Compare Colorado Car Insurance Rates [2023]
Colorado car insurance minimum liability requirements are 25/50/15 for bodily injury and property coverage. On average, Colorado residents spend $982/yr. or $81.83/mo. on car insurance.
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Joel Ohman
Founder & CFP®
Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...
Founder & CFP®
UPDATED: Jul 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Jul 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Colorado Statistics Summary | Details |
---|---|
Road Miles | Total in State: 88,740 Vehicle Miles Driven: 4.9 billion |
Vehicles | Registered: 4.6 million Total Stolen: 15,891 |
State Population | 5,607,154 |
Most Popular Vehicle | Subaru Outback |
Uninsured Motorists | 13.3% State Rank: 19th |
Total Driving Fatalities | 2008-2017 Speeding: 1,867 Drunk Driving: 1,537 |
Annual Premiums by Coverage Type | Collision: $287 Comprehensive: $174.61 Liability: $520.04 |
Cheapest Providers | Safeco and Geico |
Enter a higher state is one of many catchy slogans that Colorado uses to describe itself. It could be referring to one of the famous mountains peaks which dot the topography or the state of those citizens who choose to take advantage of the state’s legalization of marijuana in 2014.
Or they could be talking about the rising costs of car insurance in the state. In fact, according to the Denver Post, Colorado had an increase of 54.2 percent from 2011-2017 in the average insurance premium. Now, if you’re like us, no one wants to pay too much for car insurance, no matter what state we find ourselves in.
What if there was a way to help you save on your car insurance? What if it could save you money? Would you take the time? I bet you would and that’s why we’ve compiled this guide to get you started. Everything you need to know about finding the cheapest auto insurance in Colorado is in this comprehensive guide. Enter your ZIP code above to get started.
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Colorado Car Insurance Coverage and Rates
The median household income in Colorado in 2017 was over $69.117, and drivers, on average paid over $982 for car insurance. That’s way too high for us! However, you feel about it, we think consumers in the Centennial State are spending way too much money on car insurance.
There has to be a better way. Below, we have provided information and helpful advice so you can get the best coverage options for your needs.
Colorado Minimum Coverage Requirements | *May be waived if rejected. UUM must be rejected in writing. MedPay may be rejected in writing or in the same way you buy insurance. |
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Bodily Injury Liability | $25,000 per person $50,000 per accident |
Property Damage Liability | $15,000 per accident |
Uninsured/Underinsured Motorist Coverage* | $25,000 per person $50,000 per accident |
Medical Payments (MedPay)* | $5000 |
Okay, you’ve read the numbers, but what do they mean? What is 25/50/15? Bodily injury? Accidents? We hope you never have to deal with any of these situations or end up in one of these:
But if you do, the basic coverage requirements in Colorado which all motorists must have for liability car insurance coverage are:
- $25,000 to cover death or injury per person
- $50,000 to cover total death or injury per accident
- $15,000 to cover property damage per accident
Liability insurance pays all individuals and drivers, passengers, pedestrians, etc. who are owed compensation for property damage and/or injuries resulting from a car accident that you or anyone under your policy causes. If you cause a wreck, liability insurance pays everyone affected by the accident.
Required Forms of Financial Responsibility
What is financial responsibility? Basically, financial responsibility is proof that you have Colorado’s minimum liability coverage. State law requires every driver and owner of a vehicle to have proof of financial security at all times.
Here are a few acceptable forms of proof of financial security in Colorado:
- Valid Insurance ID Card
- Electronic proof on a smartphone
- A letter from an insurance agent or insurer on company letterhead.
Premiums as Percentage of Income in Colorado
The per capita disposable income in Colorado is $36,345. On average, residents spend $982 a year on car insurance. To put this amount in perspective, the countrywide, annual average for car insurance is $981. This means people in Colorado are comparable with the countrywide average but pay more than neighboring states. New Mexico car insurance and Wyoming car insurance costs yearly amounts of $938 and $844, respectively.
Frequently Asked Questions
What factors affect car insurance rates in Colorado?
Several factors can affect car insurance rates in Colorado. These factors include your age, driving record, the make and model of your car, your credit history, the coverage options you choose, and the deductible amount. Additionally, factors such as the local crime rate, population density, and traffic conditions in your specific area of Colorado may also influence insurance rates.
What are the minimum car insurance requirements in Colorado?
In Colorado, the minimum car insurance requirements include liability coverage. The state law mandates a minimum coverage of $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $15,000 for property damage per accident. It’s important to note that these are the minimum requirements, and it’s often recommended to consider higher coverage limits for better protection.
Are there any specific insurance considerations for Colorado?
Colorado is known for its diverse climate and topography, which can present unique challenges for drivers. For example, areas with higher elevation may experience harsh winter conditions, such as snow and ice. Therefore, it is advisable for drivers in Colorado to consider comprehensive coverage, which can help protect against damage caused by weather events, as well as collision coverage for accidents.
How can I find affordable car insurance in Colorado?
To find affordable car insurance in Colorado, it’s important to shop around and compare quotes from different insurance providers. Consider factors such as coverage options, deductibles, and discounts offered. Maintaining a good driving record, bundling your car insurance with other policies, and taking advantage of available discounts, such as safe driver or multi-vehicle discounts, can also help lower your insurance premiums.
Are there any specific discounts available for car insurance in Colorado?
Insurance providers in Colorado may offer various discounts for car insurance. Common discounts include safe driver discounts, multi-policy discounts, good student discounts, and discounts for vehicles equipped with safety features such as anti-lock brakes or airbags. It’s advisable to check with insurance providers to see which discounts may apply to you.
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Joel Ohman
Founder & CFP®
Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...
Founder & CFP®
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.