Best cheap car insurance in Denver for 2022
As the largest city in Colorado, Denver contributes not only to the four million licensed drivers in the state, but also to the total number of traffic fatalities caused every year.
Denver had 49 fatal crashes in 2017 and 478 accidents that resulted in serious injuries. Like most other cities, car insurance is a mandatory requirement in Denver and is something that must not be neglected because it can protect drivers legally and financially against traffic violations and accidents.
The average driver in Denver pays $2,251 per year for full coverage insurance and $611 per year for minimum coverage insurance. The best car insurance companies in Denver were analyzed on the basis of rates, coverage options and discounts, financial stability, third-party scores, and overall customer satisfaction.
Best car insurance companies in Denver
The best car insurance in Denver is from American Family, USAA, Geico, Allstate and Farmers. These providers offer below-average rates, great discounts, multiple endorsement policies, good financial strength scores and impressive third-party ratings.
|Insurance company||J.D. Power customer satisfaction score||Average annual premium for minimum coverage||Average annual premium for full coverage|
|Allstate||830 / 100||$633||$1,949|
|American Family||834 / 100||$917||$2,577|
|Farmers||823 / 100||$612||$2,223|
|Geico||834 / 100||$293||$1,131|
|USAA||876 / 100||$341||$1,379|
Allstate is well known for its digital tools and resources. Drivers can use online calculators to find out how much insurance coverage they need and what type of coverage they need. Allstate also has a highly-rated mobile app, where drivers can request roadside assistance, file a claim and more. In terms of coverage, Denver drivers can customize their policy with a number of endorsements and lower their rate with discounts, like the Drivewise® safe driver rewards program.
Learn more: Allstate Insurance Review
In J.D. Power’s 2020 U.S. Auto Insurance Study, American Family tied with Geico for the highest rated insurance provider in the Southwest region, which includes Colorado. The company has higher than average rates, but drivers get access to a wide variety of coverage options and discounts. American Family also has a disappearing deductible program, where drivers can save up to $100 on their deductible for each claims-free year.
Learn more: American Family Insurance Review
Farmers is a great choice for Denver drivers who are looking for customizable coverage. In addition to standard minimum and full coverage insurance, Farmers also offers roadside assistance, rental car coverage, loss of use coverage, Guaranteed Value™ protection, full windshield and glass coverage, a glass deductible waiver and more. Drivers can lower their premium by taking advantage of discounts or enrolling in the Signal® safe driver program.
Learn more: Farmers Insurance Review
Geico is one of the best car insurance companies in Denver, and it is also the cheapest. The average driver pays $1,131 per year for full coverage insurance and $293 per year for minimum coverage insurance, which is significantly below average. Geico does not offer many add-on coverages, but drivers can take advantage of generous discounts, including savings for military personnel, federal employees, smart students and more.
Learn more: Geico Insurance Review
Denver drivers who are active duty military personnel or veterans are eligible for USAA car insurance. USAA is known for its excellent customer service, robust coverage options and low rates. On average, drivers save over $700 per year when they switch to USAA from another provider. There are also military-specific coverages and savings, like a 15% discount on comprehensive insurance for drivers who garage their vehicle on a military base.
Learn more: USAA Insurance Review
Cheapest car insurance in Denver
Car insurance in Denver can be expensive, and the rates are higher than the average cost of insurance in Colorado. To compare, the average Colorado driver pays $2,004 per year for full coverage insurance and $466 per year for minimum coverage insurance. However, there are several insurance companies that offer below-average rates. These companies offer the cheapest car insurance in Denver:
|Insurance company||Average annual premium for minimum coverage||Average annual premium for full coverage|
Drivers can likely get the best cheap car insurance in Denver from these five providers, but each company has pros and cons. Geico has the most affordable policies, but the coverage is limited and the customer service is poorly rated. USAA, on the other hand, has great customer service and a variety of policy options, but only active duty and retired military members qualify for coverage.
State Farm and Nationwide have similar average rates, but Nationwide has much better coverage options and State Farm has more discounts. Auto-Owners is the most expensive of the cheap providers, but drivers get what they pay for. The company is known for having good customer service, a variety of coverage options and multiple savings opportunities.
In terms of ratings, Geico, USAA and Allstate are rated above average by J.D. Power. State Farm and Nationwide are rated below average, and Auto-Owners is not rated at all. However, all five companies have excellent financial strength ratings from AM Best.
Denver insurance requirements
Car insurance is required for Denver drivers who have a registered vehicle in Colorado. Drivers must carry at least 25/50/15 personal liability insurance, which includes:
- $25,000 in bodily injury coverage per person
- $50,000 in bodily injury coverage per accident
- $15,000 in property damage coverage per accident
Liability-only insurance is the cheapest policy available in Denver. However, there is no guarantee that minimum coverage insurance will cover the full cost of an at-fault accident. Because of that, insurance companies recommend that most drivers purchase more coverage than what is required.
For some drivers, upgrading to full coverage insurance is mandatory. Drivers who have a leased or financed car are typically required to carry full coverage insurance until their loan is paid off, to reduce the lender’s risk.
Car insurance discounts in Denver
Most car insurance providers in Denver have discounts that can help drivers lower their insurance premium. Here are some common savings:
- Claims-free: Drivers who have no insurance claims or accidents on their record within the last several years usually qualify for a lower premium.
- Multi-policy: Drivers who bundle multiple policies with the same insurance company, like a home and auto policy, can get a lower rate.
- Multi-vehicle: Insuring multiple vehicles on the same policy will often lower a driver’s annual premium.
- Defensive driving course: Many insurance companies offer discounts for drivers who complete an approved defensive driving course, or other driver training program.
Frequently asked questions
What is the best car insurance company?
There are dozens of auto insurance providers on the market but what suits one person may not suit another. To be able to find the best car insurance companies, you need to compare quotes and coverage options from multiple providers in your region and pick the one that seems the right fit.
How much does car insurance in Denver cost?
The average driver in Denver pays $2,251 per year for full coverage insurance and $611 per year for minimum coverage insurance. However, car insurance quotes in Denver are based on factors like a driver’s ZIP code, age, credit score, claims history, the type of car they drive and the policy’s deductible.
How much car insurance do I need in Denver?
Drivers are legally required to carry at least 25/50/15 personal liability coverage. However, many drivers purchase full coverage insurance for more protection, which includes liability insurance plus coverage for the vehicle itself.
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 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 sample drivers own a 2019 Toyota Camry, 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.