Colorado Car Insurance

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Colorado Car Insurance

The average cost for minimum car insurance coverage in Colorado is $536 per year. However, you can often find more affordable options. For instance, American National provides the most budget-friendly rates, with an average annual premium of $165 for minimum coverage for a 35-year-old driver with a spotless driving record.

While the actual price you pay for car insurance in Colorado will depend on various factors, including your location within the state and driving history, the average annual cost is $2,933 for full coverage and $536 for minimum coverage.

Compared to the national average, which is $2,278 per year for full coverage and $621 for minimum coverage, Colorado tends to be slightly more expensive for full coverage but somewhat more affordable for minimum coverage.

Colorado Car Insurance

Securing auto insurance is crucial, yet finding affordable car insurance in Colorado can be challenging. To get the best rates, it’s essential to compare quotes from different providers.

According to a recent NerdWallet analysis, American National offers the lowest rates for full coverage car insurance in Colorado, averaging $975 annually or $81 monthly. In contrast, the state’s average cost for full coverage is about $2,293 per year, equating to roughly $191 per month.

Read Also: Georgia Car Insurance

Colorado Car Insurance Rate by City

Car insurance rates in Colorado can differ significantly from one city to another. If you’re asking, “How much does car insurance cost in Colorado?” the answer depends largely on your location. Various factors influence these rates, including your driving history and the type of vehicle you own, but the city you reside in plays a crucial role, too.

Local factors such as the frequency of accidents, repair costs, and rates of theft and vandalism can all impact insurance premiums. Below, you’ll find a comparison of average car insurance rates in some of Colorado’s largest cities relative to the state average.

City Average Monthly Full Coverage Premium Average Annual Full Coverage Premium
Arriba $274 $3,285
Sterling $258 $3,101
Fountain $261 $3,133
Wild Horse $272 $3,270
Stratton $276 $3,316
Fort Collins $1,489

 

Colorado Car Insurance Rate by Age

In Colorado, car insurance premiums are influenced by both age and gender. Insurance providers use these factors to assess risk levels. Typically, younger drivers and males tend to have higher premiums due to their classification as higher-risk drivers. This risk assessment helps underwriters set appropriate insurance rates.

Age Average  Full Coverage Premium
Age 16+ $6,434
Age 18 $8,935
Age 20 $6,907
Age 25 $3,808
Age 30 $3,192

 

Low-Cost Car Insurance for Colorado Teen Drivers: State Farm and Geico

Teen drivers in Colorado encounter steep car insurance rates, mirroring a nationwide pattern. For 17-year-old females, the average annual cost is $5,693, while males of the same age pay around $6,265. State Farm offers the most economical option for female teens at $3,395 per year, and Geico provides the lowest rate for males at $3,691 annually. On the higher end, Progressive’s rates soar to $10,056 for females and $11,127 for males. Despite these high costs, various insurance options are available for new drivers, regardless of age.

Company 17-Year-Old Female 17-Year-Old Male
State Farm $3,395 $4,294
GEICO $3,559 $3,691
Nationwide $5,317 $6,239
USAA $3,555 $3,964
American Family $3,700 $4,003

 

Most Affordable Car Insurance for Adults in Colorado: Geico

Adult drivers in Colorado typically encounter insurance rates slightly above the state average. For a 35-year-old woman, the average annual premium is $1,578, with Geico offering the lowest rate at $1,051. Similarly, a 35-year-old man faces an average yearly cost of $1,602, with Geico providing the most affordable option at $1,123. Conversely, Allstate has the highest average rates for both women and men, at $2,091 per year.

Company 35-Year-Old Female 35-Year-Old Male
USAA $1,166 $1,179
Geico $1,051 $1,123
Nationwide $1,473 $1,548

 

Best Car Insurance Rates for Seniors in Colorado: Geico

For seniors in Colorado, car insurance rates can vary significantly. A 60-year-old woman typically pays around $1,448 annually, with Geico offering the lowest rate at $1,080. For a 60-year-old man, the average yearly cost is $1,499. While USAA provides the lowest rate at $1,114, it is only available to military members and their families. For most senior drivers, Geico remains the most affordable option at $1,194 per year. On the higher end, Farmers charge $1,904 for women and $2,030 for men.

