Cheapest car insurance in Colorado for 2023

The cheapest car insurance companies in Colorado

To find the cheapest auto insurance companies in Colorado, Bankrate’s insurance editorial team reviewed average rate data from Quadrant Information Services and also assessed trusted third-party ratings from companies like J.D. Power and AM Best. Based on our evaluation, we identified several providers that stand out for offering cheap average rates on car insurance in Colorado.

Cheapest company for minimum coverage

Cheapest company for full coverage

Cheapest company for adding a teen driver

Cheapest company for getting a speeding ticket

Cheapest company for being in an at-fault accident

Cheapest company after a high-risk incident

The cheapest car insurance companies in Colorado by coverage level

The cheapest car insurance in Colorado, based on Bankrate's research, is from American National Insurance, which offers low average rates for both minimum and full coverage policies. Other insurers that offer lower than average rates on car insurance policies in the Centennial State include Geico, Colorado Farm Bureau, Grange, USAA and Depositors Insurance. Average rates from these companies are compared on the table below.

Cheapest cities in Colorado for car insurance

Your location is one of the factors that plays a primary role in determining how much you will pay for affordable car insurance in Colorado. Why does this matter? If you are located in a high-crime area or a region where accidents are frequent, you may pay more for your policy. City dwellers often pay more than those in rural areas simply because there is more traffic congestion and thus more opportunity for fender benders and other mishaps. Here are average car insurance rates for the cheapest cities in Colorado.

Getting a speeding ticket

Getting into an at-fault accident

Being deemed a high-risk driver

Minimum coverage requirements for Colorado drivers

Every Colorado driver must carry at least a minimum amount of car insurance. The minimum required coverage in Colorado includes:

• $25,000 in bodily injury liability coverage per person
• $50,000 in bodily injury liability coverage per accident
• $15,000 in property damage liability coverage per accident

Although drivers in Colorado are required to carry policies with at least the state minimum coverage, many insurance experts recommend that drivers consider purchasing higher limits of liability insurance or other types of coverage for more financial protection.

If you lease or finance your vehicle, a full coverage policy, which includes comprehensive and collision coverage, will likely be required by your lender. Collision and comprehensive pay for damages to your own car following an accident, minus your deductible. While the average cost of full coverage car insurance is generally more expensive than minimum coverage, it may help to shop around and compare full coverage car insurance quotes to help you find the lowest option for your unique driving profile.

How to get the cheapest car insurance in Colorado

If you're wondering how to save on car insurance in Colorado, there are tactics you can use that may lower your premium. But even after you’ve found a cheap car insurance in Colorado, it’s possible for car insurance rates to fluctuate over time, depending on factors like accident statistics in your area and increasing costs of car repairs. Any unsafe driving habits resulting in a ticket conviction or at-fault accident could also affect your car insurance premium.

Some tips to help you find and keep cheap car insurance in Colorado include:

Shop around

All car insurance providers have their own methods of calculating car insurance rates. This means that your quoted premiums may differ with each company, even if the other factors — such as policy coverage options and limits, vehicles and drivers — are the same. Discount opportunities can also vary by company, so it can be beneficial to request quotes from multiple companies to see which offers the best Colorado car insurance savings.

Maintain a clean driving record

Individuals with clean driving records usually pay the lowest rates, as any infractions or at-fault accidents have the potential to add a surcharge to your policy. Additionally, many discounts are based on a clean driving record, such as a good driver discount, which typically requires drivers to be incident-free for a certain number of years. If you already pay a low rate, aim to avoid accidents and traffic violations, and practice safe driving habits to help keep your rate affordable. 

Utilize discounts

Almost every insurer offers at least a few discounts, and some may be easy to qualify for. When requesting quotes, either via the company's website or through an agent, make sure that your potential premium includes any discounts you may qualify for. The choices you make for your policy may also open the door to some discounts. For example, if you choose to receive your policy documents electronically, many insurers will give you a small discount.

Car insurance discounts in Colorado

As noted, discounts can play a role in determining how much you will pay for your insurance. You may be able to save on car insurance in Colorado by taking advantage of discount opportunities you qualify for. Here are a few common discounts that you may be able to access.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Colorado, 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. 

Bankrate Scores 

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.