Auto insurance in Colorado is a necessity for drivers. However, auto insurance rates can vary greatly depending on the carrier and your driving history. AutoinsurenceIT provides auto insurance ratings for Colorado’s top car insurance companies to help you find affordable coverage with excellent customer service. These rankings will reveal a savings of $1,389 when comparing auto premiums from top-rated carriers in Colorado!
Cheapest Minimum Liability Car Insurance Companies and Quotes in Colorado
Car insurance costs in Colorado depend on various factors, and the cheapest car insurance policy in the state is a liability coverage policy meeting the minimum insurance requirements. The companies with the lowest rates for minimum liability coverage in Colorado are on average:
- USAA: $295 per year (Only people who are former military members or who used to be in the military can get this.)
- GEICO: $373 per year
Progressive is the most expensive company for the same coverage. It charges an average of $1,369 per year.
Average Cost For Liability Coverage
The estimated costs above are what an average driver pays for car insurance in Colorado. They can help you compare rates and find the best deal available. These estimates for the average Colorado driver cannot be used to compare insurance rates.
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Colorado offers a few different policies, but the liability-only option only covers bodily injury and property damage liability. It’s not worth it for drivers looking to protect themselves from their vehicle costs or personal medical expenses so be sure to choose full coverage insurance.
Cheapest Coverage Auto Insurance in Colorado
Full coverage car insurance generally costs more than liability-only coverage because it provides more protection, such as for your medical and auto repair expenses if you’re in an accident. When shopping for rates, ask carriers about their discounts and see what quotes you can get. The cheapest companies for providing full coverage auto insurance in Colorado are on average:
- USAA: $695 per year (This program is only available to soldiers, veterans, and their families.)
- GEICO: $872 per year
The company with the highest rates for full coverage, according to AutoinsuranceIT’s rankings, is MetLife at an average of $2,084 per year.
Prehensive and Collision Rates In Colorado
In Colorado, the average driver has to deal with pricey car insurance. With comprehensive and collision coverage as well as $100k/$300k/$100K respectively for bodily injury liability per person, accident, or property damage per incident you can be sure your policy will cost more than it would in other states such as New York which is a hefty 43% less expensive on average!
The prices highlighted above are for an average driver in Colorado who needs to buy auto insurance with comprehensive collision care that includes up to $150 thousand dollars worth of coverage each time someone gets hurt when they total another vehicle while driving one’s own or if their automobile damages somebody else’s home or business within 100 miles from where the crash occurred.
The Best Car Insurance Companies in Colorado for 2021
The top-rated auto insurers in Colorado for most drivers are:
- Best Overall: State Farm
- Runner-up: GEICO
USAA received the top rating in Colorado, but it is impossible to buy policies from this company because they are only available for military members. Using certain measures, such as affordability, claims history, customer satisfaction, and financial strength, MoneyGeek compiled a list of which car insurance companies are the best in Colorado. To evaluate the best car insurance companies in Colorado, MoneyGeek used J.D. Power’s U.S. Auto Insurance Study, AM Best’s financial strength ratings, and industry standards for rating and reviewing carriers: each criterion was weighted equally to get a final score out of 100.
USAA, an auto insurance company available only to military members and their families, ranks at the top of Colorado’s list. The company has excellent ratings for affordability, customer satisfaction, and claims processing even though it is not open to the public.
More About USAA
USAA Car Insurance ranks as the top car insurance provider in Colorado and provides lower rates if parents also have USAA coverage. Policyholders are entitled to these reduced rates if they or their parents are active members of the military stationed on base with a car. State Farm ranked second on the list, with an excellent customer satisfaction score. They offer subsidized payment plans for students until they reach 25 years old. Lower your annual premiums by $1,389 when comparing top Colorado providers!
After comparing rates from all of these providers, we found that State Farm’s coverage was one of the best available in Colorado. With excellent customer satisfaction and financial stability scores, this company is a viable option if you are looking for affordable options. Plus their subsidy program for student drivers has no limits – it continues until the driver reaches 25 years of age!
More About STATE FARM
Drivers looking for comprehensive insurance coverage may wish to purchase their policy from State Farm. ExpressScripts plans allow members who offer rides through services like Uber or Lyft to pay only $for prescriptions, eliminating the need for more expensive insurance rates and co-pays. The TurboTax Self-Employed app allows you to understand your tax obligations in various ways, making it an excellent resource. Although USAA scores high in many areas, this carrier is only available to military members and their families.
List of the Largest Insurance Companies in Colorado
When it comes to auto insurance, you really get what you pay for. According to market share, the three largest insurers in Colorado are State Farm (18.3%), Progressive (10.9%) and USAA (10.5%). Companies with a high market share tend to present more stability and settle legitimate customer claims better than smaller companies. These scores do not mean that the top scorers are the best option for all drivers. however, a variety of factors contribute to the cost.
How to Find Cheap Car Insurance Quotes In Colorado Online
Getting quotes takes only a few minutes online from any rated auto insurance provider.
