Faqs About Colorado Car Insurance
I Am a Low-Income Driver. What Can I Do About Getting the Cheapest Car Insurance in Colorado?
Can an Undocumented Worker Get Car Insurance in Colorado?
Colorado is one of 10 states in the U.S. where residents can apply for a drivers license regardless of their immigration status. Undocumented workers can get a drivers license, so they can get car insurance coverage.
Is It Possible to Get Low-Cost Car Insurance in Colorado With a DUI Mark on My Record?
If you are arrested for driving under the influence in Colorado, you can expect to pay a hefty price in car insurance premiums. Car insurance rates can jump up by almost 70% for drivers with a DUI.
On average, drivers with DUIs in Colorado will have to pay about $2,834 per year for car insurance. Although that is less than the national average of $3,336 per year, it is still a pretty significant increase that may make you reconsider getting behind the wheel after having a few drinks.
Colorado Springs Insurance Faqs
What factors affect car insurance quotes in Colorado Springs?
Auto insurance companies take a wide array of factors into consideration when calculating your monthly payment. These include things like your vehicle’s year, make and model, your gender and age, as well as your marital status, credit score, address, and driving record.
Why is the cost of car insurance in Colorado Springs different from other neighboring cities?
Auto insurance companies consider regional factors, such as crime rates, parking situations, and local laws into account when calculating the monthly rate for coverage. Since these can all vary from city to city the rates you may see can differ from neighboring areas.
Which car insurance company will offer me the cheapest rate in Colorado Springs?
There isn’t one company that can guarantee the cheapest rate to everybody, since the rates they charge for coverage are calculated based off of factors that can vary from person to person, such as vehicle make and model, driving record, and number of drivers on the policy. By using sites like Compare.com to compare multiple quotes simultaneously, you can rest assured that you’re getting the best price available.
Do I need to change my insurance if I move to Colorado Springs?
Do I need to wait for my policy to expire to switch to a different car insurance company?
Who Pays A Lower Insurance Premium In Colorado
Car insurance quotes vary based on a number of factors such as your age, location, driving record, credit score, driving habits, and type of vehicle you drive. Some insurance companies may offer cheaper policies for certain types of drivers than others. For instance:
- Colorado drivers with clean records pay 39% less than drivers who have a DUI on their record.
- Colorado drivers in their 20s pay 61% lower rates for insurance than a 16-year-old in Colorado.
- Adding a teen to your policy will cost you 46% less than having the teen purchase their own auto insurance policy.
- Drivers who are licensed for three or more years pay 28% less on their insurance premium.
- Drivers insured for three or more years can save up to 10% on their insurance cost.
If you no longer drive regularly or work these days remotely, you may want to re-evaluate your insurance policy. Drivers with a daily commute of less than 15 miles can save up to 11% more on their premiums.
Recommended Reading: Harry E. Reed Insurance Agency.
Cheapest Car Insurance For Military Families
If you’re an active member of the military or a veteran or have an immediate family member who is chances are you’ll get a relatively cheap rate with USAA, a company that isn’t available to the general public.
Because of that restriction, USAA isn’t ranked with the others, but it was among the cheapest five auto insurance options for 36 of the 48 driver profiles we examined.
Colorado Auto Insurance Premiums
Colorado Market Outlook
2007 represents the best Colorado auto insurance market for consumers in more than a decade:
Premiums have plummeted more than 32% from May 2003 to May 2007 for the majority of drivers with full policy coverage, which includes both mandatory and optional benefits: liability, personal injury protection , medical payments coverage, collision and comprehensive. That adds up to an average annual premium drop from $1,289 in 2003 compared to $872 in 2007 or an average savings of $417 per car.
For consumers who purchased mandatory liability, plus optional uninsured motorists and medical payments coverage the average annual premium decreased by 40.7% or an average annual premium of $899 in 2003 compared to $533 in 2007 .
Colorado Auto Premiums Continue to Drop Since No-Fault Sunset
Colorado Premium Examples
To provide a snapshot of Colorado auto premium trends as the state moved from a no-fault to a tort auto insurance system on July 1, 2003, the Property Casualty Insurers of America and RMIIA surveyed company premiums before and after the change, using two specific consumer examples for six geographical areas: Denver, Pueblo, Sterling, Fort Collins, Grand Junction and Colorado Springs.
Below are six-month auto insurance policy rates for the following risk:
6-month policy in Denver ZIP 80203
Policy BI, PD, UM/UIM, and PIP or $5,000 MP $ 425 BI, PD, UM/UIM, PIP or $5,000 MP, comp. & collision $ 723 BI, PD, UM/UIM, and PIP, no MP $ 425
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Penalties For Driving Without Insurance In Colorado
In Colorado, driving without car insurance is illegal, but data shows that are uninsured. If you get caught driving without insurance, or without the required level of coverage, be prepared to face.
