Cheap Car Insurance

Cheaper Rates Today in CO

Car Insurance in Colorado

  • Compare cheap car insurance quotes in CO.
  • Get the cheapest car insurance from top companies like Allstate, Progressive, and more!
  • Save hundreds a year on your Colorado car insurance.

Cheap Car Insurance

Cheaper Rates Today in CO

Car Insurance in Colorado

  • Compare cheap car insurance quotes in CO.
  • Get the cheapest car insurance from top companies like Allstate, Progressive, and more!
  • Save hundreds a year on your Colorado car insurance.

Cheap Car Insurance Companies In Colorado

The average semiannual cost of car insurance in the state of Colorado is $1089.50. An insured premiums are influenced by more variables than purely their place of residence. Car insurance underwriters calculate auto insurance rates after assessing a range of criteria such as the policyholder’s age, driving record, marital status, and credit rating. We examined typical car insurance costs in Colorado across each of the predominant rating factors. We aim to provide consumers insight to identify a car insurance policy that meets their needs and budget.

CompanySemi Annual Permium
USAA$775.50
State Farm$792.50
Nationwide$840.00
GEICO$1,069.50
Farmers$1,221.50
Progressive$1,375.50
Allstate$1,552.00

*Data Methodology – Updated 3/3/2024

The Colorado car insurance rates are based on a 35-year-old male with the most popular car (Honda Accord) living in CO. The Quote is for full coverage with comprehensive at $500 deductible and collision at $500 deductible.

Colorado Minimum Liability Coverage

Colorado requires all drivers to carry a minimum level of automobile insurance. This minimum coverage helps ensure that drivers can pay for damage they cause in an accident. Here are the main types of minimum coverage you need in Colorado:

Bodily Injury Liability: $25,000 per person, $50,000 per accident. This covers injuries to others in an at-fault accident that you cause.

Property Damage Liability: $15,000. This covers damage to others’ vehicles and property in an at-fault accident that you cause.

Personal Injury Protection: $50,000. This covers medical bills and some lost wages for you and your passengers, regardless of fault.

Uninsured/Underinsured Motorist: $25,000 per person, $50,000 per accident. This covers injuries to you if you are in an accident caused by an uninsured or underinsured driver.

Penalties for Driving Without Insurance in Colorado

If you are caught driving without car insurance in Colorado, there are some serious penalties you could face. First, your vehicle’s registration could be suspended. Colorado requires all drivers to have liability insurance coverage to legally drive. If you are pulled over or get into an accident and don’t have insurance, the Department of Motor Vehicles will suspend your vehicle registration.

Second, you could face steep fines. Drivers caught without insurance in Colorado face a fine between $500 to $1,000 for the first offense and up to $3,000 for subsequent offenses. These are not small amounts, so having insurance is worth it to avoid the fines alone.

Third, you could have your driver’s license suspended. Along with the registration suspension and fines, the DMV may also suspend your driver’s license for up to one year for a first offense and potentially longer for repeat offenses. This means you won’t be legally allowed to drive during that time.

Finally, you’ll have trouble renewing your registration and license in the future. If you drive without insurance in Colorado, it will show up on your driving record. This can make it much harder to renew your vehicle registration and driver’s license when it comes time to do so. The DMV will likely require proof of insurance and potentially other requirements before renewing your registration and license.

Auto Insurance Rates in Colorado

When it comes to auto insurance rates in Colorado, there are a few things you need to know.

First, Colorado has some of the lowest average auto insurance rates in the country. The average annual premium for full coverage in Colorado is around $1,000, compared to the national average of $1,470. There are a few reasons for this.

Colorado has very reasonable minimum coverage requirements. The state only requires you to carry $25,000 in bodily injury coverage per person, $50,000 in bodily injury coverage per accident, and $15,000 in property damage coverage. Many states require higher minimums, which pushes up average rates.

Colorado also has a low rate of uninsured motorists. Only about 9% of drivers in Colorado are uninsured, compared to over 13% nationwide. The more uninsured drivers on the road, the higher premiums are for those who do carry insurance.

In addition, Colorado has relatively low traffic congestion and accident rates compared to other states. Fewer accidents mean lower claims costs for insurance companies, which they pass on to customers through lower rates.

