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Finding Cheap Auto Insurance in Colorado
The cheapest auto insurance companies in Colorado will vary depending on your driving record and even your credit. So if your friend says he found a good rate, that doesn’t mean the same company will have good auto insurance rates for you.
We evaluated Colorado auto insurance rates from 10 companies to identify the right deals.
Related: Best Car Insurance Companies
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Cheap auto insurance in Colorado for good drivers
Geico, Nationwide, and State Farm auto insurance were among the cheapest companies in our review of Colorado auto insurance rates for good drivers. The USAA also offers competitive rates, but only offers insurance to military and veterans.
Inexpensive Car Insurance In Colorado For Speeding Drivers
Expect an average insurance increase of about $ 100 per year in Colorado if you get a speeding ticket. Even with a ticket on your file, you can look for cheaper insurance rates. In this category, Geico auto insurance offered the cheapest insurance among the companies we surveyed.
Colorado Cheap Auto Insurance For Drivers Who Have Caused In An Accident
Cause an accident that resulted in injury to someone else will increase your Colorado insurance rates by an average of almost $ 690 per year. You may be able to find better rates from the Colorado Farm Bureau, State Farm, and Geico.
Colorado Cheap Auto Insurance For Drivers With A DUI
Having a DUI conviction results in an average increase in auto insurance rates of $ 790 in Colorado. Check the rates for State Farm, Colorado Farm Bureau, Geico, or Progressive auto insurance to see if you can lower your rates.
Colorado Cheap Auto Insurance For Drivers With Low Credit
You might have a hard time finding cheap auto insurance in Colorado if your credit is poor. The average price, even for a good driver, is over $ 3,000 a year. In this situation, it can really pay off to shop around. Try Geico and Nationwide for better rates.
Colorado Cheap Auto Insurance For Drivers Taken Without Insurance
Auto insurance companies don’t like to see gaps in insurance and often charge higher rates for those caught driving uninsured. Cheaper auto insurance in Colorado may be available from Geico and, for military and veterans, from USAA Auto Insurance.
Cheapest Vehicles for Insurance in Colorado
You can potentially save on your auto insurance depending on the type of vehicle you buy. In Colorado, the Jeep Wrangler JL Sport, Honda CR-V LX, and Ford Escape S are among the cheapest vehicles for insurance, based on average prices of the top 50 selling 2021 models. The 20 cheapest are below.
The most expensive vehicles for auto insurance in Colorado among the popular models are the Lexus ES 300H ($ 2,792 per year) and the Tesla Model S Performance / Plaid ($ 4,435 per year).
Related: The most expensive and cheapest cars to insure nationwide
Colorado auto insurance required
If you own a car in Colorado, you must purchase auto liability insurance. Liability insurance pays for the damages and injuries you cause to others. For example, if you step back into your neighbor’s fence, they can make a claim with your liability insurance to pay for the property damage. Car owners in Colorado must purchase at least:
- $ 25,000 for bodily injury to a person
- $ 50,000 for bodily injuries to more than one person in a single accident
- $ 15,000 for property damage in an accident
This is usually written as 25/50/15.
But in many cases, Colorado’s minimum auto insurance requirements are simply not enough. If you cause an accident with multiple injuries, you could quickly exceed $ 50,000 in medical costs and you could be sued for the rest. If you have savings and assets, it’s important to buy more than the minimum requirements.
Colorado also requires that your auto insurance company provide you with uninsured motorist (UM) coverage and underinsured motorist (UIM) coverage. UM pays for damage and injury to the car when an uninsured driver causes an accident. UIM pays for damage and injury to the car when a driver who does not have enough insurance causes an accident.
If you buy UM / UIM coverage, you must purchase at least 25/50. You can decline this coverage in writing, but these are usually types of coverage worth taking care of.
What else should I have?
Medical payments (MedPay). This type of coverage pays for medical bills if you are injured in a car accident, no matter who is at fault. Although your health insurance generally covers injuries, you can use your MedPay coverage to pay for health insurance copayments, deductibles, and coinsurance. You can generally purchase MedPay coverage in increments of $ 1,000, up to a maximum of $ 25,000.
Collision and full coverage. Although Colorado law does not require you to purchase these types of coverage, your auto lender or leasing company most likely will. Together, Collisions and Comprehensive Coverage pay for a plethora of issues, like car crashes, collisions with animals, auto theft, vandalism, acts of God (like fires and floods), hail, riots and falling objects (such as tree branches).
Summary: Compulsory Auto Insurance in Colorado
Can I show my insurance ID card from my phone?
In Colorado, you can use your phone to show an auto insurance ID card. Check with your auto insurer if they have a mobile app that includes electronic ID cards.
Factors Allowed In Colorado Auto Insurance Rates
Colorado auto insurance companies look at a variety of factors to determine your auto insurance rates, such as your driving history, previous insurance claims, and vehicle model. In Colorado, companies can look at these factors as well.
How many uninsured drivers are there in Colorado?
About 16% of Colorado drivers don’t have insurance, according to the Insurance Research Council. If an uninsured driver is legally responsible for a car accident, you can take legal action against them. If you have UM insurance, you can use this coverage.
Can my auto insurance be canceled in Colorado?
Colorado law allows an insurance company to cancel a policy for any of the following reasons:
- Non-payment of the premium.
- You, the members of your household or anyone who usually drives your car have had your driver’s license suspended or revoked during the period of insurance or during the 180 days immediately preceding the effective date of the policy.
- You knowingly made a false statement on your auto insurance claim.
- You knowingly and willfully misrepresented a claim submitted to your auto insurance company.
An automobile insurance company must give you 10 days notice of cancellation for non-payment of the premium and 30 days for all other reasons.
Colorado Penalties for Driving Without Auto Insurance
If you’re caught driving without insurance in Colorado, you could face a fine of $ 500 or more, community service, and license suspension until you can provide proof of insurance.
When can a vehicle be totaled?
If your car has sustained significant damage in a car accident or an event such as a fire or flood, your insurer may declare your vehicle a total loss. Colorado state law states that a car is totaled when the cost of repairs exceeds the fair market value of the car before the accident.
Resolve insurance issues
The Colorado division of insurance monitors insurance companies and takes complaints from consumers. You can download a form or file a complaint online.
To find the cheapest auto insurance companies in Colorado, we used rates from Quadrant Information Services, a provider of insurance data and analytics. Rates are based on a driver with a clean criminal record insuring a Toyota RAV4 with $ 100,000 of bodily injury liability coverage per person, $ 300,000 per accident and $ 100,000 of property damage liability, coverage for uninsured motorist and any other coverage required in the state. The rate also includes collisions and comprehensive risks with a deductible of $ 500.
Companies assessed for Colorado were Allstate, American Family, Auto-Owners, Colorado Farm Bureau, Farmers, Geico, Nationwide, Progressive, State Farm, and USAA.