Compare Colorado Car Insurance Rates [2023]

Average Monthly Car Insurance Rates in CO (Liability, Collision, Comprehensive)

The main concern of most every motorist in Colorado is the rising cost of insurance? The table below shows data provided by the National Association of Insurance Commissioners which is an agency dedicated to keeping up with the changing costs of car insurance.

Up next, we take a look at loss ratios and what they mean to a company’s bottom line.

Additional Liability Coverage in Colorado

To gauge the financial health of insurance companies, you should look at its loss ratios. Loss ratios are explained as: the money insurance companies pay out on claims compared to the money they take in on premiums is the loss ratio.

For example, an auto insurer collects $100,000 of premiums in a given year and pays out $55,000 in claims, the company’s loss ratio is 55 percent ($55,000 incurred losses/$100,000 earned premiums).

Check out the loss ratio for these two types of coverage in Colorado.

You may want to consider adding additional coverage to your insurance plans, to avoid paying out of pocket in the event of an accident. Without additional coverage, medical bills and payments could reach well into the thousands of dollars for those affected by an uninsured driver and force some into financial difficulty.

Add-ons, Endorsements, and Riders

No one wants to have a car wreck, but if you are, do you have enough protection for you and your family? Have you considered adding extra coverages to your policy? Do you even know what’s out there?  Choosing from a list of options can be daunting, and we know you want the best options for your family at the best price.

To help you decide, we’ve made a list of affordable options to add to your policy. Click on the selections below to learn more about them:

• GAP insurance
• Personal Umbrella Policy (PUP)
• Rental Car Reimbursement
• Emergency Roadside Assistance
• Mechanical Breakdown Insurance
• Non-Owner Car Insurance
• Modified Car Insurance Coverage
• Classic Car Insurance
• Low-Mileage Discount
• Usage-Based Car Insurance

Any of the above coverages would be beneficial to add to your policy, so make sure to discuss any options you are interested in with your insurance provider.

Male vs Female Rates in Colorado

Inc.com wrote an article which says women pay $100,000 more for the same products as men do. In fact, gender discrimination in car insurance rates is such a problem that California and other states banned gender discrimination and created gender neutral insurance plans.

https://youtu.be/bZj2y4W-xNg

Up next, we partnered with Quadrant to show you male vs. female car insurance rates in Colorado, as well as how other factors affect your rates.

As you can see from the data, teen car insurance is thousands more than car insurance for older drivers. Among the major carriers, State Farm car insurance has the cheapest rates when it comes to teen drivers. While Geico car insurance has the lowest increase from young to older drivers. As with all such information, your rates may be different depending on your location and other circumstances.

One thing that’s often overlooked is that the difference in costs is often not so much associated with gender, but more so with age. Younger males are typically charged higher rates, since they are more likely to be reckless, but as time passes and the insured get older, the gap shrinks and rates go down.

Cheapest Rates by ZIP Code

Rates also vary by area. The table below shows which ZIP codes in Colorado have the cheapest rates.

Grand Junction has a number of the cheapest ZIP codes. As for which ZIP codes will cost you the most, they can be found in the next table.

We can compare ZIP codes across the state below.

Almost all of the most expensive ZIP codes can be found in Denver.

Cheapest Rates by City

Since the cheapest and most expensive ZIP codes are grouped in just a few cities, we want to broaden the search and look at cities’ car insurance rates.

The next table shows which cities have the most expensive car insurance rates.

The Best Colorado Car Insurance Companies

From Pike’s Peak to the Garden of the Gods, folks in Colorado have numerous opportunities to hike and explore ridges, plateaus, and other lofty places. One thing we know for sure is that most of those folks would rather be out exploring, instead of looking and searching for cheaper rates on car insurance.

That’s why we’ve done all of the work for you and researched the best insurance carriers in Colorado, so you can make the best choice for your situation. We’ve looked at companies’ financial ratings, AM best ratings, and which companies have the most complaints. Keep reading to learn about Colorado’s auto insurance providers.

The Largest Companies’ Financial Ratings

Loss ratios play a large part in how secure a company is doing financially. That is why we want to include AM Best ratings, which look at loss ratios to determine if a company has solid financial security.

So to see how the 10 top car insurance companies in Colorado are doing, we’ve included the AM Best ratings for each.

Companies with the Best Ratings

A good financial rating means the insurance carrier has the funds available to pay any claims. But customer service is also an important part of any company, from restaurants to car insurance companies. That is why we’ve looked at companies with the best overall customer satisfaction ratings. Check out these ratings from J. D. Power.State Farm ranks near the top of the list — proving that State Farm is great at customer satisfaction. Just because a company has a good rating for financial stability doesn’t mean their customers are always happy. Let’s check out their record of official complaints.

