How Much Is Car Insurance in Colorado? (July 2024)

In Colorado, if you're looking to insure your car, expect to pay around $1,335 each year for full coverage. For those seeking just the minimum coverage, the yearly cost drops to about $596.

Your car insurance premium depends on your age, the level of coverage you choose, where you live in Colorado, your driving history, and your credit score. Finding the right balance between affordability and the protection you need is important when shopping for car insurance plans.

Colorado's average full coverage car insurance cost is $1,335 annually or $111 monthly. Understanding the average cost of car insurance can inform you on whether you're getting a competitive quote. When comparing car insurance quotes, knowing what others pay helps you spot affordable plans.

The table below shows what you might pay monthly and yearly, from minimum coverage to comprehensive full coverage policies.

Car insurance in Colorado tends to be moderately priced. The average annual premium for 100/300/100 full coverage with a $1,000 deductible in Colorado is $1,335, translating to about $111 monthly. This stands in comparison to the national average cost of car insurance for similar coverage, which is slightly lower at $1,296 annually or around $108 per month. For state minimum coverage, Colorado's average is $596 annually or $0 monthly, which is more expensive than the national average of $595 annually or $50 monthly.

Several factors contribute to Colorado's car insurance costs being moderate. The price of car insurance depends on Colorado's accident rates, number of uninsured drivers and inclement weather conditions, such as snow and hail, which can increase the likelihood of claims. Additionally, urbanization level and state insurance laws can influence the cost of premiums.

Car insurance premiums can vary widely between companies, even within the same state. For instance, in Colorado, American National P&C offers the most affordable full coverage annually at $721, while Farmers Union Insurance has the highest average premium at $2,180.

Comparing quotes from various providers ensures that you secure a cost-effective policy that meets your needs.

The cost of car insurance in Colorado is also impacted by the choice of coverage level. Monthly minimum coverage stands at around $50, whereas monthly full coverage with a $1,000 deductible is approximately $111. Although more pricey, a full coverage policy is recommended for its comprehensive protection. For more insights, consider reviewing full coverage insurance.

Adding comprehensive and collision coverages increases your premium, but you can mitigate this by opting for higher deductibles. The deductible is the amount you pay for each comprehensive and collision claim before your insurance takes effect.

In Colorado, the minimum car insurance requirements include $25,000 bodily injury liability per person, $50,000 per accident and $15,000 property damage liability per accident. Uninsured/underinsured coverage is not mandated.

Your location is another factor that influences your car insurance premium. The cheapest city in Colorado for full coverage is Fort Collins at $857, contrasting with Denver's highest rate of $1,142.

When considering car insurance in Colorado, premiums are affected by local factors, such as traffic density, crime rates and weather conditions. Additional influences include the rate of uninsured drivers and state-specific insurance laws that can drive costs up or down.

Age significantly influences car insurance costs in Colorado, with younger drivers typically paying more. Drivers aged 22 to 29 face the highest rates, primarily due to their inexperience on the road leading insurers to view them as higher risk. Costs generally decrease with age, reaching more affordable rates for individuals aged 30 and above. The lowest rates are often enjoyed by drivers aged 60 and older, reflecting their extensive driving experience and lower risk profiles.

Young adults can expect to pay an average annual premium of $1,703 for coverage, while those aged 30 to 59 and seniors 60+ enjoy lower rates at $1,335 and $1,311, respectively.

Age and gender significantly influence car insurance rates in Colorado. A 16-year-old male driver added to a family policy faces an average annual cost of $2,994. Teen drivers, especially at 16, are charged the highest premiums across all age groups.

Minors under 18 generally cannot buy car insurance without a parent or guardian co-signing. Should a 16-year-old male obtain an individual policy, the premium skyrockets to $6,807. For a comprehensive understanding of how age and gender impact insurance costs, these figures underscore the importance of these factors.

On average, full coverage car insurance for a 2012 car model costs $1,012 annually, whereas a 2022 model clocks in at $1,291 — a noticeable hike. This increase is due to newer models having higher actual cash values and more expensive repair costs, coupled with an elevated risk of theft; factors that collectively drive premiums up.

Expert advice underscores the importance of comprehensive and collision coverage for newer cars, which safeguards against damages beyond accidents, such as theft, natural disasters and vandalism, offering broader financial protection for your investment.

The average cost of car insurance fluctuates depending on your driving record in Colorado, with violations typically resulting in higher premiums.

• With a ticket: $1,729 per year; $144 per month
• With an at-fault accident: $2,009 per year; $167 per month
• With a DUI: $2,213 per year; $184 per month

The type of driving violation you commit can significantly impact your insurance costs. The more severe the violation, the more you can expect to pay. These increased rates will continue to affect your premiums as long as the violation remains on your record, the duration of which varies by state.

For instance, in Colorado, a DUI can influence your insurance rates for up to five years, while tickets might affect your premiums for a shorter period.

While a DUI usually results in the highest insurance rate increases, some exceptions do occur. Occasionally, insurance providers in certain states might rate other violations more severely, leading to surprising cost increases.

You can navigate the table by coverage and age group to find the average cost of insurance in Colorado for each driving record, helping you get a better picture of what to expect.

Car insurance rates in Colorado can hinge significantly on your credit score. For example, with a credit score categorized as below fair, your annual premium could be around $1,358, compared to just $770 if you have an excellent score.

Your credit score is a measure of how responsible you are with your money. In Colorado, like many states, car insurance companies use this score to help determine your rates. A good credit score ranges from 670 to 739, according to industry standards. Higher scores usually get you more affordable insurance rates.

These are the key factors influencing your car insurance rates in Colorado:

• Driving Record: A clean driving record can lead to lower car insurance rates, as traffic violations or accidents indicate a higher risk to insurers.

• Age and Gender: Younger drivers and males often face higher premiums due to statistical risks associated with these demographics in Colorado.

• Credit Score: In Colorado, a higher credit score can result in more favorable car insurance rates, reflecting financial reliability to insurers.

• Vehicle Type: The cost of car insurance in Colorado can vary based on the make, model and age of your vehicle, with newer, sportier models generally costing more to insure.

• Location: Urban areas with higher crime and traffic accident rates tend to have more expensive car insurance compared to rural areas in Colorado.

• Mileage: The amount you drive annually can affect your rates; less mileage often means lower premiums due to a decreased likelihood of accidents.

• Comprehensive Insurance and Collision Insurance: Opting for these additional coverages can raise your premium but provide more extensive protection for your vehicle in Colorado.

• State Minimum Coverage: Opting for state minimum coverage can offer a more affordable rate but may not provide sufficient protection in the event of a significant accident.

• Discounts: Many insurers in Colorado offer discounts for various reasons, such as bundling policies, safety features installed in the vehicle or a history of safe driving.

Make informed decisions by understanding how these factors contribute to the average cost of car insurance in Colorado.

To secure affordable car insurance in Colorado, compare quotes, raise your deductible and fully leverage all available discounts. These strategies promptly lower premiums for both comprehensive and state minimum coverage.

Understanding the average cost of car insurance in Colorado is important for budgeting and financial planning. Factors such as your driving record, vehicle type and coverage level can significantly influence your personal car insurance expenses.

In Colorado, insurance costs vary based on individual circumstances, but knowing what others pay can help you assess if you're getting a fair deal. Stay informed to make educated decisions about your auto insurance investments.