Best car insurance in Colorado in 2022
The Centennial State offers a plethora of outdoor activities, including hiking, skiing and camping, to take in its stunning vistas. In addition to resident drivers, Colorado is a popular state for tourists and visitors. With so many vehicles on its roads, drivers who live in Colorado should be especially aware of their car insurance needs. Among the top insurers in the state, Geico and State Farm stand out as offering some of the best coverage based on Bankrate’s dedicated auto insurance policy research. On average for car insurance, Colorado drivers pay $2,016 per year for full coverage based on Bankrate’s review of quoted annual premiums.
Many drivers begin their search by looking for well-known car insurance companies. To identify the best car insurance companies in Colorado, Bankrate’s editorial team analyzed several top providers to narrow down the most competitive options based on premiums, customer satisfaction and financial strength. When shopping for auto insurance, Colorado residents may want to use our research to make more informed decisions.
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 2021 average quoted premiums provided by Quadrant Information Services, coverage offerings, available discounts and third-party rankings from sources such as J.D. Power, AM Best, Standard and Poor’s and Moody’s. After analyzing how each company stacks up along these scales, we calculated a Bankrate Score out of 5.0 total points, indicating a provider’s overall competitiveness.
If you are looking for the best auto insurance in Colorado, you may want to consider a quote from the following five auto insurance companies, which include Geico, State Farm, Progressive, American Family and Allstate:
|Car insurance company||Bankrate Score||Average annual full coverage premium||J.D. Power customer satisfaction score|
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 few coverage options than most providers, meaning its policies are 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 few add-ons if budget is your primary concern. While the company scored slightly lower than the Southwest industry average in the 2021 J.D. Power Customer Satisfaction Study, it did earn a high Bankrate Score of 4.3 out of 5.
Learn more: Geico Insurance review
With over 16% market share, State Farm remains the largest insurer of personal automobiles in the U.S. The company has local agents in communities across Colorado, so if you prefer to handle your insurance in-person, State Farm may be a good choice. State Farm has online and mobile app capabilities for digital policy management, the provider scores just below industry average in the 2021 J.D. Power Digital Experience Study for service. However, State Farm offers several insurance products, including auto, home and life insurance. The company also offers banking services.
Learn more: State Farm Insurance review
Progressive’s average full coverage premium is the highest on our list, but the company offers several perks that could make its high average premium worthwhile. If you want to have all your insurance products with one carrier, Progressive may be a good option. The company 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 might indicate that customers generally feel that the service they receive from Progressive is lacking.
Learn more: Progressive Insurance review
American Family is known for its high-quality customer service, earning the highest overall customer satisfaction rating in the 2021 J.D. Power Southwest Region Study. However, for claims satisfaction, American Family ranks midrange in J.D. Power’s 2021 Auto Claims Satisfaction Study, which may mean insureds may not always have a top-notch claims experience. Still, American Family’s auto insurance policy is incredibly customizable, with options like ridesharing coverage, classic car insurance and roadside assistance available to help you tailor your policy to your needs. The company also offers several discounts that could lower your premium.
Learn more: American Family Insurance review
Allstate offers several options to customize your auto insurance policy, including accident forgiveness, sound equipment coverage and ridesharing coverage. The company’s premiums are the second-highest on our list on average, and it received the lowest Bankrate Score out of the companies on our list. However, the company offers several discounts that may help you save.
Learn more: Allstate Insurance review
Average car insurance cost in Colorado
For auto insurance, Colorado drivers pay an average annual premium of $518 for minimum coverage and $2,016 for full coverage. Compared to the nationwide average annual premium of $1,674 for full coverage, Colorado’s average rates are higher. However, minimum coverage in Colorado is less expensive than the national average of $565 per year. Although there may be many factors contributing to Colorado’s higher full coverage rate, one may be the general increasing trend of fatal accidents. Since 2011, the number of fatal accidents in Colorado has increased almost yearly, up to 574 incidents in 2021 from about 400 in 2017.
|Average annual premium for minimum coverage in Colorado||Average annual premium for full coverage in Colorado|
Auto insurance rates are determined using more than a dozen factors, according to the Insurance Information Institute (Triple-I). In Colorado, these factors include the carrier you choose, make and model of your vehicle, coverage types and deductibles, geographic location, age, occupation, marital status, 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 want or need 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
- $25,000 bodily injury per person
- $50,000 bodily injury per accident
- $15,000 property damage
Consider lender requirements
Although you can drive legally with just the minimum amounts of coverage, most insurance experts recommend purchasing higher levels of coverage. 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 out-of-pocket costs may add up to thousands of dollars.
You may also want to consider full coverage insurance, which adds optional comprehensive and collision coverage. These coverage types provide financial protection for damage to your own vehicle. 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 currently owe on it, in case it is totaled.
Consider driver risk impacts
Car insurance is personalized to each driver, depending on rating factors such as where you live, the car you drive and your driving history. Everyone brings a unique set of circumstances to the 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 help combat the added cost. Whatever your specific situation, you may want to look for companies that are suited to your needs.
Car insurance discounts in Colorado
Several carriers offer auto insurance discounts to Coloradans, but note that exact discounts 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, he or she may qualify for a couple of different discounts. Insurance companies often offer good student discounts, 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 telematics program 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-car discount if you insure both cars with the same company.
Every company offers different discounts and different requirements. The best way to make sure you are utilizing all the discounts that you qualify for is to talk to your insurance professional.
Frequently asked questions
What is the cheapest car insurance company in Colorado?
The best way to find cheap car insurance for you is likely to request quotes for your desired coverage and compare rates from different providers. To begin your search, it may help to start with some of the cheapest carriers in Colorado, which we found to be Geico, USAA and State Farm based on our research.
What do I need to get car insurance in Colorado?
Although every company is different, you will likely need some basic information to get an auto insurance quote. Auto insurers will typically ask for the name, date of birth and driver’s license number for all the drivers in your household. You will also need the vehicle identification number (VIN) for all your vehicles. If you have current auto insurance, it might be helpful to have your declarations page handy while you are requesting quotes, as most of the needed information will be listed there.
How quickly can I get car insurance in Colorado?
If you have all of your documentation together and no negative information on your driving record, you may be able to get auto coverage the same day you request a quote. However, allowing yourself time to shop your coverage with several companies may be beneficial. The Triple-I recommends getting a minimum of three quotes to compare coverages and costs.
What is the difference between minimum coverage and full coverage?
Minimum coverage refers to the least amount of coverage required by each state. Full coverage means that you also have coverage for damage to your own vehicle. However, insurance coverage exists on a spectrum. You can have state minimum liability limits and still purchase comprehensive and collision coverage, meaning you would have full coverage. You can also purchase higher liability limits and no vehicle coverage, meaning that you have liability-only coverage that is higher than the state minimum. If you are not sure how much coverage you need, talking to an insurance professional might be helpful.
Bankrate utilizes Quadrant Information Services to analyze 2021 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 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 coverages that meet each state’s requirements. Our base profile drivers own a 2019 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.
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moodys had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.