Drivers caught without insurance could face a $500 fine for the first offense, and their license may be suspended until they can provide proof of insurance. For a second offense, the fine increases to a minimum of $1,000 and a four-month license suspension.
After three or more offenses, drivers will pay a minimum fine of $1,000 and their license can be suspended for eight months. Depending on the circumstances, some drivers must also perform up to 40 hours of community service, in addition to the fine and license suspension.
Colorado drivers who get their license suspended may be required to obtain an SR-22 form to get their license reinstated. Insurance companies that specialize in high-risk auto insurance typically offer SR-22 certificates.
Progressive: Low Rates For High
J.D. Power regional rating: 835/1,000
AM Best financial strength score: A+
BBB rating: F
Progressive is a good option for drivers who are looking for usage-based insurance. The companys Snapshot® program personalizes car insurance rates based on your actual driving, meaning how much and how safely you drive will impact what you pay. Most drivers get an automatic insurance discount for participating and receive a personalized rate at renewal.
Progressive also offers some popular additional coverage options like loan/lease payoff essentially gap insurance and a deductible savings bank.
Our team reached out to Progressive for comment on its low customer service scores and did not receive a response.
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Cheapest Full Coverage Car Insurance In Colorado For 40
Drivers in Colorado with clean driving records may want to think about the following companies, which had the lowest average rates:
American National: $709 per year, or about $59 per month.
Geico: $949 per year, or about $79 per month.
Esurance: $1,071 per year, or about $89 per month.
State Farm: $1,402 per year, or about $117 per month.
Colorado Farm Bureau: $1,449 per year, or about $121 per month.
Experts Recommendation : Getting Best Cheap Car Insurance In Co
Finding cheap car insurance is relatively straight-forward you compare quotes for the same amount of coverage and pick the company with the cheapest rates. Finding the best car insurance companies for your particular needs is also fairly simple. You research companies to see how well they match up to whats most important to you. For instance, those that have excellent customer service, offer the most discounts for your driver profile and that offer services you want, which could include things like roadside assistance, mobile apps or the option of a usage-based policy. Deciding which company has the best cheap car insurance for you just involves mixing these processes together. Heres how:
- Read customer reviews to see which companies have great customer service
- Check their discount offerings to see how many you qualify for
- Review the types of services they have to be sure what you want is offered, for instance roadside assistance, or rental car reimbursement or mobile apps
- Check to see if they offer the type of coverages you want, for example, vanishing deductibles or accident forgiveness, usage-based car insurance, motorcycle or boat coverage so you can get a bundle discount
- Once you have a list of contenders, youll typically see that they vary a bit in regard to what services or discounts they offer, so make a note of that
- Then compare rates for the same amount of coverage and see which one is the most affordable
Recommended Reading: Primary And Secondary Insurance Rules
Colorado Auto Liability Coverage
Two types of liability coverage are available and required by law in the state of Colorado:
- Property damage, which safeguards your assets if you are found legally accountable for a covered accident, including property damage sustained by the other party.
- Bodily injury, which safeguards your assets if youre found legally accountable for a covered accident, including certain expenses associated with bodily harm sustained by the other party.
Liability coverage also provides for your legal defense if a lawsuit is brought against you as a result of a covered accident.
Cheapest Car Insurance For Single Drivers In Colorado
Not being married doesnt mean you have to overpay for auto insurance. Thankfully there are car insurance companies that offer affordable rates that fit your budget. Here are 10 of the cheapest car insurance companies for single drivers in Colorado.
Sun Coast kicks off the list with the most affordable rate at $76/mo, followed by Safeco at $79/mo. Insurance premiums stay under $100/mo with Dairyland , Foremost and Shelter Mutual .
Safe Auto offers rates slightly over $100/mo averaging $117/mo. Rates increase more with Travelers at $131/mo and Liberty Mutual at $134/mo before hitting $140/mo with Nationwide and finally Esurance at $152/mo.
Car Insurance Laws In Colorado
CWhether you are a current Colorado driver or are planning a move to the state, knowing the regulations around car insurance is helpful. Here are the Colorado :
- Minimum coverage: State law requires all Colorado drivers to carry a minimum of $25,000 in bodily injury liability coverage per person and $50,000 per accident. Motorists must also carry $15,000 in property damage liability coverage per accident. You may see these coverage levels expressed as 25/50/15.
- : Drivers in Colorado must also carry proof of insurance in their vehicles and present it when requested by law enforcement.
- Vehicle registration: To register a car with the Colorado Department of Motor Vehicles, the vehicle owner .
