensuring that every Colorado driver has access to medical treatment in the event of an accident. Still, researchers at the Insurance Information Institute maintain that state minimum coverage amounts are usually inadequate for the actual cost of accidents. They recommend at least 100/300 coverage for drivers in every state.

Penalties for Driving Without Insurance in Colorado

First offenders driving uninsured in Colorado are faced with a fine of at least $500, up to 40 hours of community service, and four points on the driving record. Penalties escalate with each subsequent offense. These can include fines of not less than a thousand dollars, as well as license suspension and even more community service.

Auto Insurance Rates in Colorado

Average premiums on Colorado car insurance have dropped in recent years, largely due to the elimination of Colorado’s no-fault law in 2003. Colorado’s annual car insurance premium was $1,393 in 2016, not too much higher than the national average of $1,347 a year. Details regarding no-fault laws vary from state to state.

In general, car insurance premiums are affected by weather conditions, economic stability, percentage of uninsured vehicles on the road, population density, crime rates and other factors. Additional influences on annual premiums include the driver’s age, gender, driving record, lifestyle and vehicle type, among other things.

Low Cost Car Insurance Programs in Colorado

Colorado auto insurance companies often advertise special discounts as behavioral incentives for local drivers. The Accident-Free Discount is available to drivers who avoid accidents for three years. The Good Driver Discount is for avoiding moving violations. The Good Student Discount rewards high grades. The Multiple Auto Discount is for owners of more than one car. The Multiple Policy Discount benefits holders of more than one insurance policy. The Passive Restraint Discount recognizes factory-installed air bags. The Vehicle Safety Discount applies to certain types of cars. Ask your local car insurance agent for full details on discount car insurance programs available in the state of Colorado.

Obtaining Auto Insurance Quotes in Colorado

According to recent customer satisfaction ratings, the nation’s most favored auto insurance providers are AIG, Allstate, Auto Owners Insurance, Farmers Insurance, Geico, Liberty Mutual, The Hartford, State Farm and 21^st Century. Still, numerous Colorado drivers opt for smaller regional carriers.

Colorado features many dozen insurance companies that provide auto accident and Comprehensive coverage at locally competitive rates. Call around and compare quotes. Ask about their discount programs. Most importantly, read consumer reviews, where the comparison between insurance carriers is most striking.

Colorado Car Insurance

This page features fast facts and figures concerning Colorado car insurance.

Here’s where you can review Colorado income data, Colorado poverty rates, Colorado driver statistics, and Colorado zip code population reports. Scan auto insurance quotes from all over the state of Colorado, in various Colorado zip codes. Learn how drivers in Colorado can reduce the cost of their auto insurance rates. See a list of the largest car insurance companies in Colorado. Read a description of the types of car insurance Colorado drivers need. There’s even a selection of current but outdated Colorado state traffic laws that you may find amusing.

Scroll further down this page to see the four priciest and the four cheapest zip codes (on average) in the state of Colorado to buy car insurance. Premium rates will vary not only between states, but also between zip codes within the same state. The reasons for the variance in car insurance rate calculations are detailed under each Colorado zip code mentioned below.

Read on for everything you need to know about Colorado car insurance.

Colorado Car Insurance Statistics

According to a 2016 estimate, the population of the state of Colorado is more than 5.5 million. Nearly 700,000 Colorado residents live in Denver, which is Colorado’s largest city. The population density of the city of Denver is about 4,044 people per square mile, as compared to the average population density for the entire state of Colorado, which is only about 52 people per square mile.

The median resident age of the people who live in Colorado is around 36.4 years.

In 2015, Colorado’s average poverty rate was approximately 11.5 percent, quite lower than the national average poverty rate of 13.5 percent. Even more surprising, the unemployment rate in the state of Colorado is 2.6 percent, a vast distance below the national average unemployment rate of 4.4 percent. In fact, according to bls.gov, Colorado has the lowest unemployment rate among all 50 states and Washington DC!

In terms of auto insurance, a study of Colorado drivers conducted by the Insurance Research Council determined that roughly 16.2 percent of vehicles on Colorado roads are uninsured. This makes Colorado one of the ten worst states in terms of the percentage of uninsured autos. About one out of every six vehicles in the state of Colorado is uninsured.

