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Car Insurance Cost Calculator
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Apr, 24, 2024
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You can use MoneyGeek’s car insurance calculator in Colorado to get a quick estimate of how much you’ll need to pay for coverage. Our tool considers several factors that make your profile unique, such as your age, driving record and credit score.
We also analyzed how insurers calculate insurance premiums in Colorado. It will help you understand which factors are driving your cost of insurance.
Colorado Car Insurance Calculator: How it Gets You an Instant, Free Estimate
You'll need 10 to 15 minutes and various personal details to get a car insurance quote from an insurer in Colorado. Drivers in Colorado can use MoneyGeek’s car insurance calculator to get an estimate of their premium faster. Our tool computes your rates while factoring in your age, coverage levels, driving profile and vehicle type.
MoneyGeek’s analysis showed that the top factors affecting car insurance premiums in Colorado are adding a teen driver, coverage levels and the driver’s age.
MoneyGeek’s car insurance calculator shows that GEICO offers the cheapest widely-available coverage at $407 per year. Keep in mind that the most affordable insurer for you may vary depending on your unique profile. Besides cost, you should also consider quality services and available coverages offered by a car insurance company.
If you’re looking for the most affordable car insurance in Colorado, it’s best to use MoneyGeek’s car insurance calculator or explore our extensive list of sample driver profiles.
MoneyGeek calculated the average cost of car insurance in Colorado so you can see how it compares to other states.
MoneyGeek identified the best car insurance companies in Colorado that balance affordability and quality service.
How Car Insurance Premiums are Calculated in Colorado
If you’re wondering how insurers calculate insurance premiums in Colorado, MoneyGeek’s guide can provide pertinent information. Car insurance companies consider several factors when determining premiums. Information such as your driving record and credit score can affect your rates.
In Colorado, adding a teen to your policy, your coverage levels and the driver’s age are the factors that affect the cost of insurance the most. If you add a teen driver to a family policy, your premium can multiply by 2.7x.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Colorado
Insurers usually charge teen drivers a higher premium because they’re more likely to get into accidents. They’re prone to committing three severe errors while being behind the wheel that can increase the odds of an accident. These include being distracted, subpar scanning of their environment and speeding.
Adding a teenage driver to your family policy can cause your rate to increase by 2.7x.
How Much Coverage Levels Matters in Calculating Car Insurance in Colorado
How much insurance you decide to buy affects how much you pay in premiums. A liability-only policy in Colorado with state minimum limits is your most affordable option, while the highest annual rate is for full coverage car insurance with liability limits of 100/300/100 and a $500 deductible.
Depending on your preferred coverages, your premium can increase by 2.4x in Colorado.
How Much Age of Driver Matters in Calculating Car Insurance in Colorado
Maturity and experience play a considerable role in road safety, which explains why insurers consider age when setting car insurance rates. Generally, 40-year-old drivers have more affordable rates, while 19- or 20-year-old drivers pay the highest rates in Colorado.
Depending on how old you are, your premium may multiply by 2.1x in Colorado.
How Much Credit Score Matters in Calculating Car Insurance in Colorado
Insurers believe a person’s credit score is a strong indicator of how likely he is to file a claim. Insurers charge two-thirds of their customers lower rates because they have good credit standing.
In Colorado, your credit score can multiply your rate by 2.1x. Drivers with excellent credit standing have the cheapest car insurance rates, while those with poor credit scores have the most expensive.
How Much Car Model Matters in Calculating Car Insurance in Colorado
You can expect your premium to vary depending on whether you’re driving a sedan or a sports car. Insurers also consider how expensive repairs will be and how much they’ll have to pay if your car is totaled. The more valuable your vehicle is, the more expensive your premium becomes.
Your car model can increase your car insurance premium by 2x.
How to Calculate How Much Car Insurance You Need in Colorado
Your coverage level is one of the factors with the heaviest weight when insurers compute premiums. One way to balance cost and protection is to calculate how much insurance you need in Colorado. You're only required to have liability insurance covering bodily injuries and property damage, but you may consider adding coverages like comprehensive and collision insurance or increasing limits to have added protection.
Understand Colorado car insurance requirements
If you want to calculate how much insurance you need in Colorado, start with knowing the Colorado minimum car insurance requirements. A state minimum policy only covers you up to $50,000 for bodily injury per accident, with a maximum of $25,000 per person. It can also help pay for costs from property damage up to $15,000. However, it can’t help you with expenses caused by damage to your car because it doesn’t include comprehensive and collision coverage.
Consider Purchasing Additional Liability Insurance
Depending on your situation, you may need to increase your liability limits. The cost of repairs after an accident can be extensive, and the protection from state minimum policies may not be enough.
A policy that can help you with expenses from bodily injuries up to $300,000 costs $1,201 per year. In comparison, you only pay $649 for a policy with state minimum liability limits.
Decide whether or not to buy comprehensive and collision insurance
Besides adding liability insurance, you may need full coverage car insurance. These aren't mandatory in Colorado, but your lender might ask for it if you’re leasing or financing your car.
Adding comprehensive and collision insurance with a $1,000 deductible to your policy means paying $468 more annually. Although it ensures more protection for your car, it might not be worth it. If your vehicle is only worth a couple of thousand dollars, you may consider dropping these.
Consider buying additional protection besides these core coverages
You also have the option of purchasing other types of coverages for additional protection. An example of this is uninsured/underinsured motorist insurance, which could help if you get into an accident caused by a driver without coverage. Although the state requires it, 16.3% of drivers in Colorado do not carry insurance.
You can also explore purchasing medical payment coverage, which can help with costs if you or your passengers sustain injuries in a crash.
Frequently Asked Questions About How Car Insurance is Calculated in Colorado
It is helpful to understand how insurers calculate insurance premiums in Colorado. Here are some commonly asked questions to provide you with more information.
You can use MoneyGeek’s car insurance calculator in Colorado to get a close estimate of your car insurance costs. You can also explore our collection of sample driver profiles.
Insurers use several factors to set premiums. In Colorado, adding a teen driver to your policy, coverage levels and age impact your car insurance rate the most.
Begin with the minimum car insurance requirements in Colorado. Then think about whether you want to increase liability limits, purchase full coverage car insurance and add additional coverages.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Colorado. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
sources
- Teen Driver Source. "Teen Driver Statistics." Accessed January 27, 2022.
- Rocky Mountain Insurance Information Association. "Credit / Insurance Scoring." Accessed January 27, 2022.
- Insurance Information Institute. "Facts + Statistics: Uninsured Motorists." Accessed January 27, 2022.