- : Colorado residents who own more than 25 cars registered in their names can qualify for self-insurance. Candidates can apply for a certificate of selfinsurance from the Colorado State Insurance Commissioner.
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Colorado Car Insurance State Minimums
Helps cover expenses related to the injury or death of another driver or a pedestrian when an accident is your fault.
$25,000 limit per person/$50,000 limit per accident
Helps cover expenses related to the damage of another person’s property like vehicles, homes, buildings and other structures when an accident is your fault.
Helps cover your medical expenses if you’re in an accident, the other driver is at fault and doesn’t have any insurance.
Helps cover your medical expenses if you’re in an accident, the other driver is at fault and doesn’t have enough liability insurance.
If you and/or your passengers are hurt in an accident, this helps cover medical or funeral expenses.
Helps cover expenses to repair or replace your vehicle that’s been damaged in an accident.
Helps cover expenses to repair or replace your vehicle that’s been stolen or damaged by things like storms or vandalism.
All coverages are subject to the coverage limits stated in your policy.
¹Although Colorado law does not require drivers to carry this coverage, it may be required by your lender if you are leasing or financing your vehicle.
Cost Of Living In Colorado And Car Insurance
When shopping for the best car insurance rates in Colorado, its important to factor in your other expenses so that youre looking at your total living costs. The graph below shows the average annual cost of living in Colorado, including the average cost of car insurance. Use this graph as a guide to help determine your overall expenses so that you can decide what insurance rates fit in your budget.
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Cheapest Auto Insurance In Colorado For 60
Drivers with poor credit in Colorado can look at the following companies with the lowest average rates for full coverage:
Geico: $1,490 per year, or about $124 per month.
Esurance: $1,762 per year, or about $147 per month.
American National: $2,103 per year, or about $175 per month.
Grange Insurance Association: $2,222 per year, or about $185 per month.
State Farm: $2,470 per year, or about $206 per month.
Chevy Colorado Insurance Cost For 2022
How much does Chevy Colorado insurance cost? We break down insurance rates from the base work truck models up to the Z71 trim to see how prices compared to the rest of the midsize truck segment.
Start QuoteCompare Colorado car insurance rates and save on your next policy.
- Chevrolet Colorado car insurance costs $1,256 per year on average, or around $105 per month for full coverage.
- The Colorado WT Extended Cab 4WD trim level is the cheapest to insure at around $1,154 per year. The most expensive trim is the Z71 Crew Cab 2WD at $1,368 per year.
- The Colorado ranks #1 out of 10 midsize trucks for auto insurance affordability.
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Additional Rates And Policy Information
Other important data observations about insuring a Chevrolet Colorado include:
- Gender affects car insurance rates. For a 2022 Chevrolet Colorado, a 20-year-old man pays an average rate of $2,458 per year, while a 20-year-old female will get a rate of $1,844, a difference of $614 per year. The females get the cheaper rate by far. But by age 50, the cost for male drivers is $1,142 and the cost for women is $1,120, a difference of only $22.
- The older you get, the cheaper insurance rates become. The difference in insurance rates for a 2022 Colorado between a 50-year-old driver and a 30-year-old driver is $180, or a savings of 13.6%.
- Be a careful driver and pay less. Causing too many accidents will raise rates, as much as $1,704 per year for a 20-year-old driver and as much as $498 per year for a 40-year-old driver.
- Car insurance is cheaper with higher deductibles. Raising your policy deductibles from $500 to $1,000 could save around $190 per year for a 40-year-old driver and $364 per year for a 20-year-old driver.
- Lower deductibles raise insurance cost. Cutting your deductibles from $500 to $250 could cost an additional $198 per year for a 40-year-old driver and $382 per year for a 20-year-old driver.
Is Colorado Expensive Compared To Other States
When compared to surrounding states, average Colorado car insurance quotes are 16.1% more expensive than Wyoming, 29.3% higher than Utah, 33.7% higher than New Mexico, 6% higher than Kansas, and 11.7% higher than Nebraska.
The only state that borders Colorado that has more expensive average car insurance rates is Oklahoma, which is 9.9% more expensive than Colorado.
Its not all doom and gloom, however. When compared to states in other parts of the country, the average cost of auto insurance in Colorado is 6.8% cheaper than California, 0.4% cheaper than New York, 2.8% cheaper than Nevada, 27% cheaper than Florida, and 32.9% cheaper than Michigan.
The chart below compares the cost of car insurance in Colorado to other states in the western U.S. Colorado ranks ninth out of 11 states in the West region for cheapest car insurance rates, with only California and Nevada having more expensive average rates.
The chart above shows average car insurance rates for each segment, but the next section breaks out the individual cars, trucks, and SUVs that have the overall cheapest average car insurance rates in Colorado.
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