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Real Quotes to Help You Find the Cheapest Car Insurance in Colorado

Colorado drivers can get car insurance quotes from top companies like State Farm, Progressive, Berkshire Hathaway and Allstate, as well as USAA, which offers insurance to members of the military and veterans and their families, according to the National Association of Insurance Commissioners.

See how various insurance companies approximate monthly premium cost for an average driver in the estimates below. These numbers vary greatly from any individual quote that would pertain to your driving history and situation.

Company
Amount
1. USAA
In 2020, USAA ranked #1 in Colorado for the cheapest car insurance on average.
$695
per year
2. GEICO
In 2020, GEICO ranked #2 in Colorado for the cheapest car insurance on average.
$872
per year
3. Travelers
In 2020, Travelers ranked #3 in Colorado for the cheapest car insurance on average.
$1,039
per year
4. Esurance
In 2020, Esurance ranked #4 in Colorado for the cheapest car insurance on average.
$1,096
per year
5. State Farm
In 2020, State Farm ranked #5 in Colorado for the cheapest car insurance on average.
$1,158
per year

While estimates give you an idea of which companies to contact for car insurance quotes, make sure to shop around when you're looking for Colorado car insurance companies and ask about multi-policy discounts and other discounts for safe driving, long company tenure with the company and more.

The Best Car Insurance Companies in Colorado for 2020

MoneyGeek developed a unique rating system to help insurance seekers determine which insurance company best serves their needs. Ratings from reputable outlets such as JD Power and AM Best were ranked regarding customer satisfaction, affordability, the number of claims and financial stability. Take a look at the top companies listed below.

Expand all Rankings +

1

USAAScore: 100
+

5/5

User Satisfaction

5/5

Claims Ratings

5/5

Affordability

A++

Financial Stability

2

State FarmScore: 90
+

5/5

User Satisfaction

3/5

Claims Ratings

3/5

Affordability

A++

Financial Stability

3

GEICOScore: 90
+

3/5

User Satisfaction

3/5

Claims Ratings

5/5

Affordability

A++

Financial Stability

4

AllstateScore: 82.5
+

3/5

User Satisfaction

3/5

Claims Ratings

3/5

Affordability

A+

Financial Stability

5

CSAAScore: 82.5
+

3/5

User Satisfaction

2/5

Claims Ratings

5/5

Affordability

A

Financial Stability

6

Liberty MutualScore: 82.5
+

3/5

User Satisfaction

4/5

Claims Ratings

3/5

Affordability

A

Financial Stability

7

American FamilyScore: 80
+

3/5

User Satisfaction

3/5

Claims Ratings

3/5

Affordability

A

Financial Stability

8

TravelersScore: 80
+

2/5

User Satisfaction

3/5

Claims Ratings

2/5

Affordability

A++

Financial Stability

9

SafecoScore: 77.5
+

3/5

User Satisfaction

3/5

Claims Ratings

2/5

Affordability

A

Financial Stability

10

FarmersScore: 77.5
+

3/5

User Satisfaction

3/5

Claims Ratings

2/5

Affordability

A

Financial Stability


Market Share by Company

According to 2018 data from the National Association of Insurance Commissioners, the top-rated auto insurance companies in Colorado are: State Farm, Progressive, Berkshire Hathaway, USAA, Allstate, American Family, Farmers, Liberty Mutual, Travelers Group and Nationwide Insurance.

State Farm has the greatest share of the Colorado auto insurance market at 18.32%, followed by Progressive at 10.95%, Berkshire Hathaway at 9.75% and USAA at 10.51%.

Company
Market Share
1. State Farm
18.32%
2. Progressive
10.95%
3. USAA
10.51%
4. GEICO
9.75%
5. Allstate
8.83%

Cheapest Car Insurance for Drivers With a DUI in Colorado

According to the Centers for Disease Control and Prevention, 1,702 people were killed in crashes involving a drunk driver in Colorado from 2003-2012. The percentage of adults who reported driving after drinking too much (in the 30 days prior to being surveyed) was 1.9% in Colorado, according to 2012 CDC data.