Colorado drivers often want to know the statewide “average” annual premium rate for a Colorado car insurance policy. To satisfy your curiosity, according to data, the statewide “average” annual premium rate for a car insurance policy purchased in the state of Colorado was about $1,116 last year, as compared to the national average car insurance rate, which was about $1,224 at that time. This low average is slightly surprising, considering the high percentage of uninsured drivers in the state.

Statewide averages are inaccurate at best, and they offer no clues regarding anyone’s personal premium rates on car insurance. Your rates will depend on your personal demographic info, combined with your zip code information.

The 10 Largest Colorado Car Insurance Companies

Shown here is a list of the ten biggest auto insurance carriers in Colorado. They are ranked in the order of each company’s total market share within the state of Colorado.

Rank	Company	Premiums ($)	Market Share (%)
1	State Farm Group	$590,190	19.18
2	Farmers Insurance Group	$326,717	10.62
3	Progressive Insurance Group	$322,806	10.49
4	USAA Group	$279,500	9.08
5	American Family Insurance Group	$272,824	8.87
6	Allstate Insurance Group	$264,549	8.6
7	Berkshire Hathaway Insurance	$253,683	8.24
8	Liberty Mutual Insurance	$156,924	5.1
9	Hartford Insurance Group	$68,503	2.23
10	Nationwide Group	$64,445	2.09

There are many major Colorado car insurance companies you can research, as well as many smaller, regional carriers that are licensed to write policies in the state of Colorado. There is no such thing as The One Best Colorado Car Insurance Company.

The ten largest car insurance companies in America are Allstate Insurance, State Farm Insurance, Geico, Progressive Insurance, Nationwide Group, AAA, Liberty Mutual Insurance, 21^st Century Insurance, GMAC, and AIG, in that order. Again, car insurance carriers were ranked by the annual dollar amount of premiums written. This provided an indication of each company’s total market share.

Cutting Costs on Colorado Car Insurance

Among states, Colorado is not so harsh in terms of the average annual premium rates on car insurance. Still, Colorado drivers have many options for reducing their personal auto insurance premium rates.

First, they should read current consumer reviews of various Colorado car insurance carriers. A study of independent reviews should give some idea of which car insurance companies work best for you. All car insurance companies are competitive, and each one has its own set of discount offers. Be aware that all mega corporations with millions of customers are bound to receive customer complaints. Still, the content of these independent reviews should offer some idea of the customer service you can expect from the company.

Next, make a list of your most preferred Colorado car insurance companies. Then, visit each company’s website and compare online quotes across several zip codes. For example, you might try both the zip code where you live and the zip code where you work. Also, be sure to check the company discounts page. Comparing quotes and reducing rates with discounts will very likely save you money on Colorado car insurance.

What Types Of Car Insurance Do Colorado Drivers Need?

Colorado state law requires at least $25,000 in bodily injury liability for each person injured, $50,000 in per accident coverage, and $15,000 in coverage against the cost of property damage. Sadly, the state-mandated minimum liability limits on car insurance are typically too low to cover the entire cost of an auto accident.

The state of Colorado also now requires $5,000 in MedPay coverage, for the cost of medical payments following an auto accident.

Not required but highly recommended for Colorado drivers are similar liability limits in uninsured / underinsured motorist protection (UMI). The fact is that roughly one out of six vehicles driven in Colorado are uninsured. What’s more, due to the low state minimum requirements, many vehicles that do have insurance are underinsured.

United States insurance experts suggest that drivers in Colorado (and all over America) purchase more than the minimum amount of auto insurance required by the state. Recommended coverage amounts are $100,000 insurance for personal injury liability protection, $300,000 insurance against bodily injury to others, and at least $50,000 insurance to cover the cost of property damage.

For even safer auto insurance coverage, Colorado drivers can always add comprehensive and collision insurance to their policies. These insurance types will cover the cost of repairs to your vehicle when it is subjected to hail storms, wind damage, collisions, animal strikes, falling objects, wildfires, floods, vandalism, and car theft, among other unwelcome events.

