Car Insurance In Colorado

Best Ways To Get Affordable Car Insurance In Colorado

Finding the cheapest auto insurance company in Colorado is not always easy. You may have to pull out your calculator and start punching.

The car insurance company that is cheapest for you can vary based on several factors like your driving record, credit score, age, and many more.

Some Cheap Car Insurance Providers In Colorado

Geico

Known for offering low premiums to customers, Geico’s average rates in Colorado are not an exception. Geico offers great discounts that help you save additional money on your policy. 

State Farm

State Farm is the largest car insurance company with a 16.2% market share in the US. State Farm has hundreds of local agents in Colorado that help them provide physical services to their customers. The company is a good choice if you like to handle your insurance needs in person. It is also an online presence and a mobile app that can handle your insurance needs digitally. 

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Progressive

The auto insurance company’s average premium for full coverage is high and it offers a good number of perks that makes its high average premium worthwhile. However, the company also offers other products like business insurance and home insurance. So if you’d want one insurance provider to take care of your other needs, you should consider Progressive.

American Family

The American family was ranked with the highest overall customer satisfaction in the 2021 J.D. Power Southwest Region Study. The company offers incredible discounts that can help you save some money and lower your premium. The company’s insurance policies can be personalized to help you fix your coverage to suit your needs.

Allstate

Allstate auto insurance offers good rates and also gives great discounts to help you save. The company offers options like accident forgiveness, ridesharing coverage, and sound system equipment coverage for personalizing your insurance policy for greater financial protection.

Average Cost Of Car Insurance In Colorado

Colorado drivers pay an average annual premium of $2,016 per year for full coverage and $518 for minimum coverage according to rate data from Quadrant Information Services In 2021. 

Many factors contribute to higher average full coverage rates in Colorado. Factors like the type and make of your vehicle, the insurer you choose, age, gender, coverage types and deductibles, geographic location, credit score, marital status, and driving history to determine your auto insurance rates. Your premium is likely to be different from average drivers in Colorado because it is determined by so many personal factors.

Car Insurance Discounts In Colorado

Discounts among auto insurance companies vary. The best way to access the discounts they offer is by seeking advice from a licensed insurance professional or a customer service personnel in your insurance company. Some common discounts they offer include;

•Safe Driver Discounts: Being a safe driver can earn you some discounts. You could qualify for a discount if your vehicle has features like anti-lock brakes, and side curtain airbags or you exhibit safe driving practices.

• Discounts For Young Drivers: Good students discounts, driver education discounts, and student away at school discounts can be given to young drivers if they qualify.

Cheap Colorado Car Insurance For Good Drivers

Being a good driver is both safe and beneficial. Geico offers the best rates for good drivers in Colorado. Compared to other motorists, good drivers without accidents, any recent claims, or tickets pay less.

Cheap Colorado Car Insurance For Drivers With A Speeding Ticket

On average, a speeding ticket increases your auto insurance rates by over $300.

With USAA coming second, Geico has the best rates for drivers with a speeding ticket. Although USAA is available only to veterans, military members and their families. 

Cheap Car Insurance For Drivers Who Caused An Accident With Injury Colorado 

An at-fault accident that results in an injury raises your premium by an average of 33%, according to Forbes Advisor analysis of large insurance companies.

Colorado Farm Bureau Mutual offers the best rates for drivers involved in accidents resulting in injury.

Shopping around for the best quotes from multiple insurance companies and comparing them may save you a lot of money.

Cheap Colorado Car Insurance For Drivers With A DUI

A DUI conviction increases auto insurance rates by about 42% on average in Colorado. However, State Farm’s premiums increase only by an average of 7% after a conviction. For drivers with a recent DUI conviction in Colorado, State Farm is the cheapest for you as it has the lowest premiums followed by Colorado Farm Bureau.

Cheap Colorado Car Insurance For Drivers With Poor Credit

As much as your driving record plays an important role in determining your rates, so does your credit history. On average, over $1,400 is added to your insurance premium annually when you have a poor credit history. Geico offers the cheapest rates for drivers with a poor credit history followed closely by Nationwide.

Cheap Colorado Car Insurance For Teen Drivers

Your car insurance rates nearly double when you are a teen to your policy. However, Nationwide offers a far lesser rate to parents who adds a teen to their policy as well as Geico.

Good student discounts also help to save some money.

Cheap Colorado Car Insurance For Young Drivers (18 to 25)

Young drivers pay more for auto insurance compared to more experienced drivers. Car insurance rates, however, decrease as you gain more experience and have a record of good driving. Make sure to look at Geico when shopping for a policy as they provide the best rates.

Cheap Colorado Car Insurance For Seniors

Senior drivers pay more than middle-aged drivers as they age because insurance companies view them as a higher risk.

Geico offers great rates for senior drivers. If you are looking to save some cash, you should consider using them as your insurer.

Requirements For Auto Insurance In Colorado

Liability Car Insurance is the basic insurance you must buy if you own a car in Colorado. If you’re involved in an accident, your liability car insurance covers your bill for the damage and injury you cause to the other person.

Car owners in Colorado must purchase at least:

· $25,000 for bodily injury to one person

· $50,000 for bodily injury to multiple people in one accident

· $15,000 for property damage in one accident

Usually, this is written as 25/50/15.

However, it is advised to purchase more than the minimum requirements. In cases where you cause an accident and the victim sustains multiple injuries and your minimum insurance is not enough to set to cover the bills, you could be sued for the rest. And trust me, your insurer should handle your bills instead of you fighting a lawsuit. 

The State Of Colorado also requires your car insurance company to offer you  Uninsured Motorist covers, UM and Underinsured Motorist coverage, and UIM. While the UM pays for car damage and injuries when a driver with no insurance causes an accident, the UIM pays for car damage and injuries when a driver who doesn’t have enough insurance causes an accident.

You can reject this coverage in writing.

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