Company 60-Year-Old Female 60-Year-Old Male
Geico $1,080 $1,194
Nationwide $1,289 $1,429
State Farm $1,226 $1,226
USAA $1,091 $1,114

 

Top Car Insurance Rates for Safe Drivers in Colorado: Geico

In Colorado, drivers with a spotless record enjoy lower average premiums compared to those with traffic violations or accidents. The average rate for a safe driver aligns with the state’s overall average of $1,663 per year. Geico stands out as the most affordable option for good drivers in Colorado, offering an average annual rate of $1,109. Conversely, Allstate charges the highest average rate for this category of drivers, totalling $2,155 per year.

Company Clean Record
State Farm $1,276
GEICO $1,109
USAA $1,127
Nationwide $1,628

 

Best Car Insurance Rates in Colorado Following a Speeding Ticket: State Farm

Following a single speeding ticket in Colorado, drivers face an average annual rate of $1,992. State Farm offers the most affordable coverage for drivers with a speeding ticket, with an average rate of $1,498 per year. Conversely, Farmers have the highest rates for this category of drivers, averaging $2,861 annually.

Company With 1 Speeding Violation
Geico $1,518
USAA $1,580
State FARM $1,498

 

How Much Does Car Insurance Cost in Colorado

In Colorado, the average annual cost of car insurance is $1,663, slightly above the national average of $1,543. According to our findings, Geico offers the lowest average annual premium for drivers in Colorado, at $1,109.

Company Average Rate
USAA $1,276
Nationwide $1,628
Geico $1,109
State Farm $1,397

 

How to Get Affordable Car Insurance Rates

When looking to lower your car insurance costs, consider these effective strategies:

  • Maintain a Clean Driving Record: Avoiding accidents and traffic violations demonstrates responsible driving and helps keep insurance rates down.
  • Opt for Higher Deductibles: Choosing a higher deductible can lower your premiums, but make sure you can cover the deductible if you need to file a claim.
  • Explore Discounts: Inquire about available discounts such as safe driver discounts, low-mileage discounts, and discounts for vehicle safety features.
  • Compare Insurance Quotes: Shopping around and comparing quotes from different insurers can help you find the best rate for your coverage needs.
  • Bundle Policies: You may qualify for a multi-policy discount by combining your auto insurance with other policies like home or renter’s insurance.
  • Consider Usage-Based Insurance: Some insurers offer discounts through usage-based insurance programs that track your driving habits and adjust premiums accordingly.
  • Improve Your Credit Score: Maintaining a good credit score can potentially lower your insurance premiums, as insurers often use credit information to assess risk.

Factors Influencing Car Insurance Rates

Several factors affect car insurance premiums:

  • Age: Drivers under 25 typically pay higher premiums due to being perceived as higher-risk compared to older, more experienced drivers.
  • Driving Record: Your history of accidents and violations directly impacts your insurance rates, with safe drivers generally paying less.
  • Gender: Insurance costs can vary based on gender, with females often benefiting from lower premiums due to statistically fewer accidents and violations.
  • Vehicle Details: The make, model, and age of your vehicle influence insurance rates. Certain cars are more prone to theft or damage, affecting premiums.
  • Location: Insurance rates vary by ZIP code due to factors like crime rates, frequency of accidents, and weather risks.
  • Mileage and Usage: How much you drive and for what purposes (commuting, pleasure, business) affect your insurance rates.

Minimum Car Insurance Requirements in Colorado

Colorado requires drivers to have the following minimum car insurance coverage:

  • $25,000 for bodily injury or death per person in an accident
  • $50,000 for bodily injury or death per accident for all persons involved
  • $15,000 for property damage per accident

These are the minimum mandatory requirements in Colorado, but you may want to consider additional coverage options for enhanced protection.

For more information on determining the right amount of car insurance for your needs, consider consulting with an insurance agent.

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