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Average cost of car insurance in Colorado in 2023
The average cost of car insurance in Colorado is $2,121 per year for full coverage and $500 per year for minimum coverage.
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How much is car insurance in Colorado?
The actual price you pay for car insurance will vary based on your location within the state, driving history and multiple other factors, but the annual average car insurance cost in Colorado is $2,121 for full coverage and $500 for minimum coverage. Compared to the national average cost of car insurance, which is $2,014 per year for full coverage and $622 for minimum coverage, Colorado is slightly more expensive for full coverage but somewhat cheaper for minimum coverage.
Key takeaways
- Drivers in the Centennial State pay an average of $2,121 per year for full coverage car insurance and $500 per year for minimum coverage.
- American National and Geico offer the cheapest average rates for full coverage in Colorado out of the companies on our list.
- The cheapest average rates for minimum coverage in Colorado are found with American National and Geico.
- Of the cities on our list, Aurora has the highest average annual rates for both full and minimum coverage, at $2,329 and $594, respectively.
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Colorado car insurance rates by city
If you’re wondering, ‘How much is car insurance in Colorado?,’ the answer varies depending on which city you live in. Insurance rates vary based on several factors, like driving record and vehicle, but premiums also differ between cities. The frequency of car accidents, average cost for repairs and the rates of theft and vandalism can all vary by ZIP code and affect how much you pay for car insurance. Below you can see how average rates from some of Colorado's largest cities compare to the state average.
| Colorado city | Avg. monthly full coverage premium | Avg. annual full coverage premium | Percentage change from CO avg. annual full coverage premium |
|---|---|---|---|
| Arvada | $168 | $2,012 | -5% |
| Aurora | $194 | $2,329 | +10% |
| Boulder | $477 | $1,919 | -10% |
| Colorado Springs | $184 | $2,203 | +4% |
| Denver | $187 | $2,239 | +6% |
| Greeley | $451 | $1,962 | -7% |
| Longmont | $475 | $1,901 | -10% |
| Pueblo | $512 | $2,306 | +9% |
| Thornton | $544 | $2,098 | -1% |
| Westminster | $170 | $2,042 | -4% |
Compare auto insurance rates
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Average car insurance costs by age and gender in Colorado
In Colorado, car insurance companies can use both age and gender to calculate car insurance premiums, which helps insurance underwriters determine certain risk levels. Generally, males and younger drivers face higher average premiums since they are typically considered higher-risk drivers.
| Age | Avg. full coverage premium in Colorado | Avg. min. coverage premium in Colorado |
|---|---|---|
| Age 16* | $4,842 | $1,360 |
| Age 18 | $8,079 | $2,248 |
| Age 20 | $5,230 | $1,341 |
| Age 25 | $2,709 | $629 |
| Age 30 | $2,265 | $518 |
| Age 40 | $2,142 | $496 |
| Age 50 | $1,990 | $460 |
| Age 60 | $1,918 | $464 |
| Age 70 | $2,111 | $552 |
*16-year-old calculated on parents' policy with discounts applied; 18- and 20-year-old are renters on their own policies with no discounts applied
| Age | Avg. full coverage premium in Colorado | Avg. min. coverage premium in Colorado |
|---|---|---|
| Age 16* | $4,347 | $1,239 |
| Age 18 | $6,770 | $1,947 |
| Age 20 | $4,306 | $1,151 |
| Age 25 | $2,473 | $600 |
| Age 30 | $2,192 | $519 |
| Age 40 | $2,100 | $503 |
| Age 50 | $1,989 | $470 |
| Age 60 | $1,878 | $460 |
| Age 70 | $2,043 | $534 |
*16-year-old calculated on parents' policy with discounts applied; 18- and 20-year-old are renters on their own policies with no discounts applied
Bankrate’s take: Car insurance rates are based on risk factors and statistics. From the time we start driving, men tend to have more accidents associated with risky behavior than women do, such as speeding, aggressive driving and not wearing seat belts, according to the Insurance Institute for Highway Safety (IIHS). Accidents involving male drivers are statistically more severe and have more fatalities. However, this trend gets less extreme as men and women get older and gain more driving experience. When drivers reach their 50s, the average premiums are usually only different by a few dollars.
Cost considerations for young drivers in Colorado
| Age | Avg. annual premium for drivers on their parents' policy in CO | Avg. annual premium for drivers on their own policy in CO | Percent difference |
|---|---|---|---|
| Age 16 | $4,594 | N/A* | N/A* |
| Age 17 | $4,491 | N/A* | N/A* |
| Age 18 | $4,219 | $7,425 | +76% |
| Age 19 | $3,817 | $5,321 | +39% |
| Age 20 | $3,566 | $4,768 | +34% |
*16- and 17-year-old drivers must be on their parents’ policy.
