Best Cheap Car Insurance Companies for High-Risk Drivers in Colorado


Enter your ZIP code to get started

Shield

Free. Simple. Secure.

Banner image
ByMark Fitzpatrick
Edited byKathryn Schroeder
ByMark Fitzpatrick
Edited byKathryn Schroeder

Updated: May 20, 2024

Advertising & Editorial Disclosure

Auto insurance is usually expensive for drivers with a poor history. Having a violation like a DUI or even a certain speeding ticket automatically places you in the high-risk category, and insurers will charge you a higher rate.

High-risk drivers can still find a lower premium in Colorado by shopping around and comparing rates from different companies. From our findings, State Farm offers the best high-risk auto insurance in the state based on affordability and service quality and is also the most affordable, with an average annual cost of $1,203.

MoneyGeek Logo IconBest & CheapestAuto InsuranceHigh-Risk
2024

Best Companies for High-Risk Drivers in 2023

If you get convicted of a traffic violation, such as a DUI, speeding ticket or at-fault accident, insurers may consider you as a high-risk driver, depending on the severity of the violation. That means you will pay more for auto insurance than a low-risk driver. Teen and student drivers are also considered high-risk due to inexperience, as they are seen as highly likely to file claims.

On average, high-risk drivers in Colorado pay $1,731 per year. Meanwhile, drivers with a clean record pay around $1,305 per year, roughly 25% less.

accident2 icon
WHAT EXACTLY IS A HIGH-RISK DRIVER?

High-risk drivers often have severe traffic offenses on their record. Aside from traffic violations like at-fault accidents or a DUI, drivers may get categorized as high-risk depending on factors like their car model, age and credit score. Meaning that your rate may be significantly higher despite having a clean record if you have a poor credit score, for example.

Your premium may also be higher due to previous violations that still reflect on your driving record.

In Colorado, the following may influence auto insurance costs significantly:

  • Drivers with a history of traffic violations or at-fault accidents
  • Drivers with a DUI conviction
  • Drivers caught driving with a suspended or revoked license
  • Young drivers with a lack of driving experience
  • Drivers who drive sports cars or participate in drag racing
  • Drivers with bad credit or lapses in insurance coverage

Cheapest Car Insurance in Colorado for High-Risk Drivers

From MoneyGeek’s research, State Farm offers the most affordable car insurance for high-risk drivers in Colorado. The insurer has an average annual premium of $1,203, which is the lowest in the state.

MoneyGeek’s review of State Farm’s coverage options, discounts and benefits can help you learn more about the insurer.

State FarmAnnual Premium$1,203
GEICOAnnual Premium$1,415
AllstateAnnual Premium$1,417
TravelersAnnual Premium$1,432
NationwideAnnual Premium$1,657
EsuranceAnnual Premium$1,710
American FamilyAnnual Premium$1,767
FarmersAnnual Premium$2,358
carInsurance icon
SR-22 INSURANCE

SR-22 insurance is a form filed by the insurer to prove to the government that your car insurance policy meets the state minimum requirements. SR-22 is compulsory in Colorado for drivers who get convicted of a severe traffic violation.

Generally, SR-22 costs more than standard insurance. While filing the form only costs a few dollars, the penalties associated with a traffic violation can cause the price to spike considerably.

Best Car Insurance in Colorado for High-Risk Drivers

MoneyGeek’s pick for the best high-risk auto insurance provider in Colorado is State Farm, with a score of 97 out of 100. You can find additional details about the insurer by checking out MoneyGeek’s State Farm review.

Second to State Farm is GEICO, with a MoneyGeek score of 86 out of 100. MoneyGeek’s review of GEICO provides detailed information about the insurer.


1
State FarmBest for High-Risk Drivers
Score:96

5/5

Affordability Rating

5/5

Satisfaction Rating

4.5/5

Claims Rating

5/5

Financial Stability Rating

Geek Quick Take
Geek Quick Take

The average cost of State Farm’s high-risk auto insurance policy in Colorado is $1,203 a year. That is 10% higher than the amount paid by drivers that pose little risk on the road.

