According to Bankrate’s 2021 study on average annual premiums, Colorado drivers pay $518 annually for minimum coverage and $2,000.16 for full coverage. If you are looking for the cheapest car insurance in Colorado, getting quotes from Geico, USAA, State Farm, Auto-Owners and Farmers might help you find coverage at a lower price.
According to preliminary data released by the Colorado Department of Transportation, 567 fatal car accidents occurred in 2020, resulting in 615 deaths. Car insurance is not only a Colorado legal requirement. It is also an integral part of your financial plan that can protect you from the consequences of an accident. Finding cheap car insurance is important for many drivers. Bankrate’s research may help you find the coverage you need at a price you can afford.
Colorado’s cheapest car insurance company
Bankrate’s editorial team first obtained the most current premium data from Quadrant Information Services to determine which Colorado insurance company offers the best auto insurance. There are numerous companies in Colorado with average rates lower than the state average.
These companies might be able to provide you with quotes if you’re looking for the best car insurance in Colorado.
Geico’s low average rates and extensive discounts are just a few of the many benefits that Geico offers. A good student, military member or driver could help you save money. Geico policies are not customizable and only offer a limited number of optional coverages. Geico is a good choice if you prefer to manage your insurance online. In the 2021 J.D., the company was ranked first in its service category. The Power U.S. Insurance Digital Experience Study.
USAA’s military-focused policies may be suitable for you if you are currently serving in the military, a veteran, or a member of your immediate family. USAA does not qualify for J.D.’s official ranking. Power due to these eligibility restrictions, the company did receive the highest number of points in the 2021 U.S. Auto Insurance Study for the Southwest region, which includes Colorado. This shows that USAA customers are generally satisfied with their service. USAA offers several discounts that could save you money, such as garaging your vehicle at a military base or storing it if you are deployed.
State Farm offers coverage through a nationwide network of agents, which makes it a popular choice for people who prefer to work with local professionals. The company has a long track record and has grown to be the largest insurer or private passenger autos in the U.S. It also received a high J.D. The company also received a high J.D. score for overall service. State Farm’s Steer Clear program and its excellent student discount might be able to help teens save money on their premiums.
Auto-Owners may be the right choice if you are looking for a company with low average rates and many customization options. Auto-Owners’ minimum and full coverage are generally cheaper than Colorado’s average premium. You can personalize your policy by adding rental car coverage, new car replacement, diminished-value coverage, loan or lease gap coverage, or loan or lease gap coverage. Auto-Owners offers many discounts that could help you save even further.
Its J.D. Although Farmers’ J.D. Power score was below the average for the region, Farmers received a lower than-average complaint index score (NAIC) from the National Association of Insurance Commissioners for its auto insurance product. A score of 1.00 indicates an average number or complaints. Farmers received a score 0.79 for auto insurance. This means that there were fewer complaints than the average. Farmers also offers an extensive list of optional coverages to help you create a policy that fits your needs.
Minimum coverage requirements for Colorado drivers
- $25,000 bodily injury liability and death for any one person involved in an accident
- $50,000 bodily injury liability and death for all persons involved in an accident
- $15,000 per accident for property damage liability
While purchasing the minimum coverage may result in a lower premium, there are still risks.
Colorado’s minimum coverage requirements do not include liability. Your insurer will not cover other drivers’ losses in an accident at fault if you purchase the minimum amount of insurance. Without collision or comprehensive coverage, which make up “full coverage,” your policy excludes any damage to your vehicle, which could leave you financially strapped.
Additionally, minimum coverage does not include any medical payments coverage for you or your passengers. To increase your financial protection, insurance professionals recommend you buy higher liability limits.
Colorado: How to Get Cheap Car Insurance
Your insurance company sets your premiums. However, there are many ways to lower your premium. You might be interested in:
- Compare rates: Rates can differ greatly from one company to another. Comparing quotes from different companies for the same coverage might help you to find the best price for what you need.
- Bundle your insurance policies: Many companies that offer multiple insurance products offer multi-policy discounts to customers who have two or more policies. This discount is most common when you purchase your auto, home, condo, or renters insurance from the same company. You could save significant money by purchasing both policies from one company.
- You can take advantage of discounts: Most companies offer discounts for bundles. You can save money by being a safe driver and enrolling in a Telematics program. Also, you will get discounts if your vehicle has safety features such as side curtain air bags and anti-lock brakes.
- Your deductibles can be increased: Full coverage policies have two deductibles. One for collision and one for comprehensive. Your premium will be lower if you increase one or both of the deductibles. You should ensure that you have the financial resources to pay the higher deductible if you need to file a claim for vehicle damages.
- Pay attention to how you pay. If you do not pay in full, you may want to sign up for automatic payments, or paperless billing. This could help you save money. And, if you switch insurance providers during your policy, most insurers will refund the unused premium.
Questions frequently asked
Which Colorado insurance policy is best?
There is no best car insurance company in Colorado for every driver. Every person is different and every company has its own rating system, so the best company for you will be different. Getting quotes from multiple providers and understanding what you want from your insurance company could help you to find the right coverage.
What is the average cost for car insurance in the United States?
The average U.S. auto insurance premium is $565 per year for minimum coverage, and $1,674 for full coverage. Colorado drivers pay less for minimum coverage than the national average, with an annual premium of $518. Full coverage is more expensive, at an average premium of $2,000. The legalization of marijuana could explain the higher than average full coverage premium in Colorado. Research has shown that car accidents increase in states where the drug is legalized.
What factors determine a person’s auto insurance premiums?
Car insurance costs can be affected by many factors. These factors include your driving record, vehicle type, and coverage. Insurance companies determine the risk of your policy. Factors that might indicate you are a risky driver, like a history of accidents, tickets or DUI convictions, will generally increase your premium.
What is the fastest way to get Colorado car insurance?
You can buy an auto policy from most major insurance companies that will be effective immediately. You will need all necessary information to purchase an auto policy. You may be able get a quote using only your car’s make, year, and model. However, to purchase a policy, you will need to have the vehicle identification number (VIN).
If you have insurance, it may be worth buying a new policy a few more days or a week in advance. A few companies offer discounts to drivers who sign up for their policy within a specified time period.