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Best car insurance in Colorado for 2023

Updated Sep 13, 2023
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Best car insurance companies in Colorado

To find the best car insurance in Colorado, Bankrate’s editorial team reviewed several facets of each carrier, including 2023 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, Progressive, American Family and Allstate. Some of them offer average rates below the Colorado average, which is $2,121 for full and $500 for minimum coverage.

Geico
Rating: 4.4 stars out of 5
4.4
Bankrate Score
Info
J.D. Power score (Southwest)
827
/1,000
Average monthly full coverage premium
$92
Average annual full coverage premium
$1,108
State Farm
Rating: 4.2 stars out of 5
4.2
Bankrate Score
Info
J.D. Power score (Southwest)
848
/1,000
Average monthly full coverage premium
$137
Average annual full coverage premium
$1,641
Progressive
Rating: 4.2 stars out of 5
4.2
Bankrate Score
Info
J.D. Power score (Southwest)
800
/1,000
Average monthly full coverage premium
$226
Average annual full coverage premium
$2,709
American Family
Rating: 3.8 stars out of 5
3.8
Bankrate Score
Info
J.D. Power score (Southwest)
833
/1,000
Average monthly full coverage premium
$205
Average annual full coverage premium
$2,460
Allstate
Rating: 3.8 stars out of 5
3.8
Bankrate Score
Info
J.D. Power score (Southwest)
824
/1,000
Average monthly full coverage premium
$215
Average annual full coverage premium
$2,580
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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.

Geico
Rating: 4.4 stars out of 5
4.4
Bankrate Score
Info
J.D. Power score (Southwest)
827
/1,000
Average monthly minimum coverage premium
$21
Average annual minimum coverage premium
$249
State Farm
Rating: 4.2 stars out of 5
4.2
Bankrate Score
Info
J.D. Power score (Southwest)
848
/1,000
Average monthly minimum coverage premium
$34
Average annual minimum coverage premium
$409
Progressive
Rating: 4.2 stars out of 5
4.2
Bankrate Score
Info
J.D. Power score (Southwest)
800
/1,000
Average monthly minimum coverage premium
$52
Average annual minimum coverage premium
$619
American Family
Rating: 3.8 stars out of 5
3.8
Bankrate Score
Info
J.D. Power score (Southwest)
833
/1,000
Average monthly minimum coverage premium
$62
Average annual minimum coverage premium
$738
Allstate
Rating: 3.8 stars out of 5
3.8
Bankrate Score
Info
J.D. Power score (Southwest)
824
/1,000
Average monthly minimum coverage premium
$46
Average annual minimum coverage premium
$552
Powered by Coverage.com (NPN: 19966249)
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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.

Advertising Disclosure
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.

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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 for discounts

Rating: 4.4 stars out of 5
4.4 Bankrate Score
JD Power: 827/1,000 AM Best: A++

Average annual premium

$ 1,108 for full coverage
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Why Geico made our list: Geico is known for offering low premiums, and the company’s average rates in Colorado are no exception. However, it may be worth noting that Geico offers fewer coverage options compared to other major carriers, meaning its policies may be better suited for Colorado drivers seeking basic coverage. Geico offers a generous list of discounts to help you save additional money on your policy, which could make up for its limited add-ons. Overall, Geico has solid third-party ratings, with a Bankrate Score of 4.4 out of 5.0. In J.D. Power’s 2022 Auto Insurance Study, Geico received a score of 827 out of 1,000, which is on par with the industry average.

Who Geico may be good for: If budget is your primary concern, you may want to get a quote from Geico. The company's average rates for Colorado are the lowest of any insurer on our list, in some cases less than half.

Read full Geico Insurance review

Best for local offices

Rating: 4.2 stars out of 5
4.2 Bankrate Score
JD Power: 848/1,000 AM Best: A++

Average annual premium

$ 1,641 for full coverage
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Why State Farm made our list: State Farm remains the largest auto insurer in the U.S. with 16 percent of the market share. State Farm remains the largest auto insurer in the U.S. with 16 percent of the market share. The company has hundreds of exclusive local agents throughout communities across Colorado, so if you prefer to handle your insurance needs in-person, State Farm may be a good choice. State Farm has online and mobile app capabilities for digital policy management, and it scored second out of 18 companies in the 2022 J.D. Power Digital Experience Study for service. In addition, State Farm offers a full line of insurance products, including auto, home and life insurance, making it a good option for one-stop insurance shopping. However, companywide customer complaints with the National Association of Insurance Commissioners (NAIC) are higher-than-baseline. Shoppers looking for top-notch customer service may want to read online reviews before deciding to switch.

