Average Car Insurance Rates Colorado: What to Expect

Quadrant Information Services found that car insurance in Colorado costs about $3,259 a year for full coverage. For minimum coverage, it’s around $582 annually. Colorado’s full coverage rates are a bit higher than the national average. But, its minimum coverage rates are lower.

The actual cost of insurance in Colorado can change. This depends on where you live, your driving record, and other factors.

Key Takeaways

• The average cost of full coverage car insurance in Colorado is $3,259 per year, which is $930 more than the national average.
• Minimum coverage car insurance in Colorado averages $582 per year, $51 less than the national average.
• Geico and American National offer the cheapest average rates for both full coverage and minimum coverage in Colorado.
• Aurora has the highest average annual rates for both full coverage ($3,647) and minimum coverage ($722) among Colorado cities.
• The average cost of a full-coverage policy in Colorado is $2,173 per year or $181 per month.

Colorado Car Insurance Costs: An Overview

In Colorado, car insurance costs an average of $3,259 per year for full coverage and $582 for minimum coverage. These figures come from Quadrant Information Services. They show the range of premiums Colorado drivers might see.

Average Annual Premiums for Full and Minimum Coverage

The average yearly premium for full coverage in Colorado is $3,259. For minimum coverage, it’s $582. These rates change a lot based on things like age, driving history, credit score, and the car type.

Factors Influencing Premiums in the Centennial State

• Location: Accidents, repair costs, theft, and vandalism rates in an area affect premiums.
• Driving Record: A history of accidents or traffic violations can lead to higher rates.
• Age: Young drivers, especially those under 25, often pay more due to less experience.
• Credit Score: Insurers look at a driver’s credit history when setting rates.
• Vehicle Type: The car’s make, model, and age can change coverage costs.

State laws and living costs in Colorado also affect car insurance prices.

Cheapest Car Insurance Companies in Colorado

Looking for affordable car insurance in Colorado? Some companies are more budget-friendly than others. Southern Farm Bureau, Geico, and State Farm are the cheapest for minimum liability coverage.

Top Providers for Minimum Liability Coverage

Southern Farm Bureau has the lowest rate for minimum coverage at $275 a year. Geico is close with an average of $337, and State Farm is at $370. These companies offer great deals for drivers needing the state’s minimum insurance.

Best Options for Full Coverage Policies

For those needing best full coverage car insurance, Geico, State Farm, and Southern Farm Bureau are top picks. Geico offers the cheapest full coverage at $1,306 a year. State Farm is at $1,623, and Southern Farm Bureau is at $1,673. These best car insurance companies colorado provide good coverage at lower costs.

By checking out the cheapest car insurance colorado options, drivers can find best full coverage car insurance colorado. This way, they get the coverage they need without breaking the bank.

Average Car Insurance Rates by City

Car insurance rates in Colorado vary a lot depending on where you live. The city with the highest average annual rates for full coverage is Aurora at $3,647. On the other hand, Fort Collins has the lowest rates. Other big cities like Denver ($1,142), Colorado Springs ($1,014), and Pueblo ($1,063) also have higher premiums.

These differences come from things like accident rates, crime levels, and living costs. Cities with more people and busy roads tend to have more accidents. This leads to higher insurance costs for people living there.

The variance in car insurance rates between the most and least expensive cities in Colorado is 24%. Drivers in Aurora pay about $1,762 more per year for full coverage than those in Fort Collins. This shows how important it is to shop around and compare quotes for the best car insurance rates in Colorado.

How Age Affects Car Insurance Costs in Colorado

Age is a big factor in car insurance rates in Colorado. Young drivers, especially those under 25, pay much more than older drivers. For instance, a 16-year-old male can expect to pay about $2,994 a year if added to a family policy. By the time they turn 30, rates go down, with an average of $1,346 a year for full coverage.

Rates for Young Drivers and Teens

Young drivers and teens in Colorado face high insurance costs because they are less experienced and more likely to have accidents. The average annual premium for a 16-year-old female is $6,408, while for a 16-year-old male, it’s $7,188. As they get into their 20s, rates drop. For example, 20-year-old females pay about $3,100 and males pay $3,536 a year.

Young drivers and teens in Colorado pay more because they are more likely to have accidents and traffic violations. But, as they get more experience and drive safely, their rates go down over time.

The Impact of Driving Record on Premiums

Your driving record is key to your car insurance rates in Colorado. If you have a clean record with no accidents or violations, you’ll likely pay less for insurance. But, if you’ve had a speeding ticket, accident, or DUI, your rates could go up a lot.

Colorado drivers with a recent speeding ticket pay about $600 more each year for full coverage than those with a clean record. Traffic violations like speeding, running red lights, and reckless driving can raise your insurance costs. The worse the offense, the bigger the rate increase.

Accidents in Colorado also play a big role. Being at fault in an accident usually means higher rate hikes than if someone else was at fault. Serious issues like DUIs, driving without insurance, or leaving the scene of an accident can lead to big premium increases. These actions show high-risk driving to insurers.