How does driving record impact the cost of car insurance in Colorado?
Your driving record has a significant impact on your car insurance rates. For example, a driver with one DUI conviction in Colorado pays, on average, 66 percent more per year for full coverage auto insurance than they would have with a clean driving record. Receiving even a single speeding ticket could increase a Colorado driver's average rate for full coverage by 20 percent. Insurers penalize drivers for these types of incidents because they highlight that the driver represents an increased risk for filing claims.
The table below breaks down how each type of incident can affect the average cost of full coverage in Colorado compared to a clean driving record.
| Driving incident | Avg. annual full coverage premium in CO | Percent increase from CO avg. annual full coverage premium |
|---|---|---|
| Clean driving record | $2,121 | 0% |
| Speeding ticket conviction | $2,539 | 20% |
| At-fault accident | $2,943 | 39% |
| DUI conviction | $3,511 | 66% |
The table above compares driving records with different incidents and highlights how much, on average, these incidents tend to raise rates.
Car insurance rates in Colorado by credit score
Credit-based insurance scores are used by car insurers in many states to help determine rates. Credit information can help insurers to assess risk levels for drivers. As shown in the table below, having poor credit increases Colorado premiums by an average of 67 percent. On the opposite side of that spectrum, having excellent credit reduces premiums in Colorado by an average of 17 percent.
| Credit tier | Avg. annual full coverage premium in CO | Percent change from CO avg. annual full coverage premium |
|---|---|---|
| Poor | $3,535 | +67% |
| Average | $2,304 | +9% |
| Good | $2,121 | 0% |
| Excellent | $1,756 | -17% |
Colorado car insurance rates by vehicle type
The make and model of your vehicle is another important variable that can affect your car insurance rates in Colorado. Different types of cars can impact rates based on crash ratings, costs of repairs and risk of theft associated with each type of vehicle. This information helps insurers determine things like how expensive it will be to replace or repair different parts of that specific vehicle, or how well it is likely to perform in a crash. Insurers take these data points to approximate how much it will cost them to handle potential claims on any given vehicle.
| Vehicle | Avg. annual full coverage premium in Colorado |
|---|---|
| BMW 330i | $2,629 |
| Ford F-150 | $1,835 |
| Honda Odyssey | $1,786 |
| Toyota Camry | $2,121 |
| Toyota Prius | $2,195 |
*Rates reflect full coverage policies.
Estimate your car insurance cost in Colorado
With so many factors involved in selecting the right car insurance company, it can be overwhelming to know where to begin. Since cost is a major influence, Bankrate has created this tool to take some of the guesswork out of how much you should pay for car insurance. After entering some basic information, you’ll be presented with a rough estimate of your insurance premium. While this is not an exact quote, it can give you a good starting point and help you budget accordingly.
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How to save on car insurance in Colorado
When looking for ways to save on car insurance in Colorado, there are several things to consider. From what kind of car you drive to your driving record and habits, it all affects your insurance premium. Trying out some of these strategies might help you lower your Colorado car insurance rates:
- Compare providers: Every provider has its own pricing algorithm and charges a different amount than another provider might for the same coverage. For example, how your credit-based insurance score impacts your car insurance premium will vary from company to company. Collecting car insurance quotes from multiple companies for the same coverage will help you determine which company can offer you the cheapest coverage for your situation.
- Increase your deductible: Selecting a higher deductible can help lower your premium, but you should also consider whether you could afford the higher deductible if you were to get into an accident. Getting quotes at various deductible levels from your insurance agent can help you select the best one for your budget.
- Review your coverage: Coverage needs change over time, especially when you add a new driver or change vehicles. Review your coverage regularly to see if you can remove coverage you no longer need or adjust coverage limits to reflect new changes to your circumstances.
- Change how you pay your policy: Most insurance companies offer a discount if you pay in full or set up automatic payments. If you do not drive much, it may benefit you to consider pay-per-mile insurance, which only charges you based on how many miles you drive.
- Practice safe driving habits: Being a careful driver may result in cheaper rates and help you qualify for more discounts. If you regularly practice safe driving habits, you may want to consider enrolling in a telematics program, which tracks your driving and rewards safe driving behaviors with discounts. However, some insurance companies also penalize you if you practice unsafe driving habits while being tracked, so keep this in mind.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.
Model: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: BMW 330i, Ford F-150, Honda Odyssey, Toyota Prius and Toyota Camry (base).
Age: Rates were calculated by evaluating our base profile with the ages 16-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Gender: The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, Pennsylvania.
Teens: Rates were determined by adding a 16- or 17-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy unless otherwise noted.