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Best car insurance in Colorado for 2022

Updated Dec 02, 2022
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Searching for affordable, quality car insurance in Colorado may seem daunting, but Bankrate is here to help. Our insurance editorial team includes four licensed property and casualty agents with almost a century of combined industry experience. We analyzed premium data, third-party ratings, coverage offerings and mobile accessibility to bring you the best car insurance in Colorado. Based on our extensive study, Geico, State Farm and American Family may be excellent choices for drivers in the Centennial State.

Auto Insurance
Key takeaways
  • The average cost of car insurance in Colorado is $2,019 per year for full coverage and $495 per year for minimum coverage.
  • Geico is one of the cheapest Colorado car insurance companies, with an average full coverage premium of $1,106 per year.
  • Pueblo, Colorado, is one of the most expensive cities in the state for car insurance, with an average full coverage premium of $2,323 per year.

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How Bankrate chose the best car insurance companies in Colorado

To find the best auto insurance in Colorado, Bankrate looked at a variety of factors that may be important to consider when choosing a car insurance provider. We started by collecting rate data from Quadrant Information Services to better understand pricing for the top companies.

We also awarded each Colorado auto insurance provider a Bankrate Score with a maximum of 5 points. Bankrate Scores are based on factors like financial strength, affordability, customer experience, online and mobile policy management tools, and availability. When comparing auto insurance providers, using Bankrate Scores and the average rate data may help you identify the car insurance options that are right for you.

Best car insurance companies in Colorado

To find the best insurance companies in Colorado, Bankrate’s editorial team reviewed several facets of each carrier, including 2022 average quoted premiums provided by Quadrant Information Services, coverage offerings and available discounts. We also examined third-party rankings from sources such as overall customer satisfaction from the J.D. Power 2022 U.S. Auto Insurance Study and financial strength ratings from AM Best, Standard and Poor’s and Moody’s. After analyzing how each company stacks up along these scales, we calculated a Bankrate Score on a 5.0 point scale, indicating a provider’s overall competitiveness relative to other top insurers.

If you are looking for the best auto insurance in Colorado, you may want to consider a quote from the following five major auto insurance carriers, which include Geico, State Farm, American Family, Progressive and Allstate:

Geico
Rating: 4.7 stars out of 5
4.7
Bankrate Score
Info Hover for more
J.D. Power score (Southwest region)
827
/1,000
Average annual full coverage premium
$1,051
Average annual minimum coverage premium
$247
State Farm
Rating: 4.7 stars out of 5
4.7
Bankrate Score
Info Hover for more
J.D. Power score (Southwest region)
848
/1,000
Average annual full coverage premium
$1,518
Average annual minimum coverage premium
$406
Progressive
Rating: 4.1 stars out of 5
4.1
Bankrate Score
Info Hover for more
J.D. Power score (Southwest region)
800
/1,000
Average annual full coverage premium
$2,557
Average annual minimum coverage premium
$602
American Family
Rating: 4.3 stars out of 5
4.3
Bankrate Score
Info Hover for more
J.D. Power score (Southwest region)
833
/1,000
Average annual full coverage premium
$2,376
Average annual minimum coverage premium
$730
Allstate
Rating: 4 stars out of 5
4.0
Bankrate Score
Info Hover for more
J.D. Power score (Southwest region)
824
/1,000
Average annual full coverage premium
$2,438
Average annual minimum coverage premium
$529
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

Best car insurance company for discounts

J.D. Power:
827 /1,000
AM Best:
A ++
Avg. annual premium for minimum coverage:
$ 247
Avg annual premium for full coverage:
$ 1,051
Get a personalized quote

Answer a few questions to see personalized rates from top carriers.

Best car insurance company for local offices

J.D. Power:
848 /1,000
AM Best:
A ++
Avg. annual premium for minimum coverage:
$ 406
Avg annual premium for full coverage:
$ 1,518
Get a personalized quote

Answer a few questions to see personalized rates from top carriers.

Best car insurance company for streamlined coverage packages

J.D. Power:
800 /1,000
AM Best:
A +
Avg. annual premium for minimum coverage:
$ 602
Avg annual premium for full coverage:
$ 2,557
Get a personalized quote

Answer a few questions to see personalized rates from top carriers.

Best car insurance company for coverage add-ons

J.D. Power:
833 /1,000
AM Best:
A
Avg. annual premium for minimum coverage:
$ 730
Avg annual premium for full coverage:
$ 2,376
Get a personalized quote

Answer a few questions to see personalized rates from top carriers.

Best car insurance company for telematics

J.D. Power:
824 /1,000
AM Best:
A +
Avg. annual premium for minimum coverage:
$ 529
Avg annual premium for full coverage:
$ 2,438
Get a personalized quote

Answer a few questions to see personalized rates from top carriers.