Odd and Outdated Colorado Traffic Laws

In the state of Colorado, it is illegal to ride a horse while under the influence of alcohol. (Don’t get charged with RUI!)
There is no age restriction for owning and insuring a car in Colorado. However, minors may have a hard time getting someone to sell them a car, since contracts with minors are voidable.
In the city of Alamosa, it is illegal to throw missiles at cars.
In the city of Fountain, it is illegal to have a non working vehicle on private property or on a public right-of-way.
In the city of Westminster, it is illegal to park less than two feet away from another parked car.
Also in Westminster, it is against the law to get lost while driving between 9 p.m. and 4 a.m.
Again in Westminster, a work crew may use only ONE vehicle in any residential district.
In the city of Denver, it is illegal to drive a black car on Sundays.

Best And Worst Zip Codes For Colorado Car Insurance

The annual premium rates on a Colorado car insurance policy will vary greatly between zip codes within the state of Colorado. The rates in Denver are higher than they are in other parts of the state, although Pueblo and Aurora are also up there.

Car insurance rates are influenced by demographics such as population density, rate of unemployment, median income data, poverty stats, median resident age, crime rates, the number of uninsured drivers on local roads, and other factors that vary between zip codes, even within the same state.

Scroll down for a descriptive list of the four most expensive (and the four least expensive) zip codes in the state of Colorado to buy car insurance.

In Denver, annual premium rates can be as low as less than $840, or as high as around $1,860.

Zip Code	Pop Density	Unemployed %	Poverty %
80219 (Denver)	8,696	8.00%	26.10%

This zip code is home to more that 65,000 people. The population density is high in this neighborhood. The unemployment rate here is more than three times the state average of 2.6 percent. The poverty rate is more than twice the state average of 11.5 percent.

Zip Code	Pop Density	Unemployed %	Poverty %
80010 (Aurora)	7,976	11.20%	32.50%

This neighborhood covers part of Adams County and part of Arapahoe County. The population here is almost 44,000. The population density is relatively high in terms of Colorado car insurance rates. The unemployment and poverty rates are extremely high in this neighborhood.

Zip Code	Pop Density	Unemployed %	Poverty %
81003 (Pueblo)	1,939	14.50%	28.10%

The population density is low in this zip code, but the unemployment and poverty rates are quite high above the state averages.

Zip Code	Pop Density	Unemployed %	Poverty %
80223 (Denver)	3,674	5.70%	23.20%

This neighborhood is home to about 20,000 people. As low as it looks, the unemployment rate here is still more than twice the 2.6 percent state average. The poverty rate is also more than twice the state average of 11.5 percent.

Now compare the above zip codes to the zip codes in the list shown below. Here are the four least expensive zip codes (on average) in the state of Colorado to buy car insurance. Annual premium rates in these Colorado neighborhoods can range from about $600 to about $1,200.

Zip Code	Pop Density	Unemployed %	Poverty %
80525 (Fort Collins)	2,107	6.90%	10.70%

Fort Collins is a city located about 60 miles north of Denver. More than 51,000 people live in this Larimer County zip code. The population density is low, and the poverty rate is below the state average, although unemployment is relatively high.

Zip Code	Pop Density	Unemployed %	Poverty %
80537 (Loveland)	397	7.10%	9.40%

Loveland is a city located about 50 miles north of Denver, just south of Fort Collins. More than 42,000 people live in this Larimer County zip code. The population density is very low, as is the poverty rate. The unemployment rate still exceeds the state average.

Zip Code	Pop Density	Unemployed %	Poverty %
80538 (Loveland)	418	6.40%	8.60%

This zip code is home to more than 45,000 people. The population density is breathtakingly low, along with a poverty rate well underneath the state average.

Zip Code	Pop Density	Unemployed %	Poverty %
80521 (Fort Collins)	2,589	8.60%	37.10%

This zip code has a population of almost 37,000. The median resident age in this neighborhood is 22.7 years, nearly 14 years below the state average. The unemployment rate and the poverty rate are both rather high in this area. It makes you wonder why the car insurance premiums are among the lowest.

To sum it all up, the state of Colorado is home to 644 zip codes spanning 64 counties that encompass 399 cities from Aguilar to Yuma, and about 269 cities in between. There is a vast difference in premium rates between the cheapest zip codes and the priciest zip codes in the state of Colorado to buy car insurance.

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