What constitutes the greatest auto insurance in Colorado changes from person to person. Some motorists may opt for the least expensive policy, while others may prioritize comprehensive protection. Knowing the going rate for insurance in Colorado will help you pick the best plan. We have researched several of the best and cheapest car insurance companies in Colorado. We’ve used this information to compile a list of the best service providers in Colorado. If you’re curious, keep reading!
Car Insurance Colorado
If you want to enjoy the beautiful landscapes while driving in Colorado, you need to have Colorado auto insurance. In this piece, we’ll go over which insurance companies in Colorado are the best when it comes to price, protection, and service. We will also go over the minimum coverage levels required by law in Colorado and provide an estimate of the costs involved.
Cheapest Car Insurance Colorado
Insurance policies for Colorado motorists were typically the least expensive, with American National P&C and Grange. We used the profile of a single Colorado driver to determine minimum coverage rates for the five most affordable car insurance providers in the state (see complete methodology for details). If you don’t fit this description, read on: we compare the state-required minimums for cheapest car insurance in Colorado for drivers with good and bad credit and for those who are younger than 25.
#1. American National
The cheapest insurance for our Colorado car users profile at American National P&C is $23.58 per month. Coverages such as gap insurance, which helps pay for repairs not covered by the basic policy, and Added Coverage Endorsement (ACE) are available at the customer’s discretion. You can save money with American National by purchasing many plans together and by not filing any claims.
Grange Insurance, based out of Ohio, only works with independent agents to offer its products. Based on our profile, the cheapest liability coverage we could get from Grange would cost just $29.33 per month. Grange provides new-car replacement, roadside assistance, and uninsured/underinsured driver coverage in addition to the usual options. Grange’s OnTrack is a car savings program that provides incentives to drivers who log their safe driving behavior using a smartphone app.
#3. Colorado Farm Bureau Mutual
For drivers who fit the criteria of those living in Colorado, basic auto coverage from Colorado Farm Bureau Mutual can be had for as little as $35.42 per month. In addition to car, home, business, farm, ranch, and life insurance, the company also employs agents throughout the state of Colorado. Further, a mobile app is available for policy reviews, claims filing, agent access, and even emergency roadside service requests, any time of day or night.
U.S. Servicemen and their families can get insurance via USAA. As an example, USAA offers the cheapest car insurance for Colorado drivers for $36.91 monthly. In addition to discounts for having multiple policies with USAA and/or multiple vehicles, USAA also provides savings for making automatic payments and parking your vehicle in a garage on a military installation. The USAA SafePilot program monitors a driver’s behavior and can result in a 30% savings.
Insuring a car with Geico’s minimum required coverage might cost as little as $41.61 per month for our Colorado driver profile. In order to reward safe drivers, safe vehicles, safe passengers, safe schools, and loyal customers, Geico provides a wide variety of discounts. Furthermore, Geico provides 24-hour roadside assistance, car rental reimbursement, and mechanical breakdown insurance in addition to the standard full-coverage options.
Best Car Insurance Colorado
There are a number of auto insurance companies in every state, but there can be significant differences in terms of coverage, customer service, and cost. We looked at local service ratings and prices in addition to a company’s national reputation to find the best auto insurance providers in Colorado. Read on to learn more about each company that made our list of top-recommended Colorado car insurance companies.
#1 GEICO: Best in the Business
It’s not just the company’s catchy commercials that have made GEICO one of the most well-known insurance providers in the country. Most drivers will benefit from choosing GEICO as their insurance provider due to the company’s affordable policies. GEICO has a stellar reputation among Colorado motorists. With an overall score of 829 out of 1,000 in the Southwest area (which includes Arizona, Colorado, Nevada, New Mexico, and Utah) of the J.D. Power 2021 U.S. Auto Insurance Satisfaction StudySM, GEICO ranked in at number five.
#2. American Family Insurance: Best in Neighborhood
Colorado drivers can shop for car insurance with American Family Insurance, a regional company that serves 17 states. In the Southwest region, it received 850 out of a possible 1,000 points, placing it #1 in the J.D. Power Satisfaction Study.
American Family is not nearly as well regarded as GEICO when compared to other industry benchmarks, but it comes close. Financially, the company is rated A by both AM Best and the Better Business Bureau. Financially, American Family is stronger than many other small-scale providers and has a devoted customer base in Colorado, which is not uncommon for regional insurers compared to national firms.
#3. USAA: Best Financial Institution for Military Families
In the Southwest region, USAA received the highest satisfaction rating among vehicle insurance providers from J.D. Power and Associates. Because it is not available to all drivers, USAA did not qualify for formal ranking despite scoring first in most locations studied.
Members of USAA enjoy inexpensive insurance premiums and even greater savings when they qualify for any of USAA’s numerous discounts. In Colorado, motorists who are shopping for auto coverage should consider:
- Coupons for families
- Discount for continued patronage
- Bonus for being a safe driver
- Discount on a brand-new car
- Carpooling discounts
- Academic achievement discount
- Cost savings on vehicle storage
- Savings on yearly mileage
- Discounted Driver’s Ed
- Discounts for Military Installations
#4. The Hartford: Colorado’s Top Pick for Retirees
Hartford is a leader in providing auto insurance for senior citizens. There is a special rate reduction available from The Hartford for AARP members. If you are at least 50 years old, you can join AARP for a nominal fee and save a significant amount on health insurance.
