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Average cost of car insurance in Colorado for 2022

Updated Sep 22, 2022
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The average cost of car insurance in Colorado is $2,019 per year for full coverage in 2022. For minimum coverage, the average annual cost is $495 per year. While the Colorado full coverage average is higher than the national average of $1,771 per year, the minimum coverage average is lower than the national average of $565 annually.

How much does car insurance cost in Colorado?

How much is car insurance in Colorado? That depends on a variety of factors, including:

  • Age
  • Sex
  • Driving history
  • State
  • Location
  • Car make and model
  • Deductible
  • Coverage amount
  • Discounts
  • Marital status
  • Credit score

Currently, car insurance rates in Colorado average $495 per year for minimum coverage and $2,019 per year for full coverage. This is slightly higher than the U.S. national average for full coverage car insurance, which costs an average of $1,771 per year, but it is lower than the national average minimum coverage rate of $565 annually.

Colorado car insurance rates by company

Each company charges a different amount for a variety of reasons. Below are the top companies that Colorado drivers have to choose from. As you’ll see, sometimes the rates are dramatically different from one company to the next.

Car insurance company Average annual premium for minimum coverage Average annual premium for full coverage
Acuity $537 $2,022
Allstate $529 $2,438
American Family $730 $2,376
American National $212 $915
Auto-Owners $454 $2,167
California Casualty $480 $2,372
Colorado Farm Bureau Insurance $275 $1,413
Farmers $589 $1,979
Geico $247 $1,051
Grange $309 $2,143
MetLife $589 $2,907
Progressive $602 $2,557
State Farm $406 $1,518
USAA $294 $1,313

Colorado car insurance rates by city

Average car insurance rates in Colorado vary based on where you live in the state, as does the best car insurance company for you. Cities with higher populations are statistically more likely to have a higher frequency of claims.

Below are the top 20 cities ranked by population with their corresponding average premium costs to the right. The percentage increase is how much more (or less) these city averages are compared to the average annual Colorado premium of $2,019 for full coverage.

City Average annual premium for full coverage % increase in average annual premium
Denver $2,166 7%
Colorado Springs $2,132 6%
Aurora $2,258 12%
Fort Collins $1,751 -13%
Pueblo $2,222 10%
Thornton $2,029 0%
Arvada $1,942 -4%
Boulder $1,841 -9%
Westminster $1,973 -2%
Greeley $1,864 -8%
Longmont $1,835 -9%
Loveland $1,711 -15%
Grand Junction $1,575 -22%
Broomfield $1,851 -8%
Parker $2,016 0%
Littleton $1,960 -3%
Castle Rock $1,984 -2%

Cost of living in Colorado and car insurance

When shopping for the best car insurance rates in Colorado, it’s important to factor in your other expenses so that you’re looking at your total living costs. The graph below shows the average annual cost of living in Colorado, including the average cost of car insurance. Use this graph as a guide to help determine your overall expenses so that you can decide what insurance rates fit in your budget.

Colorado car insurance rates by age

Younger drivers are more likely to get into an accident because of their lack of experience behind the wheel. As they mature and get more experience, the cost they pay goes down.

Age Average annual premium in Colorado
Age 18 $4,026
Age 19 $3,638
Age 20 $3,397
Age 22 $3,080
Age 25 $2,469
Age 40 $2,019

Colorado car insurance rates by driving record

Colorado car insurance rates are greatly affected by driving history. The table below illustrates the percentage increase you can expect after a major offense:

Driving incident Average annual full coverage premium in Colorado % increase in average annual premium
Speeding ticket $2,413 20%
Accident $2,800 39%
DUI $3,324 65%

How to save on car insurance in Colorado

If you utilize the below strategies, you should be able to lower your Colorado car insurance rates:

  • Compare providers: Every provider charges a different amount because every provider has its own pricing algorithm. For example, how your credit score impacts your car insurance premium will vary from company to company. It’s because of this that it is always worth your time and effort to shop around for a cheaper provider.
  • Increase your deductible: A high 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.
  • Be a safe driver: 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 the company’s telematics program, which rewards good driving behaviors with discounts.

Colorado insurance requirements

Colorado is a 25/50/15 state. This means that you must be carrying enough insurance to cover up to:

  • $25,000 per person for bodily injury
  • $50,000 per accident for bodily injury
  • $15,000 per accident for property damage

Though this is a lot of money, Colorado drivers may want to consider purchasing more coverage if they can. There are many valid reasons to do this. For starters, should any natural weather event damage your car, you’ll be forced to pay for the repairs out of pocket. If you had comprehensive, it would probably not be necessary. Another reason is if you are hit by an uninsured motorist who has zero assets, taking that person to court won’t get you anywhere. All of your medical bills and property damage would be left to you to take care of.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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 coverages that meet each state’s requirements. Our base profile drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Written by
Lauren Ward
Insurance Contributor

Lauren Ward has nearly 10 years of experience in writing for insurance domains such as Bankrate, The Simple Dollar, and Reviews.com. She covers auto, homeowners, life insurance, and other topics in the personal finance industry.

Edited by Insurance Editor
Reviewed by Senior wealth manager, LourdMurray