Best car insurance in Colorado for 2024

Our 2024 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. 

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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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, Demotech 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 and home 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.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.

Nearly every state requires drivers to hold at least a minimum amount of liability insurance as proof of financial responsibility in the event you damage property or injure others in an accident. Colorado car insurance laws mandate that each driver carries at least $25,000 in bodily injury liability per person and $50,000 per accident, as well as $15,000 in property damage liability.

Experts recommend upping your policy limits if you can afford it, though, as the aforementioned minimums may not provide adequate financial protection in the event of a serious accident. If damages exceed your policy limits, you could be responsible for paying the remainder out of pocket.

The low cost of minimum insurance may be enticing, but in certain situations, bare-bones coverage is not an option. If you have a car loan or are leasing a car, your lender or lessor will likely require you to carry full coverage. This generally includes comprehensive and collision coverage on top of the state-mandated minimum insurance.

Full coverage adds financial protection for damage to your own vehicle resulting from an accident you cause, as well as theft, vandalism and weather-related losses. You might also want to (or be required to) purchase gap insurance to help cover the difference between the actual cash value of your vehicle and the amount you still owe on it after a claim payout in the event it is totaled.

Auto insurance rates are personalized to each driver based on several factors, such as where you live, the car you drive and your motor vehicle history. The coverage you select matters, too — you might opt for add-ons (like rental car insurance or roadside assistance) or require specialized coverage (for, say, a classic car or motorcycle). No matter your driver profile or the coverage types you choose, you may benefit from looking into car insurance discounts, which vary by provider.

If you have multiple cars, look into multi-car discounts. If you have a teenage driver, student discounts are widely available. Whatever your specific situation, ask an agent which discounts you qualify for so you don’t miss out on savings.

The cheapest car insurance company in Colorado for you will depend on several factors specific to you and your vehicle. Carriers consider your age, gender, ZIP code, driving record and more when pricing policies and weigh these rating factors differently, so you may discover rates vary widely from company to company. For that reason, it pays to gather quotes from several companies for the same coverage types and policy limits to compare. Experts recommend inquiring about discounts you may qualify for from each company, as well.

The best car insurance company in Colorado will be different for each driver. Are you looking for the lowest rates, the highest customer satisfaction or a specific type of coverage? Identifying what’s important to you and reading company reviews can help narrow down which companies may serve you best. From there, you can request quotes to compare in order to pinpoint which company is able to offer you the best deal on the coverage you need.

Colorado car insurance laws require drivers to carry 25/50/15 liability coverage. This breaks down to $25,000 in bodily injury liability per person, $50,000 in bodily injury liability per accident and $15,000 in property damage liability per accident. Keep in mind that these are minimum requirements. Experts recommend that drivers opt for higher coverage limits for more financial protection.

Colorado drivers pay an average of $245 per month for full coverage car insurance, slightly higher than the national average of $199 per month. Colorado drivers who opt for minimum coverage pay an average of $47, which is less than the national average of $55 per month. To get the most competitive rates for car insurance, request quotes from several insurance providers and ask for the same coverage options and limits in order to make an apples-to-apples comparison. Don’t forget to repeat the process at renewal time, since your personal rating factors might have changed.