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


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Updated: June 19, 2024

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In Colorado, if you're looking to insure your car, expect to pay around $1,220 each year for full coverage. For those seeking just the minimum coverage, the yearly cost drops to about $542.

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.

Why Trust MoneyGeek? To pinpoint the most precise average costs for various drivers across Colorado, MoneyGeek compiled data from Quadrant Information Services and the Colorado Department of Insurance. This was done using sample driver profiles that reflect the typical criteria insurers use to determine premiums.

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These rates reflect the average cost of car insurance in Colorado as of June 2024.

106,836Quotes Analyzed
 
14Companies Compared
 
101ZIP Codes

Average Car Insurance Costs in Colorado

Colorado's average full coverage car insurance cost is $1,220 annually or $102 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.

100/300/100 Full Cov. w/$1,000 Ded.Average Annual Premium$1,220Average Monthly Premium$102
100/300/100 Liability OnlyAverage Annual Premium$673Average Monthly Premium$56
State Minimum Liability OnlyAverage Annual Premium$542Average Monthly Premium$45

Why Are Car Insurance Rates Moderate in Colorado?

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 $1,220, translating to about $102 monthly. This stands in comparison to the national average cost of car insurance for similar coverage, which is slightly higher at $1,244 annually or around $104 per month. For state minimum coverage, Colorado's average is $542 annually or $45 monthly, which is cheaper than the national average of $573 annually or $48 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.

Average Car Insurance Costs in Colorado by Company

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 Kemper has the highest average premium at $1,695.

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

Data filtered by:Results filtered by:
Coverage:
Coverage:Full Coverage
Age Group:
Age Group:30-59
American National P&CAnnual Premium$721Monthly Premium$60
Colorado Farm BureauAnnual Premium$781Monthly Premium$65
GEICOAnnual Premium$955Monthly Premium$80
Auto-Owners Insurance CoAnnual Premium$1,092Monthly Premium$91
Farmers Union InsuranceAnnual Premium$1,158Monthly Premium$96
State FarmAnnual Premium$1,214Monthly Premium$101
American FamilyAnnual Premium$1,251Monthly Premium$104
ProgressiveAnnual Premium$1,273Monthly Premium$106
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

Average Car Insurance Costs in Colorado by Coverage Level

The cost of car insurance in Colorado is also influenced by the level of coverage you select. For instance, the average monthly cost for minimum coverage is around $45, in contrast to the more comprehensive full coverage with a $1,000 deductible, which averages about $102 per month. Despite the higher cost, it is often recommended to opt for full coverage to ensure ample financial protection in the event of an accident.

Adding comprehensive and collision coverage to your policy does increase your premium; however, you can mitigate this by choosing higher deductibles. It's worth noting that the deductible is the amount you pay out of pocket for each comprehensive and collision claim you file.

State Minimum Liability OnlyAverage Annual Premium$542Average Monthly Premium$45
100/300/100 Liability OnlyAverage Annual Premium$673Average Monthly Premium$56
300/500/300 Liability OnlyAverage Annual Premium$818Average Monthly Premium$68
State Minimum Liability w/ Full Cov. w/$1,500 Ded.Average Annual Premium$1,022Average Monthly Premium$85
State Minimum Liability w/ Full Cov. w/$1,000 Ded.Average Annual Premium$1,089Average Monthly Premium$91
100/300/100 Full Cov. w/$1,500 Ded.Average Annual Premium$1,153Average Monthly Premium$96
100/300/100 Full Cov. w/$1,000 Ded.Average Annual Premium$1,220Average Monthly Premium$102
State Minimum Liability w/ Full Cov. w/$500 Ded.Average Annual Premium$1,229Average Monthly Premium$102

Minimum Car Insurance Requirements in Colorado

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.

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    $25,000 for bodily injury liability per person

    This is the minimum coverage required in Colorado for bodily injury liability for one person involved in an accident.

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    $50,000 for bodily injury liability per accident

    Colorado requires a minimum of $50,000 for bodily injury liability to cover all persons injured in a single accident.

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    $15,000 for property damage liability per accident

    The state minimum for property damage liability in Colorado is $15,000 to cover damages caused to another's property.

Average Car Insurance Costs in Colorado by City

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.

