Finding affordable car insurance in Colorado can be tough. The MarketWatch Guides team says the average cost of car insurance in Colorado is $2,173 per year or $181 per month for a full-coverage policy. For just the minimum liability coverage, it’s $566 per year or $47 per month. This is 9% lower than the national average.
Despite these high prices, there are some cheapest car insurance companies in Colorado. They include Geico, Southern Farm Bureau, USAA, State Farm, and Nationwide. These companies offer competitive rates.
This article will look at affordable coverage options. It will compare rates and give expert advice. This will help Colorado drivers find the best auto insurance protection. Whether you want cheap auto insurance in Colorado or the best auto insurance in Colorado, this guide will help you make a smart choice.
Key Takeaways
- The average cost of full coverage car insurance in Colorado is $2,173 per year.
- Minimum liability coverage in Colorado costs $566 per year on average, 9% lower than the national average.
- Geico, Southern Farm Bureau, USAA, State Farm, and Nationwide offer the cheapest car insurance rates in Colorado.
- Affordable coverage options and expert advice are available to help Colorado drivers find the best auto insurance protection.
- This guide will explore cost-saving strategies and compare top insurance providers in the state.
The Cheapest Car Insurance Companies in Colorado
Looking for cheap car insurance in Colorado? Several companies are known for their low prices. A recent study looked at over 106,000 quotes. The cheapest auto insurance providers colorado are Geico, Southern Farm Bureau, USAA, State Farm, and Nationwide.
Large Insurers with Low Rates
Geico is a top choice for affordable insurance in Colorado. They offer the lowest rates for basic and full coverage. State Farm, Nationwide, Progressive, and Allstate also have great deals for Colorado drivers.
Mid-Size Companies to Consider
For those looking at mid-size car insurance companies colorado, check out Southern Farm Bureau, Auto-Owners Insurance, and American Family Insurance. Southern Farm Bureau has the cheapest rates for basic and full coverage. Auto-Owners and American Family Insurance also offer good prices and discounts.
“The analysis of over 106,000 quotes revealed that American National P&C offered the cheapest minimum liability car insurance in Colorado at $283 per year.”
Minimum Liability vs Full Coverage Costs
In Colorado, car insurance costs change based on the coverage level you pick. The cheapest choice is usually a minimum liability-only policy, costing as little as $23 a month or $275 a year with companies like Southern Farm Bureau.
For more full coverage, the average cost is higher. Geico offers the lowest at $109 a month or $1,306 a year. Choosing the state’s minimum liability saves money at first. But, full coverage gives better protection if you’re in an accident. It covers your car and also pays for injuries or damage to others.
| Coverage Type | Average Monthly Cost | Average Annual Cost |
|---|---|---|
| Minimum Liability | $23 | $275 |
| Full Coverage | $109 | $1,306 |
Choosing the right car insurance in Colorado means balancing cost and protection. Knowing the minimum car insurance requirements and comparing full coverage auto insurance costs helps you make a smart choice. This way, you protect your budget and your safety.
“In Colorado, most insurers recommend bodily injury liability limits of at least $100,000 per person and $300,000 per occurrence, even though the state only mandates $25,000/$50,000 limits.”
Auto Insurance Rates by Driver Age
In Colorado, the age of the driver greatly affects car insurance rates. Young drivers, especially, pay more because they have less experience driving. [https://www.marketwatch.com/guides/insurance-services/car-insurance-rates-by-age/]
Cheap Car Insurance for Young Drivers
For 16-year-olds in Colorado, Southern Farm Bureau offers the cheapest full coverage at $303 per month. Rates go down for 17-year-olds ($231 per month) and 18-year-olds ($218 per month) with the same company. Geico gives the best rates for 19-year-olds ($161 per month) and 25-year-olds ($121 per month). This makes Geico a great choice for young drivers in Colorado looking for affordable auto insurance for young drivers colorado.
| Age | Cheapest Insurer | Monthly Premium |
|---|---|---|
| 16 | Southern Farm Bureau | $303 |
| 17 | Southern Farm Bureau | $231 |
| 18 | Southern Farm Bureau | $218 |
| 19 | Geico | $161 |
| 25 | Geico | $121 |
Finding the best insurance companies for young colorado drivers with low premiums is key. It helps with car insurance rates by age colorado and finding affordable coverage.
“Younger drivers in Colorado often face much higher car insurance rates due to their lack of experience.”