But, there’s good news. You can lower the effect of your driving record on your insurance costs in Colorado. By driving better, taking defensive driving courses, and adding safety features to your car, you can reduce your rates. Also, comparing quotes from different insurers can help you find cheaper coverage.

“Your driving history is one of the most important factors insurers use to determine your Colorado car insurance rates. Taking steps to maintain a clean record can save you hundreds, if not thousands, of dollars each year.”

Credit Score’s Influence on Colorado Car Insurance Rates

In Colorado, your credit score greatly affects your car insurance costs. Insurers use credit scores to figure out risk and set premiums. Drivers with great credit pay less, while those with bad credit pay more.

Our research shows that drivers with an excellent credit score of 800 or higher pay about $2,031 a year for full coverage insurance. Those with poor credit might pay around $4,366 or more for the same coverage. This means drivers with poor credit could pay over 115% more than those with excellent credit.

Colorado law says insurers can’t deny or cancel coverage just because of credit. They also can’t use income, gender, address, ethnicity, religion, marital status, or nationality to set credit scores.

If an insurer acts negatively based on credit, they must give you a phone number for the consumer reporting agency and a free credit report. They also can’t use non-consumer initiated or insurance inquiries as negative factors in Colorado.

Credit scores also affect car insurance rates nationwide. Drivers with poor credit pay much more than those with excellent credit. The national average for full coverage premiums for drivers with poor credit is $4,801, while those with excellent credit pay about $2,200.

Some states limit or ban the use of credit in setting auto insurance rates. California, Hawaii, Massachusetts, and Michigan are examples. They restrict or ban using credit to determine insurance rates.

In conclusion, Colorado drivers should know how their credit score affects their car insurance costs. By keeping a good credit score, they can save a lot on their annual premiums.

Vehicle Type and Its Effect on Costs

The type of vehicle you drive can greatly affect your car insurance rates in Colorado. Things like the car’s value, safety features, and theft risk matter. Generally, pricier, high-performance, and luxury cars cost more to insure.

Rates by Car Make and Model

Our study found big differences in car insurance costs based on the make and model in Colorado. Some cars cost hundreds or even thousands more to insure than others.

High-end and luxury cars, however, have much higher insurance costs:

Knowing how the type of vehicle affects car insurance rates by vehicle colorado is key when looking for coverage. Drivers should check the insurance costs for different cars to find the best deals for their needs.

average car insurance rates colorado

Car insurance costs in Colorado have gone up, making it one of the pricier states for auto coverage. The average cost of car insurance in Colorado is $3,259 a year for full coverage and $582 for minimum coverage. These numbers come from Quadrant Information Services and show the average across the state. But, the actual cost can change based on the driver, the car, and where you live.

Things like age, driving record, credit score, and coverage level affect car insurance rates in Colorado. Drivers can try to lower their costs by comparing rates, picking a higher deductible, looking into usage-based insurance (UBI), improving their credit score, and driving less if they can work from home.

Looking into auto insurance trends in Colorado is tough because of things like weather, new tech, and theft rates. But, it’s clear that car insurance costs are going up for drivers in the state. By understanding what affects these rates and finding ways to save, Colorado residents can get coverage that fits their budget.

“In 2023, typical full-coverage car insurance premiums in Colorado increased by 16.8%.”

With car insurance costs rising in Colorado, drivers need to stay informed and proactive. By keeping up with trends and using all the resources available, Colorado residents can find the best rates for their situation.

Conclusion

Car insurance rates in Colorado change a lot based on different factors. The average cost for full coverage is $2,022 a year, while minimum coverage is $522. Companies like Geico, USAA, and State Farm offer the best deals for full and minimum coverage.

But, your exact rate depends on your personal info, driving history, and the car you insure. Knowing what affects car insurance costs in Colorado helps drivers make smart choices. They can find the right coverage that fits their needs.

With rising premiums and more uninsured drivers, it’s key for Colorado folks to keep up with trends. They should look at all options to get the best coverage at a good price.

This article shows the importance of Colorado drivers being proactive and smart with their car insurance. By staying informed and choosing the best rates and coverage, they can protect themselves on the roads. And they can also keep their insurance costs down.

Source Links

• Average Cost of Car Insurance in Colorado in 2024 | Bankrate
• Cheapest Car Insurance in Colorado
• How Much Is Car Insurance in Colorado? (August 2024)
• Cheap Car Insurance in Colorado for August 2024 – NerdWallet
• Colorado car owners seeing increasingly higher insurance premiums compared to other states
• Cheapest Car Insurance in Colorado (2024) | LendingTree
• Cheapest Car Insurance in Colorado for 2024 | Bankrate
• The Average Cost of Car Insurance in Colorado
• Average car insurance rates by state, with interactive map
• Car insurance rates by city in 2023