Driving without car insurance coverage in Colorado is an illegal act. To me, it’s much better to be underinsured than uninsured. Hey, that doesn’t mean you should hunt for insufficient coverage; it simply means there are affordable policies that you can tailor to meet your needs. Many insurance providers offer cost savings on auto insurance in Colorado through the provision of a tailored policy, ensuring that individuals only incur expenses for the specific coverage required. That’s right, this guide presents you with a list of the cheapest car insurance providers in Colorado.
Factors Considered in Determining Car Insurance Rates in Colorado
Although we provide a list of some of the cheapest car insurance in Colorado, various factors influence the cost of your coverage. Some of the factors that help to determine insurance premiums include an individual’s driving history, previous insurance claims, and the specific type of car in question. Each of these differs for everyone and your rates will be greatly influenced by these as your premium.
What Are the Mandatory Car Insurance Requirements in the State of Colorado?
Driving without insurance is considered unlawful in the state of Colorado. This simply means that if you must drive in Colorado, then you most certainly need insurance coverage, even if it means getting the cheapest one for your car. Although the cheapest insurance may not be that helpful in the face of a big loss, it’s better than not having any. In the state of Colorado, motorists are mandated to possess automobile insurance coverage.
- Bodily Injury to others
- Property Damage
- Uninsured Motorist Bodily Injury
- Medical Payments
What is the Average Cost of Car Insurance in Colorado?
According to thezebra, the average cost of vehicle insurance in Colorado in 2021 was $1,6872. This figure represents a 10% increase compared to the national average. The cost of auto insurance is contingent upon various criteria, such as the individual’s age, geographical location, and driving record.
What is “Full Coverage” Car Insurance in Colorado?
The interpretation of the term “full coverage” in auto insurance might vary across individuals. The absence of a universally established standard or specific kind of coverage accounts for this phenomenon. In a broad sense, “full” automobile insurance coverage pertains to the inclusion of many types of coverage for a vehicle.
- Liability: This usually includes bodily injury and property damage.
“Full coverage” may also include
- Uninsured Motorist
- Gap Insurance
- 24-Hour Roadside Assistance
What Colorado Car Insurance Coverage is Right for you?
It’s a must for all drivers in Colorado to buy car insurance coverage that meets the minimal standards set by the state. However, it’s advisable to take into account your budget and requirements. This is because it may be prudent to contemplate larger limits to enhance the level of protection. Your insurance provider will assist you in tailoring your Colorado automobile insurance policy to align with your specific coverage needs.
How Much Is Car Insurance in Colorado per Month?
In the state of Colorado, the average monthly expenditure for comprehensive automobile insurance is $177, while the corresponding figure for basic coverage stands at $42. The aforementioned figure surpasses the average monthly cost of comprehensive insurance coverage at the national level, which stands at $168. However, it falls below the average monthly cost of basic insurance coverage at the national level, which is $52.
Who Has the Best Insurance Rates in Colorado?
According to Valuepenguin, State Farm has been identified as the insurance provider offering the most affordable rates for a comprehensive coverage policy in the state of Colorado. The average monthly fee amounts to $99. Geico, Auto-Owners, and Progressive are insurance companies that offer competitively priced rates for comprehensive coverage as well. The average monthly cost of a full-coverage policy in Colorado is $168.
Why are Colorado Insurance Rates so High?
Colorado car insurance rates are high as a result of the increasing number of uninsured and underinsured motorists in the city. This is a problem because accidents are more likely to occur when more drivers are uninsured.
Is Car Insurance Cheaper in CA or CO?
No, the average annual cost of car insurance in California is $291 more than in Colorado.
Should I shop around for cheaper car insurance?
Well, it’s personal. My idea of shopping for cheaper coverage is to ensure you are protected but in the long run, a cheap policy may not be that useful. However, shopping around for cheaper car insurance will give you a more flexible premium; it’s fair enough.
Best Car Insurance Colorado
The following are some of the best and cheapest car insurance providers in Colorado:
#1. State Farm
If you are looking for the cheapest car insurance in Colorado, then State Farm is one you should check out. State Farm is a highly favorable option for insurance, particularly when considering the procurement of many policies. The company offers a diverse selection of insurance products. These include cars, homeowners, renters, condominiums, and life insurance, all of which are available at rates that are below the industry average.
The company also offers automobile insurance discounts, such as those for good students and good drivers, along with customer service that is known for its assistance during unforeseen circumstances, potentially facilitating a more convenient experience for policyholders.
Trust State Farm when it comes to digitally managing their insurance policy. The mobile application of the product has garnered favorable feedback from users. This is because you can use it for bill payments, claim filing, and roadside help requests for clients.