- When getting an insurance quote in Colorado, it’s important to specify the same coverage limit for every provider. For example, if you request a $50,000 per accident bodily liability insurance policy from one company, be sure that every other provider will also carry this policy.
- USAA, GEICO, and State Farm are three of Colorado’s most affordable car insurance companies for minimum liability coverage.
Getting the best car insurance quotes is important because rates can vary greatly, and this article will help you find the right quote.
What Is the Average Cost of Car Insurance in Colorado?
Colorado drivers can use MoneyGeek to determine how much they should pay for their car insurance. The average rates in Colorado are $1,895 for a comprehensive and collision policy. The typical driver is a 40-year-old male who drives a Toyota Camry without any accidents or speeding tickets on his record.
- Average Driver: $1,450
- DUI: $2,187
- Speeding Ticket: $1,701
- Poor Credit Score: $2,421
- Seniors: $1,575
- Students: $3,407
Cheapest Car Insurance for Drivers With a DUI in Colorado
Drivers with DUIs in Colorado are considered high-risk and pay higher rates for car insurance. A driver with a DUI will typically pay $2,187 per year while the average driver without a clean record pays $1,450. The following providers are the cheapest on average for full coverage car insurance in Colorado:
- State Farm: $1,251 per year
- USAA: 1,348 per year (Only military people and their families can get this.)
Though GEICO ranks as the second-most affordable car insurer for drivers with a clean driving history, State Farm offers lower rates to those who have been convicted of DUI.
Average Car Insurance Rates With A Dui
Driving drunk can not only be dangerous for you and others, but it can also put a big dent in your wallet. The Centers for Disease Control and Prevention states that 1,548 people were killed in traffic crashes due to driver intoxication between 2008 to 2019 in Colorado. During the 30 days before being surveyed, 1.8% of adults reported driving after having too much to drink.
In the state of Colorado, driving under the influence will typically result in hefty fines and court costs and increased auto insurance premiums. To save money on your premium, it’s recommended to shop around because if you have a DUI, your car insurance premiums will be more expensive.
DUI costs are complicated. It is difficult to estimate the additional costs until a person commits a DUI, but it’s possible that their insurance cost could increase as much as $40,000 in 13 years. Maintaining a clean driving record after receiving your DUI can help you save significant money over time by avoiding costly fines and reducing car insurance premium rates.
How to Cheaply and Effectively Get Auto Insurance in Colorado
Speeding tickets can increase your car insurance rates. While drivers in Colorado pay an average of $1,701 per year with a ticket, those whom the police have never pulled over only spend about $252 more than their peers. The cheapest car insurance providers in Colorado for a full coverage policy with a speeding ticket are:
- USAA: $848 annually (Military members, veterans, and their families can only use this program.
- GEICO: $1,108 per year
USAA and GEICO provide the best rates for drivers with clean driving histories or those who don’t have speeding tickets.
Average Car Insurance Rates With A Ticket
Driving while distracted can be a risk of accidents. If you get caught speeding or texting, this could lead to increased car insurance premiums and even more accidents in the future. Colorado state laws prohibit handheld device use by drivers younger than 18 years old; so if your child is about to take his driver’s license exam before he becomes an adult, remind him that it might not make sense financially when considering higher rates with higher accident risks!
When you get a speeding or distracted driving ticket, your rates may increase depending on the insurer. Your insurer can also re-evaluate your rates if you get a moving violation, but you can also look for other insurance options. Shopping around after getting a ticket could help lower your premiums than staying with the previous provider.
Cheapest car insurance for people with bad credit in Colorado
Low-credit score drivers must pay higher premiums than high-score drivers regarding auto insurance. Colorado drivers with poor credit scores can pay up to $2,421 per year for car insurance, which is a $1,000 premium more than drivers with good credit. The insurance companies that provide the best rates for people with bad credit are:
- USAA: $1,230 annually (Only available for military members, veterans, and their families.)
- GEICO: $1,280 per year
MetLife has the most expensive insurance for people with bad credit in Colorado, at $4146.00 annually.
Average Car Insurance Rates For Drivers With Bad Credit
In Colorado, the average credit score of 718 is above the national average of 703; Experian reported a credit score average of 691 for Americans in 2014. If you have poor credit, you may want to compare rates from multiple insurers before finalizing your policy because good drivers can differ greatly around the country and it’s possible that they’ll be cheaper elsewhere. It can take some time to improve your credit score, but doing so can have far-reaching benefits in the long run – including increased affordability of insurance rates and other areas.
Cheapest Car Insurance in Colorado for Seniors
Residents of Colorado over the age of 55 will likely spend more at this age because their rates are higher. For seniors, the average annual auto insurance premium is $1,575. This is roughly $125 more than a driver in their forties with similar coverage would pay yearly. The cheapest drivers in Colorado with full coverage for seniors are:
- USAA: $788 per year (Only military members, veterans, and their families are eligible for this.)
- State Farm: $1,127 per year
The Farm Bureau Colorado charges the highest rates for seniors, with a typical annual premium of $2, 205.