The financial repercussions of getting a DUI are costly and can range from court and legal fees to alcohol education treatment programs. Additionally, your insurance rate will also see a spike in cost in addition to the legal fees. Consider the following auto insurance rates for drivers who receive a DUI in Colorado.

Company
Amount
1. State Farm
In 2020, State Farm ranked #1 in Colorado for the cheapest car insurance for drivers with a DUI.
$1,251
per year
2. USAA
In 2020, USAA ranked #2 in Colorado for the cheapest car insurance for drivers with a DUI.
$1,348
per year
3. Allstate
In 2020, Allstate ranked #3 in Colorado for the cheapest car insurance for drivers with a DUI.
$1,534
per year
4. Travelers
In 2020, Travelers ranked #4 in Colorado for the cheapest car insurance for drivers with a DUI.
$1,787
per year
5. Esurance
In 2020, Esurance ranked #5 in Colorado for the cheapest car insurance for drivers with a DUI.
$1,843
per year

While each insurance company calculates premiums differently, you can expect to pay an additional $40,000 over the course of 13 years in increased auto insurance premiums. Exactly how much your rate would go up depends on your insurance company, your location and your driving record. With a DUI you'll likely pay higher rates for up to a decade.

Cheapest Car Insurance for CO Speeding or Distracted Driving Tickets

According to the National Highway Traffic Safety Administration's (NHTSA) 2018 Fatality Analysis Reporting System (FARS), 588 crashes in Colorado were caused by distracted driving. Driving while distracted can cause accidents. Colorado state laws prohibit all handheld device use for drivers younger than 18 and prohibit text messaging for all drivers, according to the Governors Highway Safety Association.

Company
Amount
1. USAA
In 2020, USAA ranked #1 in Colorado for the cheapest car insurance for distracted drivers.
$848
per year
2. GEICO
In 2020, GEICO ranked #2 in Colorado for the cheapest car insurance for distracted drivers.
$1,108
per year
3. State Farm
In 2020, State Farm ranked #3 in Colorado for the cheapest car insurance for distracted drivers.
$1,251
per year
4. Allstate
In 2020, Allstate ranked #4 in Colorado for the cheapest car insurance for distracted drivers.
$1,299
per year
5. Esurance
In 2020, Esurance ranked #5 in Colorado for the cheapest car insurance for distracted drivers.
$1,316
per year

Your auto insurance rate is likely to go up if you get a ticket for speeding or for distracted driving. According to the Insurance Information Association, your driving record is taken into account when you secure your auto policy, so being riskier to insure means paying higher premiums. Your insurer can also re-evaluate your rate if you get a moving violation (i.e., a speeding ticket).

Cheapest Car Insurance Companies in CO for Drivers With Bad Credit

According to Experian, the average FICO Score in the United States hit a record high of 703 in 2019, which is lower than the Colorado average FICO Score of 718. Nationwide Insurance uses credit scores to determine premiums as studies show that using a credit score helps companies better predict insurance losses. If you have subprime credit (credit scores below 670), you'll likely have to shop around to secure affordable car insurance in Colorado.

Consider the following table for an estimate of Colorado auto insurance for people with low credit scores.

Company
Amount
1. USAA
In 2020, USAA ranked #1 in Colorado for the cheapest car insurance for drivers with poor credit.
$1,230
per year
2. GEICO
In 2020, GEICO ranked #2 in Colorado for the cheapest car insurance for drivers with poor credit.
$1,280
per year
3. Travelers
In 2020, Travelers ranked #3 in Colorado for the cheapest car insurance for drivers with poor credit.
$1,582
per year
4. Nationwide
In 2020, Nationwide ranked #4 in Colorado for the cheapest car insurance for drivers with poor credit.
$1,724
per year
5. Esurance
In 2020, Esurance ranked #5 in Colorado for the cheapest car insurance for drivers with poor credit.
$1,912
per year

To improve your credit score, check out our guide on how to improve your credit score.

