Cheapest car insurance in Colorado for 2024

Colorado requires every vehicle owner to carry liability insurance. Liability insurance covers any bodily injuries done to others or damage to others’ vehicles or property. With full coverage auto insurance costs higher than the national average, finding the cheapest car insurance companies in Colorado can help with the cost of insurance. Average costs for full coverage and minimum coverage in Colorado are $2,796 and $576, respectively.

Key takeaways

• Cheapest company for minimum coverage: American National
• Cheapest company for full coverage: American National
• Cheapest company for drivers with prior incidents: American National
• Cheapest company for young drivers: American National

A minimum coverage car insurance policy is one that satisfies your state’s required car insurance limits, without any extra coverages. Typically, this is the cheapest car insurance in Colorado in terms of policy type. A minimum coverage car insurance policy would have the following coverage types and limits in Colorado:

• $25,000 for bodily injury or death to any one person in an accident
• $50,000 for bodily injury or death to all persons in any one accident
• $15,000 for property damage in any one accident

Notably, a minimum coverage policy only provides financial protection for the damage you cause during an accident, such as the other driver’s vehicle repairs or medical expenses. A minimum coverage insurance policy would not cover your medical expenses or the repair to your vehicle, which means you would need to pay out of pocket.

Bankrate found that these five providers offer the cheapest minimum coverage car insurance in Colorado on average:

Minimum coverage requirements for Colorado drivers

Every Colorado driver must carry at least a minimum amount of car insurance. 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. This way, you are covered for the damage you cause and for the damage done to you or your vehicle.

If you lease or finance your vehicle, a full coverage policy, which usually includes comprehensive and collision coverage, will likely be required by your lender. Collision and comprehensive can 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, many drivers find the added cost to be worthwhile, considering you are much more financially protected. Requesting multiple quotes can help you find cheap car insurance in Colorado for your unique driving profile.

Full coverage covers much more than minimum coverage car insurance. It typically includes comprehensive coverage and collision coverage in addition to the minimum coverages required. For those looking for a full coverage policy on the cheap, Bankrate’s research found that these providers offer competitive rates:

Having an incident such as a collision or a speeding ticket on your driving record in Colorado can impact the cost of your car insurance. Insurance rates typically go up when you are involved in an accident, but this is especially true when you are at fault. On average, premiums for full coverage auto insurance are 43 percent more after you’ve been involved in a collision where you are at-fault. These are the cheapest car insurance carriers for drivers with prior incidents in Colorado:

• Cheapest car insurance for drivers with a ticket: American National
• Cheapest car insurance for drivers with an at-fault accident: American National
• Cheapest car insurance for high-risk drivers: American National

Cheapest insurance companies for drivers in Colorado with a speeding ticket: American National

If you are convicted of speeding in Colorado, you are likely to see an increase in your car insurance costs when your policy renews. Speeding convictions indicate to insurance companies that you likely are not as safe a driver as you could be, and insurers take this increased risk seriously. A speeding ticket conviction will typically impact your car insurance rates for at least three years, although how much it will impact your costs varies depending on your insurer. Here are some of the insurers offering cheap Colorado car insurance to drivers with a speeding ticket.

Cheapest car insurance for drivers in Colorado with an at-fault accident: American National

Car accidents are stressful, no matter who or what the cause. But if you are found to be partially or fully at fault in an accident, it can be even more stressful because it may have a significant impact on your insurance rate. According to Bankrate's analysis, the average car insurance rate are 42 percent more nationwide after an at-fault accident. Because there are numerous factors in calculating car insurance, any increase to your own rate is likely to differ. In addition, some insurers may offer you cheap auto insurance in Colorado even if you've been involved in an accident.

Cheapest rates in Colorado for high-risk drivers: American National

If you have a few dings on your driving record, your insurer may place you in the high-risk driver category. The most serious infraction you can earn is a DUI — a single conviction is likely to be enough to raise your rates significantly. In addition, not all insurance companies will offer coverage to drivers convicted of DUIs. Average rates are listed below for drivers who have a single DUI conviction, but that is not a guarantee that the companies will offer coverage to those with DUI convictions.

Car insurance rates can be significantly higher for younger drivers. The average cost for full coverage insurance is $5,500 for a female 16-year old driver and $5,874 for a male 16-year old driver. The average cost is $5,874 for a 25-year old female and $3,591 for a male 25-year old. So, it’s important to find the most cost effective insurance carrier for young drivers. Here are the top contenders in Colorado:

• Cheapest car insurance for insuring a teen driver: Geico
• Cheapest car insurance for teens with a ticket: American National
• Cheapest car insurance for teens with an at-fault accident: American National
• Cheapest car insurance for young drivers with a DUI: American National

Cheapest Colorado car insurance for insuring a teen driver: Geico

Since teen drivers don't have years of experience behind the wheel, they are statistically more likely to be involved in accidents. In turn, insurance companies charge more to insure young drivers on average in most states. Adding a teen driver to your policy means that you're likely to see an increased premium to account for the increased risk. You may be able to find low-cost car insurance in Colorado for teen drivers by shopping around and looking into teen driver discounts, however. Here are a few of the companies offering favorable rates to teen drivers.

Cheapest car insurance for teens with a ticket: American National

Getting a ticket can impact the cost of insurance for teens just like any other driver, but it can also lead to them losing their license. If a teen in Colorado gets three violations by the time they are 18, they can lose their license.

Cheapest car insurance for teens with an at-fault accident: American National

Included in the violations that can lead to a license suspension for teens in Colorado is an at-fault accident. This type of collision can also cause insurance rates to go up. Below is a list of cheap auto insurance options for high-risk drivers.

Cheapest car insurance for young drivers with a DUI: American National

As with any driver in Colorado, teen drivers can face major punishment for drinking and driving. If a teen driver gets a DUI, insurance rates can go up. Some insurance carriers, such as State Farm, won’t even cover a driver with a DUI.

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.

• Young driver discounts: Since young drivers, and especially teens, tend to have high average car insurance rates, it can be important to access any discounts offered. These may include a discount for students who carry a "B" or higher average in high school or college, and a discount for students on their parents' policy when they attend school more than 100 miles from home.
• Safe driver discounts: There are several potential discounts that reward drivers for safe habits. Drivers who file no claims for a set period of time — often three to five years — may earn a discount. A discount may also be earned by drivers who participate in their insurer's telematics program.
• Safety features: Some insurance providers will offer discounts if your car is equipped with safety features that are likely to reduce the risk of theft or damage during an accident. This can include car alarms, airbags and more.
• Loyalty or bundling discounts: These types of discounts may take several forms. For example, you could snag a discount if you have multiple types of insurance policies with the same company, or if you insure multiple cars. You may also be eligible for savings if you have been a policyholder with the same company for a certain number of years.
• Organizational discounts: Some insurers offer discounts if you are a member of a particular organization or if you work for a particular company. You may also earn a discount if you are a member of the military, or if you are a teacher or first responder.

Bankrate utilizes Quadrant Information Services to analyze the latest rates in April 2024 for ZIP codes and carriers in all 50 states and Washington, D.C. Rates include the most recent approved rate increases filed by insurance companies and are weighted based on the population density in each geographic region so that policyholders can see the impact rates have in their areas. 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 2022 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.

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.

Teens: Rates were determined by adding a 16-year-old teen to a 40-year-old married parent’s policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy. 

Age: Rates were calculated by evaluating our base profile with the ages 18 and 21 applied. Drivers are renters on their own policy. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.