More About State Farm

State Farm offers rideshare insurance for drivers working for Uber and other ridesharing companies. The insurer also offers good student and driver’s education discounts that may lower rates for teen drivers.

Having a policy from State Farm, however, means you will not get most of the common add-on coverage options like gap insurance, accident forgiveness and new or better car replacement coverage.

2
GEICO
Score:51

0.8/5

Affordability Rating

5/5

Satisfaction Rating

5/5

Claims Rating

5/5

Financial Stability Rating

Geek Quick Take
Geek Quick Take

GEICO offers the second-lowest average auto insurance premium for high-risk drivers in Colorado at $1,415 per year. However, this rate is 43% higher than what low-risk drivers pay for the same coverage.

More About GEICO

GEICO offers affordable policies to most driver types, as well as several unique discounts, such as affinity organization and anti-lock brakes. Policyholders may also buy mechanical breakdown insurance from the company.

Nevertheless, the insurer offers no new car or better car replacement coverage.

mglogo icon
MONEYGEEK EXPERT TIP

Compromising service quality for the cost may not be an excellent idea since you may end up with a company that is slow to process claims. Colorado has no government assistance program for low-income drivers. However, you can find the cheapest policy for your needs by comparing high-risk car insurance quotes. Typically, the cheapest low-income car insurance is a minimum coverage policy, although you may also consider pay-per-mile insurance if you drive less frequently.

Cheapest Car Insurance in Colorado for Drivers With a DUI

Based on MoneyGeek’s evaluation of high-risk auto insurance providers in Colorado, the top insurer if you have a DUI is State Farm, with an average annual cost of $1,174. MoneyGeek’s review of State Farm can help you determine if it’s the best option for your profile.

USAA may also offer cheaper rates for eligible military members and veterans with a DUI.

State FarmAnnual Premium$1,174
AllstateAnnual Premium$1,468
TravelersAnnual Premium$1,706
EsuranceAnnual Premium$1,764
American FamilyAnnual Premium$1,767
GEICOAnnual Premium$1,859
NationwideAnnual Premium$2,000
ProgressiveAnnual Premium$2,193
calendar icon
LOOK-BACK PERIODS

In auto insurance, a look-back period refers to the duration a DUI violation reflects on your driving record. The look-back duration varies across states and depends on various factors, including your history of violations and, in some states, the BAC level.

Colorado drivers need to be very careful about DUI offenses since the look-back period lasts a lifetime. That means previous violations may always come up during new offenses and affect car insurance rates forever.

Cheapest Car Insurance in Colorado for Teenage Drivers

Allstate offers the most affordable car insurance in Colorado for teen and student drivers. The cost is about $4,338 per year, significantly higher than what a middle-aged adult pays.

More details about the insurer are available in our Allstate auto insurance review.

AllstateAnnual Premium$4,338
State FarmAnnual Premium$4,448
NationwideAnnual Premium$5,262
GEICOAnnual Premium$5,952
ProgressiveAnnual Premium$12,703
mglogo icon
MONEYGEEK EXPERT TIP

Although insurance providers charge very high premiums to young drivers, MoneyGeek advises that you purchase a full coverage policy as opposed to minimum coverage because it offers more comprehensive protection to a teen driver after an accident. We highlighted the best affordable car insurance providers for teens to help you find the best option by comparing quotes across multiple Colorado insurers.

Cheapest Car Insurance in Colorado for Drivers With Bad Credit

MoneyGeek discovered that GEICO, the second-best overall high-risk auto insurance company in Colorado, offers the most affordable coverage for drivers with bad credit. GEICO customers pay around $1,286 per year, a rate that’s roughly 36% higher than what drivers with good credit scores pay for the same coverage.

You can analyze GEICO’s pros and cons using MoneyGeek’s review of the insurer.