However, auto insurance rates in Colorado can still vary significantly based on your location, age, driving history, vehicle, and other factors. Rates tend to be highest in more densely populated areas like Denver, Boulder, and Colorado Springs. Younger drivers and those with a history of traffic violations or accidents will also see higher premiums.

Low Cost Car Insurance Programs and Discounts in Colorado

Colorado drivers have many options to save money on car insurance. Some insurance companies offer low-income programs that provide discounted rates for those who qualify. Several common discounts and programs can reduce your auto insurance costs:

  • Low-income programs: Many insurers offer plans specifically for lower-income households. Eligibility is typically based on income level or participation in government assistance programs. These policies tend to have lower coverage limits but lower premiums.
  • Good student discounts: If you’re a student with a B average or higher, you may qualify for a discount of up to 25%. Some insurers require you to be under 25 years old.
  • Multi-policy discounts: Bundling your auto and home insurance policies with the same company can save you 5% to 15% on both policies’ premiums.
  • Multi-vehicle discounts: Insuring two or more vehicles with the same insurer typically earns a discount of around 10% to 15%.
  • Defensive driving course: Completing a state-approved driving course can earn you up to 10% off for three years with some insurers. The course teaches safe driving techniques to help reduce accidents.
  • Paying in full: Opting to pay your full six-month or annual premium up front rather than in installments may save you a few percent.
    Electronic payment: Setting up automatic electronic payments from your bank account typically saves 1% to 2% off your premiums.

Colorado Car Insurance Statistics

Colorado has some interesting statistics when it comes to car insurance. Colorado has a relatively low average insurance premium compared to the rest of the country. The average annual expenditure for car insurance in Colorado is $1,064, which is 13% below the national average of $1,230.

There are a few reasons why car insurance costs are lower in Colorado. First, Colorado has a lower rate of accidents and traffic fatalities compared to other states. In 2019, there were 167 fatalities per billion vehicle miles traveled in Colorado, compared to the national average of 108. Lower accident rates mean lower insurance claims and costs for insurance companies.

Another factor is the lower population density in Colorado. About two-thirds of the state’s residents live along the Front Range, from Fort Collins to Colorado Springs. The more rural and mountainous areas have fewer drivers on the road, leading to fewer accidents. Insurance companies factor population density into their pricing models.

The types of vehicles driven in Colorado also contribute to the lower insurance costs. Trucks, SUVs and other larger vehicles tend to be more expensive to insure due to higher repair costs. Colorado has a lower percentage of these larger vehicles compared to the national average.

Finally, Colorado’s mandatory minimum insurance requirements are lower than some other states. The state only requires drivers to carry $25,000 in bodily injury coverage per person and $50,000 in property damage liability coverage. Some states require two or three times that amount of coverage. This allows Colorado drivers to opt for less expensive basic insurance plans.

The 10 Largest Colorado Car Insurance Companies

Colorado has a competitive auto insurance market with many large insurance providers to choose from. Here are the 10 largest car insurance companies in Colorado based on market share:

  1. State Farm – State Farm has the largest market share of around 17% in Colorado. It offers some of the most affordable rates for car insurance in the state.
  2. Progressive – Progressive has the second largest market share of around 12% in Colorado. It is known for offering very customizable policies.
  3. GEICO – GEICO has a market share of around 11% in Colorado. It is known for offering some of the most affordable rates, especially for younger drivers.
  4. Allstate – Allstate has a market share of around 8% in Colorado. It offers a wide range of coverage options and discounts.
  5. Farmers – Farmers has a market share of around 6% in Colorado. It is known for offering many discounts and incentives for good drivers.
  6. Liberty Mutual – Liberty Mutual has a market share of around 5% in Colorado. It is known for offering higher liability limits.
  7. USAA – USAA has a market share of around 4% in Colorado. However, USAA is only available to members of the military and their families.
  8. Nationwide – Nationwide has a market share of around 4% in Colorado. It offers many discounts and incentives for safe drivers.
  9. The Hartford – The Hartford has a market share of around 3% in Colorado. It is known for offering affordable insurance rates.
  10. Travelers – Travelers has a market share of around 2% in Colorado. It is known for offering customized coverage options.