Best Car Insurance in Colorado of 2021

Fact-checked with HomeInsurance.com

1

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

Colorado’s population has climbed significantly over the years. Currently, there are about 5,750,000 people living in the Centennial State and more than 3,880,000 residents have a driver’s license. That means close to four million people in Colorado need to have car insurance.

If you’re a newly licensed driver, or if you recently moved to Colorado, you might be wondering what the insurance requirements are in the state and where you can get cheap car insurance in Colorado.

When looking for the best cheap car insurance Colorado has to offer, there are a few things you’ll need to get your insurance:

  • VIN and license plate number
  • Current mileage and mileage driven every year
  • Personal information for all drivers on the policy
  • Current coverage limits or minimum required by your lender

Make sure to get all of your information together so that you’re prepared to get quotes from the best car insurance companies in Colorado.

The best car insurance companies in Colorado

According to J.D. Power’s 2020 U.S. Auto Insurance Study, the best car insurance Colorado has to offer comes from one of these insurance agencies:

Car Insurance Company J.D. Power Score (out of 1,000) AM Best Rating Average Annual Premium for Minimum Coverage Average Annual Premium for Full Coverage
Allstate 830/1,000 A+ $489 $1,690
American Family 834/1,000 A $671 $2,114
Geico 834/1,000 A++ $236 $1,081
Progressive 803/1,000 A+ $675 $3,022
State Farm 826/1,000 A++ $371 $1,667
  • Allstate: Allstate offers a variety of coverage options, including accident forgiveness, roadside assistance and preferred repair services. That means Coloradoans can drive with peace of mind knowing that if they get into a crash, everything from towing to repairs are covered.
  • American Family: American Family is known for offering unique discounts for a number of things, including switching their car insurance from a competitor. They also offer a young volunteer discount for people under the age of 25. We recommend American Family to any driver who wants to take advantage of discounts.
  • Geico: For the lowest price all around, Geico is the best option. They have the lowest premiums for most situations due to their wide network and extensive discount list. Because car insurance in Colorado can be expensive, Geico is one to check out if you want to save money.
  • Progressive: If you just want basic insurance coverage with the standard discounts, Progressive has what you need. They offer a few additional coverage options, like gap coverage and rental reimbursement. Overall, Progressive is the best option for Colorado drivers who want solid coverage without the expensive extras.
  • State Farm: We chose State Farm for the safe driver and safe vehicle discounts, along with a few other categories of discounts, like savings for loyal customers. If you’re confident in your safe driving skills, State Farm has a few programs that can save you money on your premium.
Looking to save money on auto insurance?
Looking to save money on auto insurance?

Looking to save money on auto insurance?

Compare rates & save

Average car insurance cost in Colorado

In Colorado, the average annual cost of car insurance is $466 for minimum coverage and $2,004 for full coverage. Compared to the nationwide average of $1,738, Colorado’s rates are much higher than what the average American pays for car insurance.

How does car insurance in Colorado compare to neighboring states? It’s actually much more expensive. In Wyoming, which is north of Colorado, the average cost of car insurance is $1,478. Part of the reason why car insurance is expensive in Colorado is because a relatively large percentage of drivers don’t have insurance. According to the Insurance Information Institute, 13.3% of drivers in Colorado are uninsured. States like Wyoming and Utah have much lower rates of uninsured drivers (approximately 8% in each state).

State minimum insurance requirements in Colorado

One of the main components of what makes up the price of your car insurance Colorado is the coverage limits for your insurance. This will vary depending on what the coverage is for. According to the Colorado General Assembly, the minimum coverage limits for liability insurance, which provides coverage for bodily injury and property damage, are:

  • $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

Bodily injury means that you have injured someone in an accident, injured a pedestrian, or someone was injured in your car in an accident. Property damage counts as any damage to another person’s property in an accident that you caused. Both of these are required by law, and it’s a good idea to have more than the minimum so you don’t have to pay out of pocket for accidents.

Keep in mind that your car lender may have different requirements for your insurance coverage, so check with them before purchasing to make sure you get the appropriate coverage limits and deductibles.

Car insurance discounts in Colorado

There are a number of available discounts from insurance providers in Colorado, but they will vary from agency to agency. A common discount is a multi-policy discount. This is when you have more than one type of insurance with a provider, such as homeowners and car insurance, or renter’s and car insurance. If you’re switching insurance companies, be sure to ask if they offer a transfer discount. You may be able to save money just by switching companies.

Frequently asked questions

What is the cheapest car insurance in Colorado?

The cheapest insurance company in Colorado is going to vary depending on your vehicle, miles driven each year, and your personal information. Geico offers some of the lowest available insurance services we reviewed, so we recommend starting there. Be sure to get at least 3 quotes so you can accurately compare services and coverage limits.

What do I need to get car insurance in Colorado?

In order to get car insurance Colorado, you’ll need a few things to make the process happen quickly. This includes your VIN and license plate number, current mileage and mileage driven every year, personal information and current coverage limits or minimum required by your lender.

How quickly can I get car insurance in Colorado?

If you have all of your documentation together and you have no problems with your driving record, you may be able to get coverage as soon as the next business day! Get a quote with a few reputable lenders to see how soon they can offer you coverage.

Is Colorado a no-fault state for car insurance?

No, Colorado is considered a fault state. That means the driver who causes an accident is responsible for paying for the other driver’s losses through their car insurance.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 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 cleaning 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 sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.