GEICOAnnual Premium1,286Percent Change36%
mglogo icon
MONEYGEEK EXPERT TIP

While many insurers increase your premium if you have a bad credit score, it is essential to note that you can still find the most affordable quality coverage by shopping around. Car insurance rates with a bad credit score may escalate further if you have a severe traffic violation. Be sure to compare costs across several providers to determine the most suitable option for your situation.

How Much Does Car Insurance Cost for High-Risk Drivers in Colorado?

High-risk auto insurance rates vary across drivers depending on their driving record and profile. If you possess any factor that makes you a high-risk driver, you will pay a higher rate than a low-risk driver.

On average, Colorado drivers with a clean history pay approximately $1,305 per year for auto insurance. Meanwhile, high-risk drivers pay around 25% more at roughly $1,731 annually.

Annual Car Insurance Cost in CO for Low-Risk vs. High-Risk Drivers

car2Colored
Annual Premium

Low-Risk Driver

$1,305
accident2
Annual Premium

High-Risk Driver

$1,731
In Colorado, high-risk drivers pay:$426 more

This is 33% more expensive.

MoneyGeek’s Colorado car insurance calculator ensures that high-risk drivers in the state can easily get a personalized quote estimate based on their coverage needs and profile by providing their age, driving history and other attributes to get the estimate.

Colorado’s auto insurance calculator also allows you to identify the most influential factors on your premium.

Car Insurance Calculator

MoneyGeeks's car insurance calculator will give you a customized estimate of your auto insurance cost. It's free to use, requires no personal information and we won't send you any spam.

High
Average
Low

Rates updated:

Jun 13, 2024

Shield Insurance
Why You Can Trust MoneyGeek

Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Can You Still Get Car Insurance in Colorado if Insurers Refuse to Insure You?

Insurance providers have the right to accept or reject your policy application. Aside from increasing your policy costs if you are a high-risk driver, the insurer reserves the right to deny you a policy altogether since insurance is a voluntary market. Should this happen, you may consider getting coverage from the auto insurance residual market.

Auto insurance residual market plans are sold via the Automobile Insurance Plan Service Office (AIPSO). These are exclusive for high-risk drivers unable to purchase a standard policy due to a bad record.

Colorado Automobile Insurance Plan

AIPSO’s state auto insurance database comprises different plans for different states. The Colorado Motor Vehicle Insurance Plan offers insurance coverage to drivers with eligible risks who cannot obtain standard coverage from the voluntary market.

Additionally, several states, including Colorado, form part of the Western Association of Automobile Insurance Plans (WAAIP), responsible for processing auto insurance requests from drivers facing challenges with purchasing insurance from private providers.

    building icon

    Office Hours

    Monday–Friday, 8 a.m.–4:30 p.m. PT

    subscribe icon

    Email

    waaip@aipso.com

    smartphone icon

    Phone

    (800) 227-4659

    other icon

    Fax

    (800) 827-6260

    business icon

    Mailing Address

    Western Association of Automobile Insurance Plans, P.O. Box 6530, Providence, RI 02940-6530

Loading...

Frequently Asked Questions

Getting the best cheap car insurance for high-risk drivers in Colorado can be an uphill task. MoneyGeek provides additional information through the following frequently asked questions to help you.

Which car insurance company is best for high-risk drivers in Colorado?
How much does car insurance in Colorado cost for high-risk drivers?
Who do insurers classify as a high-risk driver?
Where do I get car insurance coverage in Colorado if insurers reject my application?

Methodology

MoneyGeek calculated average rates using full coverage car insurance policies with 100/300/100 liability insurance and comprehensive and collision coverage with a $1,000 deductible. Minimum coverage car insurance policy rates were calculated based on each state’s minimum car insurance requirement.

To calculate rates for high-risk drivers, MoneyGeek averaged the premiums insurance companies charge for three of the most common driving violations: speeding, at-fault accident and DUI.

To determine the best car insurance company for high-risk drivers, MoneyGeek scored companies based on affordability, customer satisfaction and complaints — obtained from J.D. Power surveys and NAIC complaint scores — and financial strength ratings as calculated by AM Best. Affordability received the greatest weighting in our calculations.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.


sources