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Cheap Auto Insurance in Colorado: Best Companies & Quotes
Joanna Johnson
Car Insurance Expert
Updated: 11/2020
Joanna is an expert on understanding how the different laws and regulations in the car insurance industry shape the way that policies work.
No one wants to overpay for their car insurance, which is why so many Colorado residents in Denver, Colorado Springs, and the surrounding cities spend time shopping around for the best rates. The cost of a monthly premium for an average policy in Colorado is approximately $113 per month. It’s not much, but many factors contribute to the type of policy you have, the type of premium you pay, and how much you can save. In general, it’s helpful to check rates at approximately 3 insurance companies before you choose the one that’s best and most affordable to you. It’s also a good idea not to confuse the cheapest policy with the best policy. Oftentimes the best policy for you is a bit more expensive, but it ends up being cheaper if you ever use it.
If you want to find the best policy for the least amount of money in Colorado, there are a few things you can do to make it a reality. The first is to check rates at auto insurance companies you might not consider, such as Grange Insurance Association, State Farm, American Family, Auto Owners, and The Hartford. These companies boast the best average rates in Colorado, which is what makes them a wise starting point.
Best Car Insurance Companies in Colorado
- Allstate
- American Family
- Geico
- Progressive
- State Farm
- Farmers Insurance
| Allstate | American Family | Geico | Progressive | State Farm | Farmers Insurance | |
|---|---|---|---|---|---|---|
| AM Best Financial Strength Rating | A+ | A | A++ | A+ | A++ | A- |
| JD Power 2019 Overall Customer Satisfaction score | 3/5 | 4/5 | 3/5 | 3/5 | 3/5 | 3/5 |
| Avg Annual Premium | $1,966 | $1,526 | $1,109 | $1,489 | $1,428 | $1,036 |
| Consumer Reports Reader Score | 72 | 76 | 78 | 75 | 78 | 72 |
| BBB Rating | A+ | A | A+ | A+ | B+ | A+ |
Auto Insurance Statistics in Colorado
According to NAIC.org, the auto insurance premium in Colorado have been decreasing over the past decade. Previously, Colorado’s insurance premiums were above the national average, but, in recent years, auto insurance policy holders have been able to pay much less for their auto insurance coverage.
Top 10 Cheapest Car Insurance Companies in Colorado
| Rank | Company Name | Avg. Annual Premium |
|---|---|---|
| 1 | The Hartford | $842 |
| 2 | Auto-Owners | $1,180 |
| 3 | Travelers | $1,195 |
| 4 | USAA | $1,406 |
| 5 | Cal Casualty | $1,473 |
| 6 | Allied | $1,494 |
| 7 | State Farm | $1,531 |
| 8 | Nationwide | $1,671 |
| 9 | Titan | $1,795 |
| 10 | MetLife | $1,848 |
Drunk Driving Fatalities
Every year, drunk drivers cause accidents on the road, and in some cases, these accidents can prove to be fatal. The National Highway Traffic Safety Administration has done a tally of the number of drunk driving fatalities in Colorado vs. nationwide.
Drunk driving fatalities in Colorado from 2013 to 2017
Source: The National Highway Traffic Safety Administration
Teen Drinking and Driving
Teen drinking and driving in Colorado has remained higher than the nationwide average. The legal drinking age is 21 years old, however, teenagers drinking and driving has become common in many states around the country. The below statistics represent the percentage of Colorado drivers that are teenagers who are drinking and driving when compared with national averages.
Teen Drinking & Driving in Colorado vs. Nationwide (2017)
Source: www.NHTSA.gov
SR-22 Insurance in Colorado
An SR-22 insurance policy is an auto insurance policy with a stipulation that requires the insurance provider to notify the Colorado DMV if the policy is cancelled. Individuals are mandated to purchase this type of policy if they have committed a serious driving infraction.
Because the state of Colorado needs extra assurances that you are covered by the right amount of financial protection, an SR-22 is a necessary tool for ensuring you don’t cancel your policy after proving that you have coverage. If you’re a Colorado driver that wants to alter or change your SR-22, you must purchase an entirely new policy before you cancel the other one.
Car Theft in Colorado
When buying car insurance, it is helpful to be aware of the possibility of theft while picking the right coverage for your vehicle. Comprehensive insurance in Colorado is the one to choose when you want to make sure that your vehicle is protected even in the event of theft. The below data shows how Colorado ranks against other states nationwide in the number of car thefts.
Vehicle Thefts by Rank Nationwide vs. Colorado
Source: www.FBI.gov
Uninsured Motorists in Colorado
When a driver that is uninsured does damage to your vehicle or causes you personal injury, you will need to make sure that you are covered against this type of damage. The best way to do this is to get uninsured and underinsured motorist coverage. The below data shows how well Colorado ranks in the total number of reported uninsured motorists in the state in the year 2015.