Companies with the Most Complaints in Colorado

Keep in mind that a high complaint index doesn’t necessarily mean you should avoid a company. You should also look at a company’s customer satisfaction ratings because how a company deals with complaints is also important.

If a car insurance company’s complaint index is lower than one, they are better than the average. If the index is higher than one, they are worse than the average. Occidental Fire and Casualty and Young America have the highest complaint ratios in Colorado.

Cheapest Companies in Colorado

Nobody likes to be considered cheap, except when it comes to finding cheaper car insurance. In order to save money, you should be shopping around to see what’s available. The chart and table below displays the top carriers in Colorado with their average rate for all drivers and compares it to the state average of all companies.

Looking at different providers can save a lot of money. For example, Geico is $800 BELOW the state average, which, over time, could add up to thousands of dollars saved.

Commute Rates

At some companies, how far you commute each day influences your insurance rates. Beyond age, gender, location, marital status, and carrier, other factors that affect your quoted rates from each carrier are those that are specific to your individual situation such as how much coverage you want, credit history, and driving record.

The tables below compare such factors based on each carrier.

Most company rates don’t change when the drive is shortened to a 10-mile commute, except for Geico, who offers rate reductions over $125. Up next, a break-down of coverage level rates in Colorado.

Coverage Level Rates

Do you need better coverage, but hate to spend any more money? You may be surprised some companies offer more coverage with economical increases in rates.

For example, the data above shows Liberty Mutual car insurance and Nationwide have less than $300 increases from low to high coverage.

Credit History Rates by Companies

The quality of your credit score impacts your insurance rates. In Colorado, the average credit score is 688, which is above the nationwide average of 675. Basically, this means motorists have an excellent chance of getting great rates because of their above-average credit scores with a good credit discount.

The table below shows what you can expect to pay yearly on car insurance based on your credit history.

If you have insurance through Allstate and have poor credit, you can expect to pay nearly $3000 more for car insurance than someone with good credit.

Driving Record Rates

A clean driving record is the EASIEST way to keep rates down. As you can see from the information below, at Liberty Mutual, just one speeding violation can raise your rate by over $400.

Car insurance with a bad driving record will come with high rates. We encourage you to obey posted speed limit signs and NOT drink and drive.

Largest Car Insurance Companies in Colorado

Number of Property and Casualty Insurance Companies in Colorado

Domestic insurance means a company is formed under Colorado’s state laws, whereas a foreign provider is formed under the laws of any state in the country.

• Domestic Insurers: 10
• Foreign Insurers: 848

Comparing quotes will help you know where to get started. Once you find the company that offers the best rates to you, do some more research into their financial rating, customer satisfaction rating, and complaint ratios. Then, you can confidently choose your insurer.

Laws in Colorado

Break a leg? You may have heard that saying before wishing someone good luck before a performance. But in Colorado, where skiing is one of the top activities in the state, it has a whole new meaning.

According to state law in Vail:

Avoid Obstacles: Each skier shall stay clear of snow-grooming equipment, all vehicles, lift towers, signs, and any other equipment on the ski slopes and trails.

Well, duh…Nobody wants to crash into anything, let alone a snow plow careening down a hill at 60 mph, and you’ll probably end up with more than a broken leg. Not only will you be recovering from your injuries, but your wallet will be recovering from the citation you might receive from trying to take out an Aspen tree.

We know, state laws are odd and sometimes confusing and vary from state to state. New residents may receive tickets for laws they didn’t know existed.Next, we help you uncover what the laws are, so check out our roundup of Colorado’s driving laws.

Colorado’s Car Insurance Laws

Insurance companies are subject to certain rules and regulations. Let’s look at some of the specific laws for consumers regarding car insurance.

High-Risk Insurance

If you have a bad driving record, it may be difficult to find an insurance company that is willing to insure you as a driver. Luckily, in most states, insurance companies have made programs available to provide affordable coverage for those who need high-risk car insurance. In Colorado, this program is known as the Colorado Automobile Insurance Plan.

According to Colorado’s DMV:

 The plan is a voluntary agreement between the state and all auto insurers licensed in Colorado. The deal is that if an insurer wants to do ANY auto insurance business in Colorado, then that insurer must agree to cover a share of high risk drivers when they are assigned.

Colorado is one of several states that comprise an association of auto plans referred to as the Western Association of Automobile Insurance Plans (WAAIP). WAAIP is a processing center where people who have trouble buying automobile insurance are put in touch with an insurance company which will insure them.