ArvadaFull Coverage Annual Premium$975Minimum Coverage Annual Premium$451
AuroraFull Coverage Annual Premium$1,103Minimum Coverage Annual Premium$509
BoulderFull Coverage Annual Premium$895Minimum Coverage Annual Premium$419
CentennialFull Coverage Annual Premium$1,009Minimum Coverage Annual Premium$478
Colorado SpringsFull Coverage Annual Premium$1,014Minimum Coverage Annual Premium$438
DenverFull Coverage Annual Premium$1,142Minimum Coverage Annual Premium$518
Fort CollinsFull Coverage Annual Premium$857Minimum Coverage Annual Premium$384
GreeleyFull Coverage Annual Premium$886Minimum Coverage Annual Premium$380

Average Car Insurance Costs in Colorado by Age

Age does influence car insurance costs in Colorado, with young drivers typically paying more. Drivers aged 22 to 29 face the highest rates, as insurance companies view them as higher risk due to inexperience. Costs generally decrease with age, as mature drivers are perceived as more responsible, resulting in their premiums being more affordable.

Young adults can expect to pay an average annual premium of $1,560 for coverage, while those aged 30 to 59 and seniors 60+ enjoy lower rates at $1,220 and $1,195, respectively.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 Full Cov. w/$1,000 Ded.
22-29Average Annual Premium$1,560Average Monthly Premium$130
30-59Average Annual Premium$1,220Average Monthly Premium$102
60 +Average Annual Premium$1,195Average Monthly Premium$100

Average Car Insurance Costs in Colorado for Teens

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.

Data filtered by:Results filtered by:
Gender:
Gender:Male
16Added to Family Policy Premium$2,994Individual Premium$6,807
17Added to Family Policy Premium$3,018Individual Premium$5,890
18Added to Family Policy Premium$2,539Individual Premium$4,871
19Added to Family Policy Premium$2,408Individual Premium$3,193
20Added to Family Policy Premium$2,521Individual Premium$2,850
21Added to Family Policy Premium$1,891Individual Premium$2,173
22Added to Family Policy Premium$2,125Individual Premium$1,992
23Added to Family Policy Premium$2,178Individual Premium$1,815

Average Car Insurance Costs in Colorado for New Cars

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.

Data filtered by:Results filtered by:
Coverage:
Coverage:Full Coverage
Age Group:
Age Group:30-59
2012 VehicleAnnual Premium$1,012Monthly Premium$84
2022 VehicleAnnual Premium$1,291Monthly Premium$108
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ACTUAL CASH VALUE

The actual cash value (ACV) determines the payout from an insurer for a vehicle claim, reflecting your car's market value pre-damage, minus depreciation. This sum is crucial in settling your comprehensive or collision claim, ensuring adequate compensation within your coverage limits.

Average Car Insurance Costs in Colorado by Driving Record

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

  • With a ticket: $1,590 per year; $133 per month
  • With an at-fault accident: $1,843 per year; $154 per month
  • With a DUI: $2,029 per year; $169 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 stay on your driving record for up to 10 years, influencing your insurance rates for a long time. Another example is how traffic tickets generally remain on your Colorado driving record for around five years.

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.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 Full Cov. w/$1,000 Ded.
Age Group:
Age Group:30-59
CleanAverage Annual Premium$1,220Average Monthly Premium$102
TicketAverage Annual Premium$1,590Average Monthly Premium$133
At-fault AccidentAverage Annual Premium$1,843Average Monthly Premium$154
DUIAverage Annual Premium$2,029Average Monthly Premium$169

Average Car Insurance Costs in Colorado by Credit Score

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.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 w/ $1000 Deductible
Age Group:
Age Group:30-59
ExcellentAnnual Premium$770Monthly Premium$64
GoodAnnual Premium$937Monthly Premium$78
FairAnnual Premium$1,144Monthly Premium$95
Below FairAnnual Premium$1,358Monthly Premium$113
PoorAnnual Premium$1,641Monthly Premium$137
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

Factors Affecting Car Insurance Rates in Colorado

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.

How to Save Money on 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.

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    Shop Around for Rates

    Comparing quotes from multiple insurers can help you find the most affordable car insurance in Colorado. Use online tools to streamline the process.

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    Bundle Insurance Policies

    Bundling auto insurance with other policies like homeowners or renters insurance can lead to discounts and overall lower insurance costs in Colorado.

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    Maintain a Clean Driving Record

    A clean driving record with no accidents or violations can significantly reduce your car insurance rates, reflecting responsible driving behavior in Colorado.

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    Choose a Higher Deductible

    Opting for a higher deductible can lower your premium. However, ensure you can afford the deductible in case of a claim in Colorado.

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    Look for Discounts

    Insurers in Colorado offer various discounts for safe driving, anti-theft devices and more. Always ask about eligible discounts to reduce costs.

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    Consider the Car You Drive

    Driving a car that's cheap to insure, such as one with safety features, can help you find lower rates on car insurance in Colorado.

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    Review Your Coverage Regularly

    Regularly review and adjust your coverage to fit your current needs, which can help you avoid overpaying for car insurance in Colorado.

FAQ: Car Insurance Costs in Colorado

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.

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About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.