Cheapest Car Insurance Companies in Colorado for Seniors

When shopping for car insurance, seniors in Colorado should ask for discounts for completing driver safety courses, discounts for driving infrequently and discounts for choosing a vehicle that has good safety features. There are other options that seniors can consider when it comes to choosing auto insurance.

The following is a general guideline of what seniors in Colorado can expect when they go looking for the most affordable car insurance.

Company
Amount
1. USAA
In 2020, USAA ranked #1 in Colorado for the cheapest car insurance for seniors.
$788
per year
2. State Farm
In 2020, State Farm ranked #2 in Colorado for the cheapest car insurance for seniors.
$1,127
per year
3. Allstate
In 2020, Allstate ranked #3 in Colorado for the cheapest car insurance for seniors.
$1,159
per year
4. Nationwide
In 2020, Nationwide ranked #4 in Colorado for the cheapest car insurance for seniors.
$1,193
per year
5. GEICO
In 2020, GEICO ranked #5 in Colorado for the cheapest car insurance for seniors.
$1,222
per year

Colorado state law requires drivers 61 and older to renew driver's licenses every five years and requires vision tests for drivers ages 66 and older. The state accepts written reports about potentially unsafe drivers from law enforcement, courts, physicians and close relatives.

The state mandates that Colorado auto insurance policies be discounted for residents of 55 and older; insurance discount ranges from 10% to 15%, provided the drivers take a DMV-approved driving course.

Cheapest Car Insurance for Students

Colorado Car Insurance: How Much a Teen Driver Will Cost You

Median annual price change for families with a teen driver on their policy:

$1,693 INCREASE

This is a difference of 111%.

In Colorado, crash rates for teen drivers 16 to 19 have been as much as four times higher than those of older drivers, according to the Colorado Department of Transportation (CDOT). If you have a teen driver, visit the Colorado Teen Driving page and the Colorado Teen Driving Alliance to learn more about keeping your teen driver safe. It's usually your best bet to add your teen or college student to an existing auto policy, and check into whether your insurance company offers good student discounts. Always notify the insurance company if your car will be used in another state for more than 30 days.

The following table illustrates an estimation of what parents in Colorado can expect to pay for their teen or college-aged student drivers.

Company
Amount
1. Allstate
In 2020, Allstate ranked #1 in Colorado for the cheapest car insurance for students.
$2,178
per year
2. GEICO
In 2020, GEICO ranked #2 in Colorado for the cheapest car insurance for students.
$3,149
per year
3. State Farm
In 2020, State Farm ranked #3 in Colorado for the cheapest car insurance for students.
$3,249
per year
4. Nationwide
In 2020, Nationwide ranked #4 in Colorado for the cheapest car insurance for students.
$3,761
per year
5. Progressive
In 2020, Progressive ranked #5 in Colorado for the cheapest car insurance for students.
$4,807
per year


Premium Comparison by Student Type

Premium comparison for two adults + 16-year-old

car
Average premium for two 2014

Mustang GTs

$4,177
car
Average premium for two 2008

Town and Country Limiteds

$2,981
Anual benefits of minivans:$1,196 saved

This is 29% less expensive.

Cheaper premium for college vs. high school drivers

Median premium change with a college student vs. high school driver:

$864 DECREASE

This is a savings of 25%.