Affordable Options for Senior Drivers
Senior drivers in Colorado can find affordable car insurance rates from providers like Geico. Geico offers the lowest average full coverage rates at $94 per month for 65-year-old drivers. For 70-year-old drivers, the rate is $107 per month. State Farm, Nationwide, and Southern Farm Bureau also offer competitive rates for older adults.
Good driving records and low annual mileage can help seniors get discounts. This keeps their car insurance costs down. Travelers offers the cheapest full-coverage insurance for seniors at $1,753 per year or $146 per month. USAA provides affordable full-coverage insurance at $1,840 per year or $153 per month for military members and their families.
Nationwide is a great choice for seniors looking for usage-based car insurance. This can lead to more savings based on driving habits. On average, seniors in Colorado pay $2,606 per year or $217 per month for car insurance coverage.
“Seniors can find significant savings on their car insurance by taking advantage of discounts and exploring options from providers that cater to their specific needs.”
Whether you’re 65 or 75, it’s key to shop around and compare car insurance rates for older drivers in Colorado. This way, you can find the most discounted coverage for retirees in Colorado. With the right plan, you can ensure you’re getting the best auto insurance for seniors in Colorado at a price that fits your budget.
How Poor Driving Records Impact Rates
Drivers in Colorado with a history of traffic violations, accidents, or DUIs pay much higher car insurance rates. Our research shows that car insurance rates after accidents or tickets colorado can jump by up to 21% on average.
For instance, the average rate of full coverage car insurance after a speeding ticket in Colorado is $3,397 a year. This is more than the $2,796 for drivers with no tickets. It’s also above the national average of $2,311 for full coverage after a speeding ticket.
The impact of driving history on premiums in colorado depends on the severity of the infraction. Minor speeding tickets might just raise rates a little. But serious offenses like driving under the influence (DUI) or reckless driving can greatly increase premiums.
Some insurance costs for drivers with violations colorado can be lowered. Companies like American National, Southern Farm Bureau Casualty, Geico, USAA, and Auto-Owners offer cheaper rates for drivers with past tickets. These rates can be reduced by 12% to 25%.
Keeping a clean driving record is key to getting the best affordable auto insurance in Colorado. Taking defensive driving courses, driving safely, and comparing rates can help lower premiums for drivers with past tickets.
| Violation | Average Rate Increase |
|---|---|
| Speeding Ticket | 21% |
| At-Fault Accident | 32% |
| DUI | 79% |
The table shows how different driving violations affect car insurance rates after accidents or tickets colorado. Drivers should be careful on the road to keep insurance costs down.
Implications of Bad Credit Scores
In Colorado, your credit score can really affect your car insurance rates. Drivers with low credit scores usually pay more to insurers like GEICO, State Farm, and Nationwide. For instance, GEICO charges $216 a month for full coverage for those with poor credit. Nationwide averages $173.
Having a good credit score is key to getting cheaper insurance in Colorado. Drivers with poor credit can pay up to 137% more. A 35-year-old with good credit pays about $2,008 a year. But someone with poor credit pays $3,829, almost $2,000 more.
| Insurance Company | Average Monthly Cost for Drivers with Poor Credit |
|---|---|
| USAA | $228 |
| GEICO | $216 |
| Nationwide | $173 |
| Progressive | $331 |
| Erie Insurance | $227 |
| American Family Insurance | $240 |
| Travelers | $252 |
To find the cheapest car insurance rates in Colorado, it’s important to compare quotes from different insurers. Improving your credit can help lower your insurance costs in Colorado.
“Credit history has a significant impact on car insurance rates, with drivers with poor credit paying nearly 80% more than those with good credit.”
auto insurance colorado: Comparing Top Providers
Finding the best auto insurance in Colorado means looking at the top providers and their offerings. Geico, State Farm, Nationwide, Southern Farm Bureau, and USAA are leaders in the state. They offer great coverage, affordable prices, and reliable service.
USAA is the top choice in Colorado, with a 9.2 out of 10 rating. It’s known for its strong reputation, wide range of coverage, and happy customers. Geico is right behind, scoring 9.1 out of 10. It’s great for its availability and coverage, even if its cost and service are just average.