Travelers offer competitive rates across various driver profiles. In addition, the organization provides a range of supplementary offerings that can enhance insurance coverage, rendering it a viable option for consideration throughout the process of comparing available alternatives. Additionally, the company provides inexpensive auto insurance rates for individuals with a clean driving history while offering reasonable prices for those who have incurred a speeding violation on their driving records.
Geico is regarded as a reputable insurance provider as a result of its cost-effective premiums, commendable customer care, and user-friendly interface. They offer highly competitive auto insurance prices for individuals with a good driving history and no recent accident history. Geico distinguishes itself by offering a highly commendable mobile application that enables users to obtain insurance estimates and efficiently manage their policies through Internet platforms. Geico’s competitive pricing in the car insurance market, its comparable coverage options, and discount programs in line with those of other industry players position it as a reliable and prudent option for anyone looking for the cheapest car insurance providers in Colorado
Another thing that places Geico among this list of the cheapest car insurance companies in Colorado is that it offers competitive pricing and satisfactory customer service. In general, it exhibits similarities to other insurance providers in the range of insurance products and discounts available. Geico is recognized for its exceptional performance as an insurance company, particularly in terms of delivering user-friendly online solutions.
#4. Auto-Owners Insurance
Auto-Owners offers car insurance prices that are quite cost-effective, even though we can’t possibly say the same thing about the cost of homeowner’s insurance. It’s perfect for anyone who wants comprehensive insurance coverage that involves a wide range of potential damages. One of the drawbacks of auto-ownership insurance is that you can only get a policy through their independent agents. Auto-Owners offers a full coverage policy at a monthly premium of $120, which is 16% lower than the average cost. Auto owners charge $36 per month for the bare minimum of coverage, which is a 32% discount from the standard price.
Next on our list of the cheapest car insurance providers in Colorado is Progressive. Progressive is a reliable choice for automobile and motorcycle coverage. It has a wide array of services and incentives, which makes it a favorable insurance provider among other competitors. Like Auto Owners Insurance, Progressive has cheap car insurance but we can’t possibly say the same for its home owner and renter insurance. Generally, most drivers consider Progressive auto insurance rates to be within the typical range. However, Progressive auto insurance lacks distinctiveness or uniqueness. The company provides discounts and coverage alternatives that are often associated with a prominent national insurance corporation.
#6. American Family
American Family is a viable choice to contemplate because of its extensive selection of discretionary enhancements and superior customer service. AmFam offers affordable auto insurance plans, but its rates for home and renter insurance are typically higher than those of other companies in the market. Nevertheless, the organization offers a wide range of reductions to facilitate the affordability of rates.
American Family provides a range of auto, house, and renter insurance products that are characterized by their high quality. A customer service department that has received positive reviews supports these offerings. While American Family may not be the most affordable insurance provider, it offers a range of optional coverages that are highly valuable, making it a compelling choice for customers seeking personalized coverage options.
American Family also provides vehicle insurance at rates that are considered competitive in the market. On average, the annual premium for a full-coverage policy is $1,156. Nevertheless, in the realm of home and renter insurance, AmFam exhibits a higher price point in comparison to its industry counterparts.
Again, the company is commendable for its convenient mobile app with an amazing user interface. The platform provides users with the ability to submit claims, access their insurance cards, and manage billing processes. The primary drawback of American Family Insurance is its limited coverage. Presently, AmFam only provides policies in 44 states as well as Washington, DC. Despite its restricted accessibility, it holds the position of the seventh-largest provider of home insurance and the ninth-largest provider of auto insurance in the nation. The corporation engages in the direct composition of policies while also maintaining several subsidiaries, notably Homesite and The General.
Car insurance in Colorado is relatively cheap compared to car insurance in other parts of the United States, like New York and California. This is a result of the higher cost of living in these areas and the higher chances of claims associated with them. Again, there are other insurance coverages that you’re expected to have in Colorado in addition to getting one of the cheapest car insurances for yourself. These are Medical Payments (MedPay), collisions, and Comprehensive Coverage
Why are they necessary? It’s because you can use MedPay to cover copayments, deductibles, and co-insurance for health insurance, even though your health insurance usually covers injuries. More abruptly, medical payments (MedPay) coverage will cover your medical costs if you are hurt, regardless of who was to blame for the accident. According to state law, your car insurance policy in Colorado will automatically include $5,000 in MedPay coverage. You may choose to opt out of writing or purchase more.
On the other hand, collision and comprehensive insurance cover a wide range of issues with your car, including collisions with other vehicles or animals, theft, vandalism, hail, riots, falling items (like tree branches), and natural catastrophes like floods and wildfires. Although it is not necessary according to Colorado law, your car loan lender or leasing company will probably insist that you purchase collision or comprehensive insurance.
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