Percentage of uninsured drivers (Top 19 States in 2015)
Source: Insurance Information Institute
Check Your Credit
One of the easiest ways to keep your insurance policy affordable and cheap is to have good credit. The better it is, the less you pay. All insurance companies run a credit check on their new customers to see what kind of people they are. If you have low credit you won’t be denied insurance, but you will pay a much higher premium. Even if you know you have poor credit, check your score to see if there are any mistakes on your report. If there are, spend the time to dispute them so you can raise your score even just a bit. Every little bit helps.
Check for Safety Features
Did you know your car might have several safety features that make it a better car to drive? Newer cars are less expensive to insure, cars with alarms, driving assistance features, and even OnStar or the manufacturer equivalent are safer than other vehicles. If your car has any of these options, let your insurance agent know so they can offer you the best discounts.
Move
You obviously won’t sell your home and move into a new neighborhood to save a few bucks on your car insurance, but you can make it cheaper by living somewhere less populated and safer. If you are planning a move while you are shopping for new insurance, check to see if the areas you’re considering living are considered safer. If they are, you might get a nice discount on your car insurance. Accidents are most likely to occur close to home, which means you’re safer living somewhere in which “Home” is away from major highways and theft rings.
Drive an Unobtrusive Car
When you drive a car that’s hot, people want it. This is not to say driving a Lamborghini means it’ll be more likely to end up stolen. What this means is there is an annual list released of the hottest cars for theft on the market, and they’re usually the cars you wouldn’t consider. Hondas, for example, have several models that top that list. Be aware of what you drive and where it falls on this list, and you’ll pay lower premiums if your car does not make an appearance on it.
Getting to know your credit, your car, and your neighborhood can affect the rates you pay for car insurance. You want cheap car insurance, but you want good car insurance. Don’t go for the cheapest policy without first ensuring it covers all you need covered. Additionally, don’t choose a policy without first shopping around. If you’re a long-time customer of a certain insurance agency, call your agent and ask what you can do to keep your rates a little lower. They might offer you a discount for being a loyal customer so they don’t risk losing your business to another insurance company. Know what you can do, where you stand, and what you have to work with so you can get the cheapest auto insurance rates in Colorado.
Types of Auto Insurance Coverage in Colorado:
- Uninsured/Underinsured Motorist Bodily Injury Insurance
- Uninsured Motorist Property Damage Insurance
- Bodily Injury Liability Insurance
- Property Damage Liability Insurance
- Comprehensive Insurance Coverage
Minimum Requirements for Car Insurance in Colorado
There are minimum requirements for car insurance in the state of Colorado. The basic type of coverage that every driver in Colorado is required to have is liability coverage in accordance with the rules of the Department of Regulatory Agencies. (DORA)
Colorado Liability Coverage minimum coverage:
$5,000 per accident in medical coverage. This option can be declined by the consumer
$25,000 per person for bodily injury or death
$50,000 per accident in the case of bodily injury or death (involving multiple injured individuals)
$15,000 per accident for property damage
Lack of proof of insurance when requested can result in a suspended registration, suspended license, or the vehicle being impounded.
Cheap Auto Insurance Discounts
Our goal is to find the best ways to save you money on the car insurance coverage you need. If you are looking for cheap car insurance online, one of the best options is to find the available car insurance discounts that may apply to you. We have compiled a list of frequently used auto insurance discounts that Colorado drivers may find helpful.
- Car safety features discount
- Military or Veteran discount
- Mature driver discount
- Multi-car auto insurance discount
- Senior citizen discount
- Defensive driving discount
- Good student discount
- Infrequent usage discount
- Low-mileage discount
- Bundling insurance policies discount
- Anti-theft discount
FAQ
With the topics covered based from your most frequently asked questions, find out everything there is to know about auto insurance in Colorado.
Getting your Auto Insurance
From identifying the right auto insurance for you to preparing the requirements before purchase, this section would guide you to the right track in getting your insurance.
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Who needs car insurance in Colorado?
Ideally, everyone who drives a car should have an auto insurance. However, as far as the law is concerned, for as long as the car is insured, you’re good. If you don’t have a car you can still have non owner car insurance.
What is considered full coverage auto insurance in Colorado?
No company would be so bold as to call their policy full coverage, but the closest thing to that is adding every additional coverage available to your policy. In the meantime to get cheap full coverage auto insurance quotes be sure to compare multiple companies.
What car insurance is required in Colorado?
For motor vehicles, you would need at least the minimum coverage required by law. But there may be cases like you don’t own a car or are only renting one that would change what you should get.
What is the minimum auto insurance coverage in Colorado?
Colorado requires $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $15,000 per accident for property damage. For the best liability only car insurance be sure to compare quotes using our form above.