Southern Farm Bureau gets an 8.8 out of 10 for being affordable and offering great discounts. State Farm scores a high 9.4 out of 10 for being excellent in all areas, including cost and discounts. American Family Insurance also makes the top five, with a 9.1 out of 10 rating for its affordable prices and discounts.
| Insurer | Rating (out of 10) | Strengths |
|---|---|---|
| USAA | 9.2 | Industry standing, coverage, customer experience |
| Geico | 9.1 | Availability, coverage |
| Southern Farm Bureau | 8.8 | Cost, discounts, customer experience |
| State Farm | 9.4 | Availability, coverage, cost, discounts |
| American Family | 9.1 | Cost, discounts, customer experience |
When looking at top car insurance companies in Colorado, it’s important to think about more than just price. Consider the coverage options, customer satisfaction, and discounts each company offers. This comprehensive provider comparison can help Colorado drivers find the insurer that offers the best value for their needs and budget.
Understanding Colorado’s Insurance Requirements
Driving in Colorado means you must have a certain level of auto insurance. This law helps protect you and others if there’s an accident. Let’s look at the colorado car insurance minimums and what you need to drive legally in Colorado.
Minimum Coverage Explained
Colorado law says all drivers must have liability insurance with certain limits:
- $25,000 for bodily injury or death of one person in an accident
- $50,000 for total bodily injury or death liability in an accident
- $15,000 for property damage per accident
This basic coverage, known as a 25/50/15 policy, protects others if you cause an accident. While this is the minimum state-mandated auto coverage in colorado, you might want more coverage or add collision and comprehensive to be fully protected.
Colorado also requires drivers to have at least $5,000 in medical payment coverage (med pay). This coverage pays for medical bills for you or your passengers, no matter who was at fault.
Uninsured/Underinsured Motorist Coverage (UIM) is optional but insurers must offer it unless you say no in writing. This coverage helps if you’re hit by a driver with little or no insurance.
Driving without the state-mandated auto coverage in colorado can lead to big fines, losing your license, and even community service. It’s important to keep the minimum coverage to avoid these serious consequences on Colorado’s roads.
Tips to Lower Your Auto Insurance Premiums
If you drive in Colorado, you can use several strategies to save on car insurance costs. By using Colorado-specific discounts and proven methods to cut premiums, you can get affordable coverage. This way, you won’t spend too much money.
- Compare rates from different insurers to find the best deals.
- Use discounts for safe driving, being a good student, and taking defensive driving courses.
- Increasing your deductible can lower your monthly payments. For example, going from $200 to $500 could save you 15-30% on collision and comprehensive costs.
- Combining your auto insurance with other policies, like homeowners or renters insurance, can get you discounts of 5-25%.
- Keep a clean driving record and good credit score to lower your rates.
- Adjust your coverage to fit your budget and needs. You might consider dropping collision and/or comprehensive on older cars.
| Discount Type | Potential Savings |
|---|---|
| Increased Deductible ($1,000) | Over 40% reduction |
| Multi-Policy Bundling | 5% – 25% discount |
| Good Driver Discount | 10% – 40% discount |
| Good Student Discount | 8% – 25% discount |
Using these ways to save on car insurance in Colorado, you can reduce your auto insurance costs. This means you can get coverage that fits your budget.
“The key to savings is not only the discounts but also the final price, ensuring that even companies with a few discounts may offer lower overall prices.”
Conclusion
Colorado drivers have many affordable auto insurance options. Factors like age, driving history, and credit score affect rates. By comparing quotes from top insurers like Geico, Southern Farm Bureau, and State, Colorado residents can find the best rates.
It’s important to know how your actions impact your insurance costs. Comparing quotes from different providers helps find the cheapest options. Knowing Colorado’s minimum coverage rules and ways to lower costs can also help.
With the right information and a proactive approach, Colorado drivers can find affordable insurance that meets their needs. This article has given you the tools to make informed choices about your coverage. Now, you can feel confident in finding the best car insurance for your situation.
FAQ
What is the average cost of car insurance in Colorado?
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Source Links
- Cheapest Car Insurance in Colorado
- Cheapest Car Insurance in Colorado for 2024 | Bankrate
- Cheapest Car Insurance in Colorado (2024) | LendingTree
- Cheapest Car Insurance in Colorado (August 2024)
- Get Cheap Car Insurance In Colorado 2024
- Cheapest car insurance in Colorado 2024
- Average Cost of Car Insurance in Colorado in 2024 | Bankrate
- Colorado Auto Insurance Requirements
- Cheap Car Insurance in Colorado for August 2024 – NerdWallet
- How Much Is Car Insurance in Colorado? (August 2024)
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How do the costs of minimum liability and full coverage compare in Colorado?
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