How Much Is Car Insurance in Colorado? (2023 Averages)
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Your selected coverage level and driver profile significantly affect the cost of your car insurance rate. The average annual cost of auto insurance in Colorado is $1,450, however, those who only purchase the minimum coverage pay a lower amount of $811 per year. Meanwhile, the cost of your premium significantly increases to $3,819 per year if you add a young driver to your policy. In addition, a motorist with a violation pays roughly $1,701 per year for auto insurance in Colorado.
The provider you choose has a significant impact on the cost of your insurance as well, even for a policy with the same level of coverage. In Colorado, you may pay as low as $872 per year for a full coverage policy with GEICO or as high as $2,084 per year with MetLife.
The Average Cost of Car Insurance in Colorado
MoneyGeek analyzed how much car insurance is in Colorado based on the factors that significantly influence auto insurance rates.
The two factors that highly affect whether your Colorado car insurance rate is high or low are age and credit score.
Average Costs of Car Insurance in Colorado
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- DriverAverage Annual PremiumAverage Monthly Premium
- The Average Driver$1,450$121
- Drivers Buying Minimum Coverage$811$68
- Adding a Young Driver$3,819$318
- Drivers With a Violation$1,701$142
- Drivers With Poor Credit$2,515$210
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Why Are Car Insurance Rates Reasonable in Colorado?
According to MoneyGeek's national research, Colorado has moderate or average car insurance rates. That’s because the state ranks second in vehicle theft, 86% of its drivers live in cities, there’s increased traffic congestion and risk of accidents.
Despite its high urban population and vehicle theft rate, three factors help keep Colorado’s car insurance rates at an average level: The state has moderate ratings for highway traffic density and uninsured motorists, and it is less vulnerable to natural disasters. If you receive an expensive quote for full coverage car insurance in Colorado, it could be due to the high instance of any of these factors in your area.
Average Cost of Car Insurance in Colorado: Full Coverage vs. Minimum Coverage
Colorado has an average cost of $811 per year for an auto policy that meets the state’s minimum coverage requirement. The average price of full coverage car insurance in Colorado is $1,450. There is a big difference of $639 between the two coverage options.
Colorado's average car insurance cost depends on the amount of coverage you choose. Auto insurance companies offer several options, with the state’s minimum coverage of liability only being the cheapest. You pay more when you add to it.
A full coverage insurance policy gives you comprehensive, collision and liability coverage. That explains why it is more expensive than a minimum insurance policy in Colorado.
Average Cost of Car Insurance in Colorado by Coverage Level
A state-minimum policy in Colorado is the least expensive auto insurance you can purchase.
However, for an added cost, your liability coverage can be increased to 50/100/50 or 100/300/100. These numbers are simply a way to indicate the liability coverage levels over what the state legally requires. A 50/100/50, for example, indicates the following:
- $50,000 in bodily injury liability insurance per person
- $100,000 in bodily injury liability insurance per accident
- $50,000 in property damage liability insurance per accident
Comprehensive and collision insurance are included in a full coverage policy which will also pay for any damages your vehicle sustains.
Average Cost of Car Insurance in Colorado By Company
Each insurance company quotes differently, so the insurer you choose will have a significant impact on how much your car insurance is in Colorado. On average, GEICO provides the cheapest car insurance in Colorado for full coverage insurance plans and minimum liability plans.
USAA is the cheapest company for liability-only auto policies and full coverage plans, but its policies are only available to current and former military personnel and their families. GEICO does not have restrictions on who it insures.
Progressive, on average, offers the most expensive Colorado car insurance for minimum liability coverage, while MetLife is the most expensive option for a full coverage policy.
Average Annual Costs of Car Insurance in Colorado - By Company
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- CompanyMinimum CoverageFull Coverage
- $295$695
- $373$872
- $639$1,039
- $749$1,096
- $558$1,158
How Much Is Car Insurance in Colorado by Age?
Your age is a significant factor that determines your average car insurance cost. Considered inexperienced, young drivers pay more for their high-risk classification.
The annual premium of a 16-year-old’s insurance policy in Colorado compared to a 40-year-old differs by an average of $2,369 each year. The best way for a young driver to save money on Colorado car insurance rates is to join their parent's auto insurance policy.
New or first-time drivers in Colorado, regardless of age, are seen as hazardous, like young drivers, and may face insurance costs comparable to those of teens.
Average Costs of Full Coverage Car Insurance in Colorado - By Age
How Does Driving History Affect Car Insurance Costs in Colorado?
People with car accidents or traffic violations on their record are considered high-risk by insurance providers and face higher car insurance costs in Colorado. However, by looking around, those with a bad driving history can easily get affordable rates in Colorado.
MoneyGeek’s research finds that getting a speeding ticket might cost you around $251 more per year compared to someone with a clean driving record. The cost difference climbs in proportion to the severity of the violation.
Average Costs of Full Coverage Car Insurance in Colorado - By Driving History
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- Driving ViolationAnnual Premium
- Safe Driver$1,450
- Speeding Ticket$1,701
- At-Fault Accident$2,080
- DUI$2,187
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Credit Scores and the Cost of Car Insurance in Colorado
In Colorado, insurers consider your credit score when determining your car insurance costs. If you have a good or excellent credit score, you can save big on insurance premiums. MoneyGeek finds an excellent credit score can save you $284 a year on car insurance over a person with a good credit score.
With a poor credit rating, you may experience higher premiums, as much as $1,020 more per year in Colorado than people with a good credit score, but you can still find affordable rates in Colorado.
Average Costs of Full Coverage Car Insurance in Colorado - By Credit Score
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- Credit ScoreAnnual Premium
- Excellent$1,211
- Good$1,495
- Fair$1,781
- Below Fair$2,090
- Poor$2,515
How Much Is Car Insurance in Your City?
According to MoneyGeek's research, car insurance premiums vary substantially between cities in Colorado. While Fort Collins has the cheapest car insurance rates, Pueblo has the state's most expensive. When compared to the state’s average insurance rate of $1,450 for full coverage, Pueblo's average annual insurance is $68 higher, and Fort Collins' is $338 lower.
If you reside in a densely populated area with a high risk of road accidents or in an area prone to natural disasters, your insurance premium is higher as well. Your area’s rate of vehicle theft can also significantly change your insurance premiums.
Average Costs of Full Coverage Car Insurance in Colorado - By City
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- CityAnnual Premium
- $1,318
- $1,512
- $1,221
- $1,370
- $1,407
- $1,447
- $1,112
- $1,156
- $1,459
- $1,518
- $1,357
- $1,344
Frequently Asked Questions About Colorado Car Insurance Rates
People who want to know about car insurance rates in Colorado may often have the following questions.
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