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Average cost of car insurance in Colorado in 2023
In Colorado, the overall average annual cost of full and minimum coverage is $2,121 and $500, respectively.
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What To Know First
The average cost of car insurance in Colorado is $2,121 per year for full coverage and $500 per year for minimum coverage, based on Bankrate’s 2023 study of quoted annual premiums. While price can be a good starting point when considering insurance, there are several other important variables to take in. You may also want to consider scores and ratings by third parties for customer satisfaction and financial strength and coverage options and availability. The Bankrate insurance editorial team, including three licensed insurance agents, analyzed rates for multiple car insurance companies in Colorado and found that:
- American National and Geico offered the cheapest average rates for full coverage in Colorado out of the companies on our list at $915 and $1,051 per year, respectively.
- American National and Geico also offered the cheapest average rates for minimum coverage in Colorado at $212 and $247 per year.
- 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.
- Male 18-year-olds who have their own car insurance policy have the highest average rates for full coverage in Colorado, at $8,079 per year.
On This Page
- How much is car insurance in Colorado?
- Colorado car insurance rates by city
- Average car insurance costs by age and gender in Colorado
- How does driving record impact the cost of car insurance in Colorado?
- Car insurance rates in Colorado by credit score
- Colorado car insurance rates by vehicle type
- How to save on car insurance in Colorado
- Estimate your car insurance cost
- Frequently asked questions
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.
Average minimum coverage premium in Colorado | Average annual full coverage premium in Colorado |
---|---|
$500 | $2,121 |
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 are five key cities from Colorado and the average car insurance rates within those locations. We’ve also tabulated how much more or less each city's average costs compared to the state average.
Colorado City | Average annual full coverage premium | Percentage difference from Colorado average annual full coverage premium |
---|---|---|
Arvada | $2,012 | -5% |
Aurora | $2,329 | +10% |
Colorado Springs | $2,203 | +4% |
Denver | $2,239 | +6% |
Westminster | $2,042 | -4% |
Average car insurance costs by age and gender in Colorado
Both age and gender are commonly calculated into auto insurance rates to help insurance underwriters determine risk levels. In general, males and younger drivers face higher average premiums since they are typically considered higher-risk drivers. Not all states allow this practice. Insurers are not allowed to use age as a rating factor in Hawaii and Massachusetts, and gender isn’t a contributing factor in California, Hawaii, Massachusetts, Michigan, North Carolina and Pennsylvania. In Colorado, car insurance companies can use both age and gender when they calculate car insurance premiums, so drivers, particularly male drivers, can expect to see much higher rates on average when they are younger.
Age | Average monthly full coverage premium in Colorado | Average annual full coverage premium in Colorado |
---|---|---|
Age 16* | $403 | $4,842 |
Age 18 | $673 | $8,079 |
Age 20 | $443 | $5,230 |
Age 25 | $223 | $2,709 |
Age 30 | $188 | $2,265 |
Age 40 | $179 | $2,142 |
Age 50 | $166 | $1,990 |
Age 60 | $160 | $1,918 |
Age 70 | $176 | $2,111 |
*16-year-old calculated on married parents' policy with discounts applied; 18- and 20-year-old are renters on their own policies with no discounts applied.
Age | Average monthly full coverage premium in Colorado | Average annual full coverage premium in Colorado |
---|---|---|
Age 16* | $362 | $4,347 |
Age 18 | $564 | $6,770 |
Age 20 | $359 | $4,306 |
Age 25 | $206 | $2,473 |
Age 30 | $183 | $2,192 |
Age 40 | $175 | $2,100 |
Age 50 | $267 | $1,989 |
Age 60 | $157 | $1,878 |
Age 70 | $170 | $2,043 |
*16-year-old calculated on married parents' policy with discounts applied; 18- and 20-year-old are renters on their own policies with no discounts applied.
Cost considerations for young drivers in Colorado
Age | Average annual premium for drivers on their parents' policy in Colorado | Average annual premium for drivers on their own policy in Colorado |
---|---|---|
Age 16 | $4,594 | N/A* |
Age 17 | $4,491 | N/A* |
Age 18 | $4,219 | $7,425 |
Age 19 | $3,817 | $5,321 |
Age 20 | $3,566 | $4,768 |
*16- and 17-year-old drivers must be on their parents’ policy.
How does driving record impact the cost of car insurance in Colorado?
Driving record is one of the most impactful variables for determining 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. Even receiving a 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.
Consider the table below to see how each type of incident affects the average cost of full coverage in Colorado when compared to a clean driving record.
Driving incident | Average annual full coverage premium in Colorado | Percentage increase in average annual premium |
---|---|---|
Clean driving record | $2,121 | 0% |
Speeding ticket | $2,539 | 20% |
Accident | $2,943 | 39% |
DUI conviction | $3,511 | 66% |
Car insurance rates in Colorado by credit score
Credit-based insurance scores are used by car insurers in many states to help determine rates. However, some states don’t allow this practice. Credit-based insurance scores are not a contributing factor for premiums in California, Massachusetts and Michigan. In those states that allow it, credit information can help insurers to assess risk levels for drivers. As we can see 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 | Average annual full coverage premium in Colorado | Percentage difference in average annual 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 will 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. 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. In essence, they are trying to capture information about how much it will cost them to handle potential claims on any given vehicle.
Vehicle | Average annual full coverage premium in Colorado |
---|---|
Toyota Camry | $2,121 |
Ford F-150 | $1,835 |
Honda Odyssey | $1,786 |
BMW 330i | $2,629 |
Toyota Prius | $2,195 |
How to save on car insurance in Colorado
There are several potential ways to save on car insurance in Colorado that you might want to consider, including your vehicle choice, how often and far you drive, what types of coverage you have, who your insurer is, what your driving record and habits are like and more. 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 will most likely help to lower the amount you pay each month, but you should also consider whether you can afford the higher deductible if or when you get into an accident. If you can’t, raising your deductible may not be the right move for you.
- 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 the way you pay: Most insurance companies offer a discount if you pay in full. If you cannot afford to pay the full premium, you may get a discount for setting 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 safe driver may not only result in a cheaper rate, but it may open you up to qualifying 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. Keep in mind, however, that some insurance companies also penalize you if you practice unsafe driving habits while being tracked.
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