How Much Is Car Insurance in Colorado? (October 2024)
Updated: October 10, 2024
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In Colorado, if you're looking to insure your car, expect to pay around $1,379 each year for full coverage. For those seeking just the minimum coverage, the yearly cost drops to about $609.
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 history. Finding the right balance between affordability and protection is important when shopping for car insurance plans.
ColoradoCar InsuranceCostsWhy 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.
These rates reflect the average cost of car insurance in Colorado as of October 2024.
Colorado's average full coverage car insurance cost is $1,379 annually. 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. | $1,379 | $115 |
| 100/300/100 Liability Only | $741 | $62 |
| State Minimum Liability Only | $609 | $51 |
Car insurance in Colorado is moderately priced. The average annual premium for state minimum liability is $609, which is just below the national average of $619. The average yearly cost for full coverage with a $1,000 deductible is slightly higher at $1,379 annually or approximately $115 per month, compared to the national average of $1,337 or about $111.
Several factors contribute to Colorado's moderate car insurance costs: weather conditions, such as snow and hail, natural disasters, the number of uninsured drivers and urban traffic conditions, especially in areas like Denver, which increase the likelihood of accidents. Additionally, urbanization level, state insurance laws, the cost of healthcare, auto repairs and the risk of theft can influence premiums.
Car insurance premiums can vary widely between companies, even within the same state. For instance, in Colorado, Colorado Farm Bureau offers the most affordable full coverage annually at $743, 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.
| Colorado Farm Bureau | $743 | $62 |
| American National P&C | $817 | $68 |
| GEICO | $1,004 | $84 |
| Auto-Owners Insurance Co | $1,220 | $102 |
| American Family | $1,237 | $103 |
| Progressive | $1,254 | $105 |
| Acuity | $1,330 | $111 |
| Farmers | $1,505 | $125 |
| Allstate | $1,515 | $126 |
| State Farm | $1,530 | $128 |
| Kemper | $1,695 | $141 |
| Nationwide | $1,891 | $158 |
| Farmers Union Insurance | $2,180 | $182 |
The cost of car insurance in Colorado is also subject to the chosen coverage level. For instance, monthly minimum coverage costs around $51, while a monthly full coverage policy with a $1,000 deduction is approximately $115. Despite being costlier, full coverage insurance is advisable for more comprehensive protection.
Including comprehensive and collision coverages will indeed raise your premium. However, opting for higher deductibles can make this increase more manageable. Remember that the deductible applies separately to each comprehensive and collision coverage event.
| State Minimum Liability Only | $609 | $51 |
| 100/300/100 Liability Only | $741 | $62 |
| 300/500/300 Liability Only | $905 | $75 |
| State Minimum Liability w/ Full Cov. w/$1,500 Ded. | $1,170 | $98 |
| State Minimum Liability w/ Full Cov. w/$1,000 Ded. | $1,246 | $104 |
| 100/300/100 Full Cov. w/$1,500 Ded. | $1,303 | $109 |
| 100/300/100 Full Cov. w/$1,000 Ded. | $1,379 | $115 |
| State Minimum Liability w/ Full Cov. w/$500 Ded. | $1,421 | $118 |
| 300/500/300 Full Cov. w/$1,500 Ded. | $1,467 | $122 |
| 300/500/300 Full Cov. w/$1,000 Ded | $1,543 | $129 |
| 100/300/1000,000 - 500 comp_coll | $1,553 | $129 |
| 300/500/300 Full Cov. w/$500 Ded. | $1,717 | $143 |
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.
$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.
$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.
$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.
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.
Premiums in Colorado 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.
| Arvada | $975 | $451 |
| Aurora | $1,103 | $509 |
| Boulder | $895 | $419 |
| Centennial | $1,009 | $478 |
| Colorado Springs | $1,014 | $438 |
| Denver | $1,142 | $518 |
| Fort Collins | $857 | $384 |
| Greeley | $886 | $380 |
| Highlands Ranch | $983 | $454 |
| Lakewood | $1,045 | $468 |
| Pueblo | $1,063 | $437 |
| Thornton | $1,019 | $483 |
| Westminster | $981 | $458 |
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 drivers over 30. The lowest rates are often enjoyed by seniors.
Young adults can expect to pay an average annual premium of $1,761 for coverage, while those over 30 and seniors enjoy lower rates at $1,379 and $1,350, respectively.
| 22-29 | $1,761 | $147 |
| 30-59 | $1,379 | $115 |
| 60 + | $1,350 | $113 |
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.
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.
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.
| 2012 Vehicle | $1,012 | $84 |
| 2022 Vehicle | $1,291 | $108 |
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.
The average cost of car insurance fluctuates depending on your driving record in Colorado, with violations typically resulting in higher premiums.
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, 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, occasionally insurance providers weigh other violations more heavily.
| Clean | $1,379 | $115 |
| Ticket | $1,784 | $149 |
| At-fault Accident | $2,076 | $173 |
| DUI | $2,298 | $192 |
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.
| Excellent | $770 | $64 |
| Good | $937 | $78 |
| Fair | $1,144 | $95 |
| Below Fair | $1,358 | $113 |
| Poor | $1,641 | $137 |
These are the key factors influencing your car insurance rates in Colorado:
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.
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.
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.
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.
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.
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.
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.
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.
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.
The minimum car insurance requirements in Colorado include bodily injury liability coverage of $25,000 per person and $50,000 per accident, along with property damage liability coverage of $15,000 per accident. It's essential to maintain at least this minimum coverage to comply with state laws and protect your finances in case of an accident.
The average annual cost for full coverage auto insurance in Colorado is about $1,379, while state minimum coverage costs around $609 annually. This breaks down to $115 per month for full coverage and $51 monthly for the state minimum.
The average cost of car insurance for a 22-year-old in Colorado is $770 annually or $64 per month for state minimum coverage. A higher liability limit of 100/300/100 brings the average annual premium to $944 or $79 monthly. For full coverage with a $1,000 deductible, the average annual cost is $1,761 or a monthly expense of $147.
The cheapest car insurance company in Colorado is Colorado Farm Bureau, which costs $743 annually for full coverage and $284 for minimum coverage.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He 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.