Low-Cost Insurance

Some states have programs set up for those who receive benefits from government assistance programs, or those who have a combined family income that is below the poverty level. Unfortunately, Colorado has no such plan in place. In order to obey the law, you must carry the minimum liability coverage.

Automobile Insurance Fraud in Colorado

What is automobile insurance fraud?

• Creating a claim for damages or injuries that NEVER occurred (such as faking an accident)
• Adding extra costs onto a claim that is legitimate

Colorado has employed an Insurance Fraud Unit to investigate fraudulent activity throughout the state.

Committing insurance fraud can result in fines and/or jail time.

Statute of Limitations

If you are in a car accident in Colorado, there is a statute of limitations if you want to file a claim.

• Property Damage – Three Years
• Bodily Injury – Three Years

Colorado’s Vehicle Licensing Laws

Colorado, just like every other state, has mandatory licensing laws in addition to the statute of limitations and car insurance laws, which we previously covered.

REAL ID

Colorado is in full compliance with the REAL ID Act passed by Congress and enforced by Homeland Security. This means that a driver’s license or state ID issued by Colorado is an acceptable form of identification at federal facilities, airports, and nuclear power plants.

As of October 1, 2020, anyone wishing to fly on a commercial flight or enter a federal facility must have a REAL ID-compliant form of identification.

Penalties For Driving Without Insurance

Colorado has a Motorist Insurance Information Database (MIIDB) program to which the police and DMV have access. Registration information is updated in the MIIDB daily and insurance information is updated weekly or more.

Proof of Insurance

The following forms of proof of insurance are accepted in Colorado

• Electronic picture of a current insurance card or pdf file of coverage on a phone, tablet, or another electronic device
• Insurance Card
• Declaration Page
• Letter/Binder From the insurance company on their letterhead

It’s important to keep physical proof of insurance in Colorado.

Teen Driver Laws

To begin driving in Colorado, teens must be 15 and enrolled and attending in a driving class to apply for a learner’s license. Before teens can apply for a regular license or a restricted license, the Insurance Institute for Highway Safety (IIHS) specifies that teens must meet the requirements below.

Older Driver License Renewal Procedures

Older drivers in Colorado have to renew their licenses every five years, which is the same renewal procedure as the general population. The only difference is how they can renew. The exceptions to getting a license renewed in person are as follows:

• General population: limited to two consecutive renewals online before having to go in person or every other renewal by mail
• Over 66 years old: every other renewal may be by mail

New Residents

Considering a move to Colorado? Here are the guidelines for getting a new Colorado driver’s license.

The Colorado DMV website says you need a Colorado license within 30 days of residency. The residency requirements are as follows:

• Own or operate a business in Colorado OR
• Are gainfully employed in Colorado OR
• Reside in Colorado for 90 consecutive days

Your valid driver license from your previous state of residence should be enough for you not to have to take a driving or written exam. When you go to the DMV to get a Colorado license, be prepared with the following documentation:

• A valid driver license from the previous state of residence
• Proof of your social security number
• Two proofs of current Colorado address
• Proof of lawful presence
• Money for fees

Also, proof of adequate vision is required for driver licenses and permitsAfter becoming a Colorado resident, you must register your vehicle within 90 days.

License Renewal

Driver licenses must be renewed every five years. You should not wait until your license expires. Renewals may be completed online, in person, or by mail. There are restrictions on renewing online or by mail:

• May renew by mail only every other renewal
• Limited to two times in a row renewing online
• Those 66 years and older are limited to renewing by mail every other renewal at most

Colorado Rules of the Road

We all should obey the rules, but if you are new to the state, there may be laws you’re unfamiliar with. That is why we’ve assembled a list of several important laws to help keep you in good standing and on the road.

Fault vs. No-Fault

Colorado is a fault-based state which means if you are the cause of a car accident, you are responsible for any damage caused.

Seat Belt and Car Seat Laws

According to seat belt laws, all passengers in the front seat of a vehicle driven in Colorado must be wearing a seat belt. Additionally, children 16 years and younger are required to be properly restrained no matter where they are sitting. Currently, riding in the cargo section of a pick-up truck is prohibited unless the cargo area is fully or partially enclosed on all four sides.

Keep Right and Move Over Laws

Colorado traffic laws mandate that you must keep right when traveling slower than the average speed of traffic around you. Generally, the left lane is for faster traffic and passing.

Speed Limits

Maximum posted speed limits are 75 mph on rural interstates, 65 mph on urban interstates, 65 mph on limited access roads and 65 mph on all other roads.