What is good auto insurance coverage in Colorado?
A good auto insurance goes beyond the minimum required by the state for added protection but is not too much of a financial burden. If you are in the service then perhaps military auto insurance would be good for you considering the better price.
What documentation do you need for auto insurance in Colorado?
As proof of insurance, you must maintain your insurance ID card, a copy of your policy, or a certificate of self-insurance in the vehicle or in your person.
In Colorado, do you need a car insurance when you buy a car?
Yes. As we all know, the insurance follows the car. This means you should get one for every vehicle or add it to your existing policy. You can just buy auto insurance online whenever you’re ready or head into an agent’s office.
How does insurance work when you buy a new car in Colorado?
Depending on your insurance provider, the new car may be covered for a few days without any incurred cost. However, most dealerships require you to get an insurance before you can drive the car off the lot. Some insurance shoppers look for temporary auto insurance for cases such as this just to have coverage until they are able to decide on a longer term policy. Look for instant car insurance coverage if this is an urgent need.
How do I get Colorado driving insurance without a car?
Look specifically for “non-owner car insurance” which most insurance companies offer. Getting one would provide liability coverage at the very least.
What do you need to get car insurance in Colorado?
To get a quote, an insurer would ask for your full name and address. But to actually purchase the policy, you will be required to give more details on your vehicle as well as your license. You should also decide if you want high deductible car insurance.
What documentation do you need to get auto insurance in Colorado as a nonresident?
You first need to obtain an instructor’s permit or a driver’s license as well as your vehicle registration (if applicable).
What companies offer auto insurance in Colorado?
There is no complete and reliable list available. But because there is an abundance of auto insurance companies, finding one won’t be hard at all. Some find that going with local car insurance companies gets them the best rates.
Who is the leading car insurance provider of Colorado?
State Farm. Currently, they insure 18% of all drivers in the state.
Who are the best rated car insurance companies in Colorado?
Reviews have proclaimed State Farm, USAA, American Family, Allstate, and Progressive to be the best in Colorado. Take a look at our State Farm versus Allstate review.
What if I can’t afford insurance on a motorcycle?
If you can’t afford insurance on a motorcycle then you need to contact your state’s DMV to determine how your registration will be affected. Before you do that you may want to conduct a motorcycle insurance quote side by side comparison to see if you can find cheaper rates.
Car Insurance Costs
Everything revolving around pricing and cost concerns, you will find in this section.
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How much is a car insurance in Colorado?
Annual auto insurance with minimum coverage averages at $1,547. This is of course dependent on the type of insurance you are needing. For example, you would want antique car insurance if this was for a collector car since it will cost a lot less than a normal insurance policy.
Why is Colorado car insurance so expensive?
It is only in 2003 that Colorado abandoned the no-fault insurance system, which has been associated with higher rates.
What is the cheapest car insurance in Colorado?
Value Penguin listed Grange Insurance Association as the cheapest, but you might also want to check out runner-ups State Farm, American Family, Auto Owners, and The Hartford. Definitely compare car insurance rates from all these companies to get the best one. Read more about who is the cheapest car insurance.
Why are auto insurance rates going up in Colorado?
What is the average car insurance cost in Colorado Springs 80911 for 2018?
Colorado Springs auto insurance costs are higher than the state average at $1,511 annually. Shop around more to find low cost auto insurance rates in that area.
How much is car insurance in Colorado for a 19 year old?
Car insurance for 19 year old drivers will be nearly $4,000 per year. With a good driving record, fortunately, this will go down over time. Fill out our form above to see the best insurance companies for young drivers.
How much is liability car insurance for a 34 year old female in Colorado?
How do I compare car insurance quotes in Colorado?
There already is an abundance of review sites that assess car insurance on different dimensions. However, if you’re only concerned about the rate, use our quote form above to compare cheap car insurance quotes.
Why did my GEICO auto insurance premium go up in Colorado?
It’s not just with GEICO. All insurance companies are adjusting their interest rates to account for increased risks. Related: Is Progressive cheaper than Geico?
How expensive is auto insurance in Utah vs Colorado?
Utah is already the 11th cheapest state for auto insurance. Compared to Colorado which already is the 11th most expensive, Utah seems even cheaper when doing an auto insurance quotes comparison.
What things affect my auto insurance rate in Colorado?
A number of things, the most common of which are age, sex, car model, credit rating, and driving history. Also, take a look at the cheapest used cars to insure if you’re currently shopping.
What kind of car insurance coverage do I need in Colorado?
You are in the best position to assess your needs. But it is highly recommended especially if you don’t know anything about cars to get roadside assistance coverage with your policy. You may want to check out the average cost of car insurance in your state.
What insurance do I need for a leased car in Colorado?