Who State Farm may be good for: The company has hundreds of exclusive local agents throughout communities across Colorado, so if you prefer to handle your insurance needs in-person, State Farm may be a good choice.

Read full State Farm Insurance review

Best for streamlined coverage packages

Rating: 4.2 stars out of 5
4.2 Bankrate Score
JD Power: 800/1,000 AM Best: A+

Average annual premium

$ 2,709 for full coverage
Get a quote

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

Why Progressive made our list: Progressive could be an excellent choice for drivers new to car insurance because of its Name Your Price tool. The Name Your Price tool makes tailoring an affordable coverage package easy — shoppers simply enter their budget and coverage needs, and the Name Your Price tool provides coverage packages based on this information. The company also offers an assortment of product lines in addition to auto insurance, including home insurance, business insurance and even segway insurance. However, Progressive did receive below-industry-average scores from J.D. Power for both customer satisfaction and claims service. This indicates previous customers may have felt the service they received from Progressive was lacking.

Who Progressive may be good for: Young drivers may find Progressive a good option, since the company's Name Your Price tool makes it easy to adjust the numbers and find a policy that works for their budget. Progressive also has a handful of discounts that might help young drivers lower their payment, such as teen driver, good student and distant student discounts.

Read full Progressive Insurance review

Best for coverage add-ons

Rating: 3.8 stars out of 5
3.8 Bankrate Score
JD Power: 833/1,000 AM Best: A

Average annual premium

$ 2,460 for full coverage
Get a quote

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

Why American Family made our list: American Family is known for its high-quality customer service, earning the third-highest overall customer satisfaction rating in the 2022 J.D. Power Southwest Region Study. In addition to positive customer experience scores, American Family’s auto insurance policies can be incredibly personalized, with options like ridesharing coverage, classic car insurance and roadside assistance available to help you tailor your coverage to your needs. The company also offers several discounts that could lower your premium. While it offers plenty of benefits, American Family is only available in 19 states. If you move frequently, this company may not be the best choice. However, the company is financially strong and carries an A (Excellent) rating from AM Best.

Who American Family may be good for: For drivers whose circumstances mean they need more than just basic coverage, American Family might be a good choice. It has a robust list of endorsements, or add-ons, that let you customize coverage to fit your specific needs.

Read full American Family Insurance review

Best for telematics

Rating: 3.8 stars out of 5
3.8 Bankrate Score
JD Power: 824/1,000 AM Best: A+

Average annual premium

$ 2,580 for full coverage
Get a quote

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

Why Allstate made our list: Allstate’s Drivewise telematics program may appeal to drivers looking for low rates as you don’t have to be a policyholder to participate, and subpar driving will not negatively impact your premium. Allstate also offers perks you may not find with another company, such as new car replacement, gap insurance and accident forgiveness. However, customers with customer service at top-of-mind may want to do additional research, as Allstate scored just below the industry standard in the J.D. Power 2022 U.S. Auto Insurance Study. Additionally, while NAIC complaints for private passenger auto insurance were lower-than-baseline, the company as a whole received almost twice the complaints compared to baseline.

Who Allstate may be good for: Individuals with a clean driving record and a reputation for safe driving may find Allstate appealing. You earn a 10 percent discount just for signing up, and more if you drive safely.

Read full Allstate Insurance review

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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.

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.

How much is car insurance in Colorado? 

For auto insurance, Colorado drivers pay an average annual premium of $500 for minimum coverage and $2,121 per year for full coverage, according to 2023 rate data from Quadrant Information Services. Compared to the 2023 nationwide average annual premium of $2,014 for full coverage, Colorado’s average rates are just slightly higher. However, minimum coverage in Colorado costs about 13 percent less than the national average of $622 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 681 incidents in 2022  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 $1,510 per year and the average rate in Wyoming is $1,582  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.

Average annual premium for full coverage in Colorado Average annual premium for minimum coverage in Colorado
$2,121 $500

How to find the best car insurance in Colorado

The best car insurance in Colorado may be different for each individual. Each driver requires 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 your individual needs

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.

Frequently asked questions

Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance