Given the costs of stopping without proof of auto insurance – including penalties and fees – it makes sense that the Coloradans will do everything in their power to stay insured. Fortunately, low-cost auto insurance is available. We’ve scoured the available insurance providers to find the cheapest auto insurance in Colorado. Here, we’ve broken them down by type of insurance that drivers are likely to seek.
- The cheapest for typical drivers: Geico
- The cheapest for the military: Geico
- The cheapest for teenage drivers: Colorado Agricultural Bureau
- The cheapest for drivers with a speeding ticket: Geico
- The cheapest for drivers looking for minimum coverage: Geico
The cheapest for typical drivers
When it comes to cheap auto insurance in Colorado, Geico blows the competition out of the water. In fact, Geico offers Colorado’s most affordable auto insurance in four of our five categories. When it comes to a typical driver with a clean driving record, Geico quotes an average annual rate of $ 1,180 (or just over $ 98 per month).
Geico isn’t the only player in town, however. These three companies also offer relatively cheap auto insurance quotes in Colorado:
- Progressive, with an average rate of $ 1,614
- Nationwide continues to compete with an average annual rate of $ 1,625
- USAA is also competitive with its average rate of $ 1,666
The cheapest for the military
One of the small perks of being a member of the United States Army (active or veteran) is the ability to purchase auto insurance in Colorado at a relatively low price. Our research found that Colorado’s most affordable auto insurance for the military is Geico, offering an average annual rate of $ 1,178.
Some of the best Colorado auto insurance policies for the military include:
- Progressive, offering military members an average annual rate of $ 1,535
- Nationally, coming close behind with an average rate of $ 1,643
- USAA, catering to members of the military with an average rate of $ 1,703
The cheapest for teenage drivers
There are few things more nerve-racking for a parent than watching their teenager come out of the aisle. While it is the responsibility of parents to protect their children throughout their childhood, once they are old enough to drive, parents also take responsibility for helping their child find the best auto insurance in Colorado. However, due to a teenager’s inexperience behind the wheel, this is a category of driver that makes insurers nervous. So nervous that they charge much higher fares for teens and young drivers than for older, more experienced drivers. For Colorado teens, the Colorado Farm Bureau seems to be the most confident, with an average annual rate of $ 2,876.
The best Colorado auto insurance companies for teens include:
- American National, offering a relatively reasonable rate of $ 3,214
- USAA, with an annual rate of $ 3,749 for qualifying drivers
- State Farm, a former name of insurers, offering an average annual rate of $ 3,903
The cheapest for drivers with a speeding ticket
A single speeding ticket might not be a big deal in one’s life, but it can increase insurance rates until that ticket is no longer recorded. Again, Colorado’s most forgiving auto insurance company appears to be Geico, offering speeding drivers an average annual rate of $ 1,671.
It’s hard to beat Geico when it comes to buying Colorado’s cheapest traffic ticket auto insurance, but these three companies also offer competitive rates:
- American National offers an average annual rate of $ 1,955
- Nationwide stays in the game with an average annual rate of $ 2,015
- Colorado Farm Bureau ranks top four again with rate of $ 2,095
Cheaper for drivers looking for minimal coverage
When times are tough and finances are tight, drivers should purchase at least Colorado minimum auto insurance. These rates are considerably cheaper than the rates associated with full coverage, but do not provide as much coverage. The company offering the cheapest minimum coverage policy is Geico, with an average annual rate of $ 314.
Other Colorado auto insurance companies with affordable rates include:
- USAA, offering eligible drivers an average annual rate of $ 371
- Progressive, remaining competitive with an average rate of $ 446
- Colorado Farm Bureau, offering minimum coverage with an average premium of $ 448
Average Cost of Auto Insurance in Colorado Compared to National Average
Colorado’s average auto insurance rate is $ 2,602, slightly lower than the national average of $ 2,646.
Colorado Auto Insurance Laws
Driving without Colorado auto insurance can be costly, both in terms of money and time. Anyone caught driving without insurance in the state may face:
- Fines of $ 500 to $ 1,000
- Up to 40 hours of community service
- Up to eight months driver’s license suspension
- 4 points to his driver’s record
- 40 $ fee
- The obligation to file an SR-22 certificate for three years
In addition, anyone arrested for the second time faces 10 days to one year in prison.
Colorado Minimum Coverage Requirements
Colorado’s auto insurance laws are clear. At the very least, drivers must have minimum state coverage. This coverage includes:
- $ 25,000 in bodily injury or death of a person
- $ 50,000 in bodily injury or death for everyone involved in an accident
- $ 15,000 in property damage
How To Get Cheap Auto Insurance In Colorado
Once a driver learns, “How much does auto insurance cost in Colorado?” It is natural to wonder if there are ways to reduce the premium. Fortunately, it is possible. Part is related to driving and credit standing, and the rest is taking advantage of discounts offered by their insurer.
Insurance companies view the past as a possible predictor of future behavior. Before providing a quote, insurers check an applicant’s driving record, looking for a history of tickets or accidents. One of the easiest ways for a driver to keep insurance premiums low is to make sure you are a safe driver. Avoiding tickets and skirmishes lets insurance companies know they are safe drivers and helps reduce the cost of auto insurance.
Drivers are sometimes surprised to learn that Colorado auto insurance companies perform a credit check before offering a quote. But studies have shown that drivers with high credit scores tend to make fewer insurance claims. A driver with a high credit score will almost always be offered a cheaper insurance rate than a driver with a bad credit score. For the driver with a low credit score, working to raise that score can save money on insurance and consumer loans.
When a driver is looking for the lowest insurance rate, it is worth checking out the discounts offered by different insurers. While these discounts vary by carrier, there is usually something for everyone. Here are some of the most popular discounts offered by the companies we reviewed:
- Good student discount
- Defensive driver discount
- Full payment remittance
- Discounts outside of school
- Professional discount
- Alumni discount
- Professional organization discount
- Discount on safety function
- Discount based on usage
- Multi-car discount
- Multi-policy discount
- New car discount
Other things to consider when looking for auto insurance in Colorado
Colorado offers the option to self-insure against accidents and property damage, but only to those who have more than 25 vehicles registered in their name. These drivers can apply for a self-insurance certificate from the state insurance commissioner. The police station then verifies that the applicant can pay for the minimum required coverage.
Whether a driver is looking for comprehensive coverage or inexpensive liability insurance in Colorado, it’s always worth the effort to shop around. Sometimes the lowest stand-alone rate can be beaten by bundling insurance products with another insurance company.