Ridesharing

Rideshare services like Uber and Lyft mandate that all their drivers carry personal car insurance that meets the minimum requirements. However, if drivers wish to purchase a commercial car insurance policy, these are the companies that provide coverage.

• Allstate car insurance
• American Family car insurance
• Farmers car insurance
• Geico car insurance
• MetLife car insurance
• Safeco car insurance
• State Farm car insurance
• USAA car insurance

The state of Colorado was the first to pass a regulatory bill for ridesharing companies in 2014.

Automation on the Road

According to the Insurance Institute for Highway Safety (IIHS),

Automation is the use of a machine or technology to perform a task or function that was previously carried out by a human. In driving, automation involves using radar, camera and other sensors to gather information about a vehicle’s surroundings, which is then used by computer programs to perform parts or all of the driving task on a sustained basis.

Currently, Colorado does allow the deployment of autonomous vehicles with no restrictions on having an operator in the vehicle.

Safety Laws

Up next, we take a closer look at the safety laws in Colorado, so you can arrive alive. Please don’t drink and drive.

DUI Laws

Driving while impaired has disastrous results for everyone involved, that’s why strict laws are in place to prevent such tragedies. In Colorado alone, drunk driving caused 177 deaths in 2017. Each state differs in how they address drunk driving and therefore have different penalties.

Below, we’ve listed the details about Colorado DUI laws.

The penalties get worse with each subsequent offense.

Marijuana-Impaired Driving Laws

Driving under the influence of drugs is illegal and is subject to the same penalties as driving under the influence of alcohol. Because controlled amounts of marijuana consumption are legal in Colorado, permissible inference of 5 nanograms of THC is permissible.

Distracted Driving Laws

Text messaging while driving is prohibited for all drivers. Persons under 18 are prohibited from using a wireless telephone while driving.

Driving in Colorado

Now that you have a good understanding of Colorado state laws, let’s dive into some facts that you might not know. While insurance is important, it is also crucial to know what to keep your eyes out for on the road.

Vehicle Theft in Colorado

Believe it or not, over 15,891 vehicle thefts occurred in 2016 alone in Colorado. When considering your next car purchase, one thing to consider is that certain vehicles are stolen more frequently, and thus, may have higher insurance rates. Here is a list of the top ten stolen vehicles in Colorado.

The Honda Civic is the most stolen vehicle in Colorado.

Vehicle Theft by City

Where you live also plays a role in the number of vehicle thefts. The FBI created a 2016 report on Colorado’s vehicle thefts by cities, which are listed below.

Road Fatalities in Colorado

Accidents can and do happen, and next, we’re going to show you statistics for different kinds of accidents in Colorado.

Fatal Crashes by Weather Condition and Light Condition

As you can see, most accidents occur during daylight hours.

Fatalities (All Crashes) by County

Here are the Colorado counties with the most fatalities over the past five years.

Fatalities by Roadway

Next, we have a 10-year comparison of traffic fatalities on urban vs. rural roadways.

Fatalities by Person Type

Fatalities by Crash Type

Fatalities Involving Speeding by County

Fatalities in Crashes Involving an Alcohol-Impaired Driver by County

Teen Drinking and Driving

In 2016, Colorado law enforcement arrested 217 teenagers (under the age of 18) for drunk driving.

This number places Colorado as the 7th worst state in the U.S. for underage drinking and driving.

Below are the facts concerning underage (under 21 years old) drinking-related fatalities:

• 1.2 fatalities per 100,000 people in Colorado
• 1.2 fatalities per 100,000 people national average

EMS Response Time

If you or someone you know is in an accident, you want help to arrive as FAST as possible. Check out the response times for emergency personnel in rural and urban areas.

Transportation

When you drive through your neighborhood, do you ever notice how many cars are sitting in your neighbors’ driveways? Usually, we can tell if someone is visiting by that extra car parked outside the house.The data for Car Ownership, Commute Time, and Commuter Transportation was sourced from the Census Bureau via DataUSA.io.

Car Ownership

The average household in Colorado has two cars.

Commute Time

The average commute time in the U.S. is 25.3 minutes. Fortunately, for Colorado commuters, Colorado’s average commute time is below this at 23.7 minutes.

Commuter Transportation

In every state, driving alone is the most common commute option, though people are beginning to turn to other commute options like carpooling and working from home.

Top Cities for Traffic Congestion

Now that you have read through this comprehensive guide, and know everything there is to know about buying car insurance in Colorado, it is time to hit the road. Enter your ZIP code below to get a free quote comparison.