The Hartford offers a variety of discounts for Colorado drivers, including:
- Defending Fees
- Security system discount
- Full payment savings
- Affordable prices for students
- Rewards for Safe Driving
- The Deductible Is Disappearing
- Discount for safe drivers
- Allowance for a first accident
Discounted deductible of $100 at factory-authorized service centers
The Hartford insurance policies are reasonably priced, and the organization has a stellar reputation for excellent customer service in the state of Colorado.
#5. Allstate: Top-Notch in-Community Reps
According to the J.D. Power Satisfaction Study for the Southwest region, Allstate came in at number seven, with a score of 822 out of a possible 1,000. It’s no wonder that Allstate does well in Colorado when it comes to customer care, given that the company uses a network of local agents to sell policies. The best auto insurance policy for you can be found with the help of a local agent who is knowledgeable about the roads and driving regulations in Colorado.
Allstate does not provide as many discounts as some of the other companies on our list, but it does provide the following:
- Buy One, Get One Free Offer on New Cars
- Discounts for young drivers
- Policy consolidation discount
Allstate enjoys a high profile across the country and is well-funded. Both the Better Business Bureau and AM Best give the insurance provider an A+ for reliability and financial stability.
How to Find the Best Car Insurance in Colorado
Each Coloradan may have its own criteria for the best auto insurance. When deciding on an auto insurance provider, a driver’s individual demands in terms of coverage may come into play. The following factors could be taken into account while you make your choice of service provider:
#1. Colorado Has Some Quite Strict Insurance Regulations That You Must Meet.
The majority of states mandate that motorists carry some sort of liability insurance. According to state law, every driver in Colorado must maintain a minimum level of bodily injury and property damage coverage. Colorado’s statutory restrictions are available online through the legislature’s website.
#2. Don’t Forget About the Bank’s Rules
While meeting the state’s minimum requirements for liability insurance will get you behind the wheel, most insurance experts advise buying more coverage to protect yourself financially in the event of a covered loss. Your insurance company will only pay up to the limits of your policy if you cause an accident. If you only have the bare minimum in insurance coverage but do more damage than that, you will have to pay the difference out of pocket. These bills can easily reach thousands of dollars and ruin your family’s budget if you’re not prepared.
Full-coverage insurance, which typically includes comprehensive and collision coverage as add-ons, is another option to explore. Your personal vehicle is protected from theft, vandalism, and natural disasters with the help of these insurance policies. Your car lender or lessor will almost certainly insist that you have full coverage if you have a loan or lease on your vehicle. If you still owe money on your newer automobile after a claim payout, consider gap insurance to assist in covering the difference.
#3. Think about what you need specifically.
The cost of auto insurance is calculated individually, taking into account variables such as the driver’s age, gender, marital status, occupation, and driving record. When looking for auto insurance, everyone has their own set of factors to consider. If you’re still paying off your car loan, full coverage insurance is a must. Insurance companies sometimes charge more for young adults, but you may be eligible for a student discount if you have a teen driver. Look around for businesses that meet your requirements, whatever they may be.
How Much Is Car Insurance in Colorado?
According to rate statistics for 2023 from Quadrant Information Services, the average yearly premium for minimal coverage in Colorado is $500, and the average annual premium for full coverage is $2,121. Colorado’s average yearly premium for full coverage in 2023 is $2,015, which is just slightly higher than the national average. Although the national average for minimal coverage is $622 per year, the cost is nearly 13% lower in Colorado.
The general upward trend in fatal accidents in the Centennial State may be one factor contributing to Colorado’s higher average for full coverage rates. The number of fatal accidents in Colorado has been progressively rising since 2011, reaching 681 in 2022 from around 400 in 2011.
Car insurance in Colorado is generally more expensive than in some other states due to these and other considerations. The typical annual premium for full coverage in Utah is $1,510, while in Wyoming it’s $1,582. Auto insurance rates in Colorado are higher than the national average for several reasons, including the state’s high rate of uninsured motorists (almost 16 percent) and the growing frequency with which wildfires occur.
How Much Is Car Insurance in Colorado per Month?
According to our most current study of data from Quadrant Information Services, the average cost of a full-coverage auto insurance policy in Colorado is $2,173, or $181 per month.
Why Are Colorado Insurance Rates So High?
The rising number of uninsured motorists in Colorado is a major factor contributing to the high cost of auto insurance there. This is a serious issue because it boosts insurance costs for everyone, not just those who are at fault in an accident. In addition to age and credit history, other factors can impact a driver’s premium.
Why Is Geico So Cheap?
Direct-to-consumer is how Geico does business. The mission of the company, since its establishment, has been to offer competitively priced insurance of the highest quality. Leo Goodwin, the company’s creator, opted to cut out the middleman and sell directly to customers. The choice was countercultural at the time, yet it proved to be successful.
Is Car Insurance Cheaper in CA or Co?
Californians pay an average of $291 more per year for car insurance than Coloradans do.
Should I Shop Around for Cheaper Car Insurance?
One of the largest costs of driving can be mitigated by doing some comparison shopping for auto insurance at least once a year. If you want to make sure you’re still getting the best rate after a major life change, such as a move or adding a new driver to your policy, it’s a good idea to compare quotes.
What State Has the Worst Insurance Rates?
These are the states where full coverage auto insurance premiums are the highest.
- Yearly in Michigan, it comes to $3,785.
- The annual premium in Connecticut is $2,999.
- The average annual salary in Florida is $2,947.
- Annual New York rent is $2,783.
- The annual cost in Louisiana is $2,783.
What Is the Bare Minimum Insurance in Colorado?
In the state of Colorado, the bare minimum for car insurance is 25/50/15. Your bodily injury liability is limited to $25,000 per injured person and $50,000 in total for any one covered incident. Damage to another person’s property is also covered up to $15,000.
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