The Best Cheap Colorado Car Insurance Quotes for 2021

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Liability insurance is a requirement for automobile owners in the state of Colorado. A liability-only policy will cover all expenses for the other party’s bodily injury and property damage if you are at fault. To include your own medical expenses and vehicle repair, you will have to get optional features like collision and comprehensive coverage. In Colorado, GEICO policyholders enjoy the cheapest premium for both the state minimum of 25/50/15 and a higher 50/100/50 coverage level. Minimum liability-only insurance from GEICO costs an average of $373 per year, while a 50/100/50 policy has a yearly average of $463.

Average Cost for Liability Coverage

Using relevant factors, such as affordability, claims experience, customer satisfaction and financial strength, MoneyGeek ranked the best car insurance companies in Colorado.

To calculate the scores, MoneyGeek evaluated the results of J.D. Power’s U.S. Auto Insurance Study and AM Best's financial strength ratings, along with industry standards for rating and reviewing insurance carriers. Each criterion was weighted equally to get to a final rating out of 100.

While USAA scores highly in many areas, this provider is only available to military members, veterans and their families.

Market Share by Company

According to 2018 data from the National Association of Insurance Commissioners, the most popular auto insurance companies in Colorado are State Farm, Progressive, GEICO, 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%, GEICO at 9.75% and USAA at 10.51%.

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Auto insurance premiums depend on certain factors specific to a driver. MoneyGeek calculated the average rates for a comprehensive and collision insurance policy for a typical driver in Colorado. The average driver is a 40-year-old male who drives a Toyota Camry and has no record of accidents or speeding tickets. The actual cost may be significantly lower or higher than the state averages depending on your age, credit score, driving history and location.

• Average Driver: $1,450
• DUI: $2,187
• Speeding Ticket: $1,701
• Poor Credit Score: $2,421
• Seniors: $1,575
• Students: $3,407

Driving while under the influence is not only dangerous for you and others, but it can also be costly. According to the Centers for Disease Control and Prevention (CDC), 1,548 people were killed in traffic crashes in Colorado due to drunk driving between 2008 and 2019. During the 30 days prior to being surveyed, 1.8% of adults in Colorado reported driving after having too much to drink.

If you get a DUI, you'll likely pay hefty fines and court fees and may have to attend alcohol education or treatment programs. Additionally, your auto insurance premium is likely to spike. If you have a DUI on your record in Colorado, you may need to shop around for car insurance to find a lower rate.

Average Car Insurance Rates With a DUI

The costs of a DUI can quickly compound. During a 13-years period, you could end up paying an additional $40,000 in insurance costs after a DUI. Maintaining a clean driving record after a DUI, paying your car insurance premiums on time and comparing quotes regularly can help keep your costs down over time.

Having a ticket on your record for speeding or distracted driving can increase your car insurance premium. According to the National Highway Traffic Safety Administration (NHTSA), 588 Colorado car accidents were caused by distracted driving in 2018. Driving while distracted can cause accidents, so some insurers see tickets as a risk. 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. Avoiding distracted driving can help keep you safe and help you maintain lower insurance costs.

Average Car Insurance Rates With a Ticket

If you get a speeding or distracted driving ticket, your insurance rates may go up. Your insurer can also re-evaluate your rate if you get a moving violation, but you can also look for other insurance options. Shopping around after you get a ticket may help you find lower rates than your current provider offers.

In Colorado, many insurance companies use credit scores as one of many factors to inform car insurance rates. In Colorado, the average credit score of 718 is above the national average of 703, according to Experian. If you have poor credit, you may have to compare rates from multiple insurers to find the best rates in Colorado.

Average Car Insurance Rates for Drivers With Bad Credit

While it can take time to improve your credit score, doing so could help lower your car insurance premiums and improve other areas of your financial life in the long run.

Many seniors find that their car insurance rates increase as they age. While some insurance companies may raise rates for older drivers, there are discounts and options available for older drivers. If you drive infrequently, have taken a driver safety class, or have a vehicle with enhanced safety features, you may qualify for additional discounts.

Average Car Insurance Rates for Seniors

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.

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.

Average Car Insurance Rates for Students

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.

Average Rates for Colorado service members

25 years$1,303
50 years$1,020

25 years$1,244
50 years$1,041

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About the Author

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Laura Longero is an award-winning journalist who has 15 years of experience in the industry across content creation, writing and editing, communications and storytelling. She spends her free time wrangling her kids, reading and pinching pennies.

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