Average Car Insurance Rates For Seniors
Seniors may find that their car insurance rates increase as they age. There are discounts and options available for seniors, but some companies may raise rates for older drivers. If you drive infrequently, take a driver safety class, or have a vehicle with enhanced safety features you may qualify for additional discounts. In Colorado, drivers age 61 and older must reapply for their driver’s license at least every five years. Applicants are accepted up to 100 miles from the original license location and test results are mailed to applicants’ home addresses. Drivers aged 55 years and older may be eligible for an auto insurance discount; the size of the discount varies between 10% to 15%.
Cheapest Car Insurance for Students in Colorado
Car insurance companies in Colorado ask for a higher premium from drivers with no experience than those with more experience. A student driver pays an average of $3,407 per year to ensure their vehicle; this is 67% more than the average cost paid in the state. The cheapest insurance companies for student drivers in Colorado are, on average:
- Allstate: $2,178 per year
- GEICO: $3,149 per year
USAA car insurance rates are helpful for drivers with a clean record and drivers who have taken speeding tickets or senior citizens.
Average Car Insurance Rates For Students
Tragedy strikes all too often. In Colorado, crash rates for teen drivers 16 to 19 have been as much as four times the rate of accidents for older drivers according to CDOT. If you are a parent and your child is just beginning to drive, visit this CDOT page for important guidelines about keeping them safe.
You’ll find helpful tips including how many hours they should be driving at one time before taking their driver’s test, what direction traffic flows in different parts of town; that it may not always be wise or necessary to wear seat belts if there is no passenger with whom one must share space in an emergency situation – information which might come into play when considering whether or not. Based on different pricing options, estimates show a potential savings of $1,389 for teenage or college-aged drivers in Colorado.
Auto Insurance for Military Drivers and Veterans
Colorado has 34,000 active-duty military personnel. It has more than 10 times the number of people on active duty in neighboring Wyoming. Military men and women can take advantage of discounts available to them on car insurance by calling around or researching online for the best deals. The Colorado DMV exempts certain military personnel from state ownership taxes but must maintain their vehicles with an appropriate driver’s insurance policy. To be eligible for the exemption, service members must complete and submit a Nonresidents and Military Service Exemption from Specific Ownership Tax Affidavit (Form DR 2667) to the county’s tax office.
Auto Insurance in Colorado: What You Need to Know
Drivers in Colorado must purchase an auto before registering their vehicle or using it on the state’s roads.
Proof of Insurance in Colorado
Colorado requires you to provide proof of car insurance in the form of either a current insurance card or a driver’s license picture on a cell phone.:
- You need to show your car insurance policy, which has your name and car license on it.
- A letter from your insurance company is a good way to show you are insured.
- A printed document from an insurance company
- Fax of proof of insurance
- Email from your car insurance company
You need your auto insurance in Colorado to show that you have it.
- When you get your car, you need to register it. (or renew the registration)
- If a police officer asks for your license, show them.
- If you get into a crash.
Minimum Liability Insurance Requirements in Colorado
Automobile insurance is compulsory in Colorado and covers bodily injury to another person, damage to property, or the insured’s vehicle when the owner is at fault for an accident. The state requires that you purchase the following insurance:
- If someone is hurt or killed in an accident, they might have to pay the person $25,000.
- you would have to pay $50,000 if someone gets hurt or dies in your house.
- If you are in an accident and it is your fault, you must pay up to $15,000 for property damage.
At a minimum, you should require liability coverage of $100,000/$300,000 for yourself and your passengers per incident. If you’ve got debt on your vehicle, consider comprehensive and collision insurance to pay for damages to your automobile.
High-Risk Auto Insurance Program in Colorado
If you need to buy automobile insurance in Colorado, but all other requirements are met and your company is not licensed to carry auto insurance for state residents, we recommend submitting an application for Colorado’s Motor Vehicle Insurance Plan (CO AIP), which provides discounted rates.
Alternatives to Insurance in Colorado
Drivers in Colorado must purchase a car insurance policy or pay the state’s collateral of $35,000.
How Much Coverage Do You Need in Colorado?
State minimum coverage of 25/50 is less than experts recommend–100/300. When you factor in the possibility of sizable hospital expenses or personal injury claims, this becomes apparent: at-fault drivers are not expected to cover more than $50,000 each and anything beyond that amount is the responsibility of high-risk drivers like college students taking out their first car insurance policy for themselves. The high insurance cost may push some drivers to leave their policies unpaid.
Therefore, it could be wise to consider uninsured/underinsured motorist coverage to minimize your risk. Lastly, collision and comprehensive coverage provide peace of mind if your vehicle sustains damage. For example, if you are at fault or your car is damaged during a severe storm, these policies protect you from any related financial losses. That said, there may be instances when older cars with little resale value can’t justify the purchase of such policies.
Conclusion
Colorado drivers can save big by comparing their auto insurance rates. With our rankings, you’ll be able to find the best cheap Colorado car insurance quotes from top-rated carriers in Colorado!