A non-owner insurance can cover leased cars, but you may also opt rental car protection which is great if you’re going to rent a car for just a day or two. See if the company can offer you no down payment auto insurance.
Are there government car insurance discounts for seniors?
We not aware of a government mandated auto insurance discount for seniors. There could be state specific programs we’re not aware of though.
Violations and Potential Consequences
In this section, you’ll get to know more about rules, restrictions, and regulations on auto insurance as well as repercussions of failing to follow it.
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What happens if you get in a car accident without insurance in Colorado?
If you were at fault, you would be forced to pay the expenses out of your pocket. You may also face heavy fines for not having an insurance in the first place.
How soon do you have to have car insurance for a new car Colorado?
Grace periods can be anywhere from two to 30 days, but companies aren’t required to be lenient with you. That being said, get insurance for your new car as soon as possible.
In Colorado, how long after purchase of a used car is insurance required?
Not long. After the purchase, you still have to register it within 60 days, and one of the requirements to do so is a proof of insurance.
How long does it take to get insurance money after a car accident Colorado?
Most of the time, it takes four to six weeks to settle the claim, but it can take longer in some cases.
What is the law about driving with no car insurance in Aurora, Colorado?
The same as with the entire state. Colorado Statute 42-4-1409 means you’ll get four points against your license, a minimum of $500 fine, and a suspended license until you buy your insurance. Some people also ask about no license insurance coverage.
How long does auto insurance have to give a notice of non renewal in Colorado?
Your auto insurer has a maximum of 60 days and a minimum of 30 days to notify you that it does snot intend to renew your policy.
How far back does Colorado car insurance look at your driving record?
Your entire driving record is available to the insurer when you apply. It is the discretion of the insurance company to determine if older violations will be counted against you.
How long does a speeding violation stay on your auto insurance record in Colorado?
While insurance companies will always be able to view violations, only speeding violations within the past three years are off concern to them.
How long does an accident affect car insurance Colorado?
It depends on the type of accident. More severe accidents such as convicted DUI can affect your insurance rates for up to 10 years.
What are the legal limits for auto insurance in Colorado?
There is no limit at all, but there is a minimum. Having said that, you are free to up your coverage as much as you want.
Whose insurance pays for borrowed car in Colorado?
As Colorado is not a no-fault state, the one at fault will be held liable. If you borrowed a car and cause an accident, the insurance intended for the car as well as your own will pay for the damages.
Which auto insurance companies will insure anyone in Colorado?
Every company accepts their fair share of high-risk drivers that apply for their insurance. You can go to Colorado Motor Vehicle Insurance Plan to be assigned to one.
Dealing with Accidents and Insurance Companies
This section should serve as a guide on some protocols and how-to’s after an accident.
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How long do I have to file an insurance claim on my car in Colorado?
The statute of limitations for auto accidents is three years, but it is best to file a claim as soon as possible.
What happens if insurance totals your car Colorado?
Your insurer will determine the value of your car before the accident and pay you that value minus your deductible.
What to do if car is hail totaled by insurance company in Colorado?
You may choose to just accept the cash, but you also have the option to purchase it from the insurers and get a salvaged title. If you purchase it, you will have to pay for the necessary repairs before you can take it out to the road again.
What are your rights when insurance totals your car in Colorado?
You have the right to appeal their decision to total your car as well as to ask how they arrived at their determined value of your vehicle.
How do I sign over a Colorado car title to insurance for totaled vehicle?
You need to have the title before you can sign over the vehicle. If the car is not yet paid in full, your lender may have to be involved in the transaction. The process itself is as simple as handing over the title and filling out some forms at no financial cost to you.
What do I do if I disagree with insurance companies estimate of damage to my car Colorado?
What if someone hits my car and has no insurance in Colorado?
If they are at fault, not only would they be fined for having no insurance, they will also pay for the damage without any monetary assistance from the insurer. It is possible that you won’t get the full value for the repairs if the driver at fault does not have a lot of assets to liquidate. Related: What insurance companies cover rebuilt titles?
How do I get someone's auto insurance information in Colorado from DMV?
Other FAQ on Auto Insurance in Colorado
Other issues you may have that have not been address in previous sections would be found here. In this section, you will find information about cancelling your auto insurance as well as reporting fraud.
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When can I cancel my auto insurance on a sold vehicle in Colorado?
You can cancel your insurance before the transaction, but you must first notify them so you can do so without any repercussion to your credit report.
How do I report auto insurance fraud in Colorado?
You should first get grounds on your claim by hiring a fraud investigator. Then, report it to the Attorney General’s office or to the local police.
Does Colorado require SR-22 insurance if you get DUI?
Yes sr-22 insurance may be required if you get a DUI in Colorado. You may find that by comparing quotes you are able to find relatively cheap sr22 insurance with some companies though it will still be more than what a normal policy costs.
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