Potential discounts for teens in Colorado

Impact on annual premium with good student and defensive driving discounts:

coins
$257 SAVED

Colorado students: a long-distance discount

You may pay a smaller annual family premium if your child lives 150 miles or more away from home.

male
Average premium for a 19-year-old male
car

$2,946 at home

graduation

$2,403 at school

$543 IN SAVINGS

female
Average premium for a 19-year-old female
car

$2,600 at home

graduation

$2,239 at school

$361 IN SAVINGS

Insurance Rate Information for Military Drivers and Veterans

With more than 34,000 active-duty military personnel living in the state, Colorado has more than 10 times those on active duty in neighboring Wyoming. Military men and women and veterans in Colorado can take advantage of discounts available to them on auto insurance, either from specialty carriers or major insurance companies. Call around or research online for the best deals.

Military personnel from other states must still insure their vehicles while operating in Colorado, although the state grants exemptions for ownership tax. To get the exemption, complete a Nonresidents and Military Service Exemption from Specific Ownership Tax Affidavit (Form DR 2667) and deliver it to the local title and registration office.

Age savings for Colorado service members

male
25 years$1,303
50 years$1,020
female
25 years$1,244
50 years$1,041

$283 Saved
$203 Saved

Median auto insurance for service members: $1,124

Who Needs Car Insurance in Colorado?

Colorado requires all drivers to insure their cars before they are registered and driven.

Proof of Insurance in Colorado

You must prove that you carry at least the minimum required Colorado auto insurance, in the form of an insurance card or a picture on a cellphone, whenever you're driving. Colorado will also accept as proof:

  • A copy of your car insurance policy
  • A letter from your insurance company, if it shows the company letterhead
  • A computer printout from an insurer
  • A fax of proof of insurance
  • Email from your car insurer
  • You 'll need to show proof of auto insurance in Colorado:
  • When you register your vehicle (or renew the registration)
  • If a law enforcement officer asks for it
  • If you are in a crash

Minimum Liability Insurance Requirements in Colorado

Automobile owners in Colorado are required to carry liability insurance. Liability insurance covers bodily injury to another person or property damage to another's vehicle or property when the insured is at fault for an accident.

The following minimum coverages are required by the state, although higher coverages may be purchased:

  • $25,000 for bodily injury or death to any one person in an accident;
  • $50,000 for bodily injury or death to all persons in any one accident; and
  • $15,000 for property damage in any one accident.

While those are the minimum requirements, consumer advocates recommend that policyholders looking to protect their assets get at least $100,000/$300,000 in liability coverage per person and per accident, respectively, as the Rocky Mountain Insurance Information Association notes. (For more information, see the section below entitled "How Much Vehicle Insurance Do You Need?")

High-Risk Auto Insurance Program in Colorado

Colorado has a high-risk auto insurance program, the Colorado Motor Vehicle Insurance Plan (CO AIP), which was created to provide automobile insurance to eligible drivers who could not get coverage otherwise. Check with your insurance company to see if you qualify for CO AIP.

Alternatives to Insurance in Colorado

Although there is an alternative to car insurance in Colorado, the state does not make it cheap: Drivers must pay $35,000 in cash or hold a surety bond in the same amount.

Car Insurance Requirements in Colorado: How Much Coverage Do You Need?

What percentage of drivers in Colorado lack vehicle insurance?

13.3%

National average: 13%

Source:

Insurance Information Institute.

Colorado's minimum liability coverage of 25/50 is well below experts' recommendations of 100/300. If you factor in the cost of surgery or an extended hospital stay, you'll see why: $50,000 is often not enough to cover costs, and at-fault drivers are responsible for coming up with anything beyond that amount.

There's more. Given the high number of drivers cruising the state without an insurance policy, you may want to consider uninsured/underinsured motorist coverage, which insurance companies in the states are required to offer.

Lastly, collision and comprehensive coverage, both of which must be offered to consumers by law, can prove valuable. Such coverage ensures that your own vehicle gets repaired should you be at fault or if your car is damaged by a blizzard or other natural disaster. You may want to skip such policies, however, for older cars that are not worth very much.

For more on the common types of car coverage and what's best for you, check out the MoneyGeek guide to car insurance.


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Sources