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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 cost in Colorado

For auto insurance, Colorado drivers pay an average annual premium of $495 for minimum coverage and $2,019 per year for full coverage, according to 2022 rate data from Quadrant Information Services. Compared to the 2022 nationwide average annual premium of $1,771 for full coverage, Colorado’s average rates are about 13 percent higher. However, minimum coverage in Colorado costs about nine percent less than the national average of $545 per year.

Although many factors contribute to Colorado’s higher average for full coverage rates, one may be the general increasing trend of fatal accidents in the Centennial State. Since 2011, the number of fatal collisions in Colorado has increased steadily, up to 633 incidents in 2021 from about 400 in 2011.

As a result of this and other factors, the average cost of car insurance in Colorado is more expensive than in some neighboring states. For example, the average full coverage premium in Utah is $1,449 per year and the average rate in Wyoming is $1,510 per year. Colorado has a relatively high number of uninsured drivers (more than 16 percent) and certain weather-related risks, including an increasing prevalence of wildfires, which also likely contribute to the high cost of auto insurance in the state.

Auto insurance rates are determined using more than a dozen risk-assessment factors. In Colorado, these factors may include the carrier you choose, make and model of your vehicle, coverage types and deductibles, geographic location including your specific ZIP code, age, occupation, marital status, insurance-based credit score and your driving history. Since so many personal factors affect your car insurance rates, your premium will likely be different than the average Colorado car insurance rates.

How to find the best car insurance in Colorado

Each driver may require specific coverage types that may influence their decision on which car insurance company is best for their needs. When you’re deciding which provider will work best, you may want to take into account the following considerations.

Consider minimum insurance requirements in Colorado

Nearly every state requires drivers to hold at least a minimum amount of liability insurance coverage. Colorado car insurance laws mandate that each driver hold a certain amount of bodily injury and property damage coverage types. Mandatory limits are listed on the Colorado General Assembly website.

Consider lender requirements

Although you can drive legally with just the minimum amounts of coverage, most insurance experts recommend purchasing higher levels of coverage as a financial safeguard against a potential covered loss. If you cause an accident, your insurance will only pay up to your policy limits. If you have state minimum coverage and the damages you cause are greater than your insurance limits, you will be responsible for the overage out-of-pocket. These costs can quickly add up to thousands of dollars and could be financially devastating to you and your family.

You may also want to consider full coverage insurance, which generally includes optional comprehensive and collision coverage. These coverage types provide financial protection for damage to your own vehicle, as well as theft, vandalism and weather-related losses. If you have a loan or lease on your car, your lender will likely require you to carry full coverage. You could also purchase gap insurance to help cover the difference between what your newer car is worth and what you still owe on it after a claim payout, in the event it is totaled.

Consider driver risk impacts

Car insurance rates are personalized to each driver, depending on risk factors such as where you live, the car you drive and your motor vehicle history. Everyone brings a unique set of circumstances to their search for car insurance. Maybe you have a car loan, which means you will likely need full coverage insurance. If you have a teenage driver, you may benefit from student discounts that may help combat the higher premiums insurers typically charge for young adults. Whatever your specific situation, you may want to look for companies that are suited to your needs.

Car insurance discounts in Colorado

Carriers typically offer multiple auto insurance discounts to Coloradans, but note that exact discounts and availability will vary from company to company. Common discounts that many auto insurers offer include:

  • Young driver discounts: If you have a young driver to insure, they may qualify for several different discounts. These include good student discounts (maintain an “B” average in high school or college), student away at school discounts and driver education discounts.
  • Safe driver discounts: Proving that you’re a safe driver may save you money on your car insurance. If you exhibit safe practices through a usage-based telematics program, which monitors your driving habits, or if your vehicle has safety features like anti-lock brakes or side curtain airbags, you may qualify for a discount.
  • Other discounts: If you bundle more than one insurance policy type with the same company, such as home and auto insurance, you may qualify for a discount. If you have more than one car, you may be able to earn a multi-vehicle discount by insuring both cars with the same company.
Every company offers different types and levels of discounts and has varied eligibility requirements, so the best way to make sure you are utilizing all the discounts that you qualify for is to talk to a licensed insurance professional such as your insurance agent or your insurer’s customer service representative.

Frequently asked questions

Written by
Carol Pope
Insurance Writer

Carol Pope is an insurance writer for Bankrate and prior to joining the team, she spent 12 years as an auto insurance agent. During this time, she sold, serviced and underwrote auto insurance for people across the country. She also has experience selling supplement coverage such as umbrella insurance.

Edited by Insurance Editor