Cheap Car Insurance in Colorado for 2024 (Check Out the Top 10 Companies)
Discover the top three cheap car insurance in Colorado with rates starts at $23 monthly from USAA, Geico, and Sate Farm. These companies are known for their outstanding value, customer satisfaction, and comprehensive coverage. This guide explains why these insurers are top choices for affordable auto insurance.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
UPDATED: Nov 4, 2024
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Full Coverage in Colorado
A.M. Best
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Full Coverage in Colorado
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17,760 reviewsDiscover more about our top providers for cheap car insurance in California, with rates beginning as low as $23 per month. USAA, Geico, and State Farm are the leading providers, offering budget-friendly rates, comprehensive auto coverage, and an exceptional customer experience.
This guide will help you navigate the best providers for cheap car insurance in Colorado, highlighting the top companies for both rates and overall value, while also offering essential driving tips for road safety.
Our Top 10 Company Picks: Cheap Auto Insurance in Colorado
| Company | Rank | Monthly Rates | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | $23 | A++ | Military Members | USAA |
 | #2 | $28 | A++ | Cheap Rates | Geico |
 | #3 | $29 | B | Customer Service | State Farm |
 | #4 | $30 | A | Add-on Coverages | Liberty Mutual |
 | #5 | $32 | A+ | Usage-Based Coverage | Nationwide |
 | #6 | $34 | A++ | Bundling Policies | Travelers |
 | #7 | $35 | A | Costco Members | American Family |
 | #8 | $36 | A+ | Qualifying Coverage | Progressive |
 | #9 | $49 | A | Safe-Driving Discounts | Farmers |
 | #10 | $50 | A+ | Infrequent Drivers | Allstate |
Driving Colorado’s mountain roads, especially in the winter when blizzards are frequent and dangerous – can be a little nerve-wracking even for seasoned pros. That’s why you’ll want to have good Colorado auto insurance on your side. Get your quote today by entering your ZIP code.
- Full coverage averages $82/month; liability is $43/month
- Colorado law requires a minimum liability coverage of 25/50/15
- Shop around to find the cheapest auto insurance rates in Colorado
#1 – USAA: Top Overall Pick
Pros
- Exceptional Military Discounts: USAA offers specialized discounts and benefits for military members, veterans, and their families. Explore our USAA auto insurance review to discover more.
- High Customer Satisfaction: USAA consistently receives high marks for customer satisfaction, reflecting its commitment to excellent service.
- Strong Financial Stability: With top A.M. Best ratings, USAA provides reliable financial backing, ensuring claims are handled efficiently even during significant events.
Cons
- Eligibility Restrictions: USAA is only available to military members, veterans, and their families, limiting its accessibility for the general public.
- Limited Physical Locations: The insurer has fewer physical branches, which might be inconvenient for those preferring in-person service.
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#2 – Geico: Best for Cheap Rates
Pros
- Competitive Pricing: Known for some of the lowest rates in the industry, making it an excellent choice for budget-conscious drivers.
- Extensive Discount Programs: Geico offers a variety of discounts, including those for safe driving, bundling policies, and federal employees.
- High A.M. Best Rating: Geico’s strong financial rating ensures stability and reliability in paying out claims. Find more by delving into our comprehensive Geico auto insurance review.
Cons
- Mixed Customer Service Reviews: Some customers report less-than-satisfactory experiences with customer service, which can affect overall satisfaction.
- Limited Coverage Options: While Geico offers basic coverage options, it may lack some of the more specialized coverages provided by other insurers.
#3 – State Farm: Best for Customer Service
Pros
- Personalized Agent Service: State Farm’s extensive network of local agents provides personalized service and tailored insurance solutions.
- Comprehensive Discounts: Offers numerous discounts, including those for safe driving, good students, and multi-policy holders.
- High Customer Satisfaction: Frequently recognized for high levels of customer service and satisfaction. Learn more by reading our detailed review of State Farm auto insurance.
Cons
- Higher Premiums for Some Drivers: While generally competitive, some drivers may find State Farm’s rates higher compared to other low-cost providers.
- Complex Policy Details: The variety of coverage options and discounts can sometimes be overwhelming, requiring careful review.
#4 – Liberty Mutual: Best for Add-on Coverages
Pros
- Flexible Add-On Coverages: Liberty Mutual offers a range of optional coverages such as new car replacement and accident forgiveness.
- Unique Discounts: Provides unique discounts like those for hybrid or electric vehicles and for installing anti-theft devices. The focus on eco-friendly and safety features adds extra value.
- Strong Claims Handling: Known for effective claims handling and responsive customer support. Get insights into more favorable offers by exploring our Liberty Mutual auto insurance review.
Cons
- Potentially Higher Rates: Some drivers may find Liberty Mutual’s rates to be on the higher side, especially for basic coverage. Higher rates may impact overall affordability.
- Complex Pricing Structure: The pricing structure can be complex, which might make it challenging to understand how discounts and premiums are applied.
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#5 – Nationwide: Best for Usage-Based Coverage
Pros
- Usage-Based Insurance Options: Offers usage-based coverage with its SmartRide program, which can provide savings based on driving behavior.
- Wide Range of Discounts: Includes discounts for safe driving, multi-vehicle policies, and home ownership. Find more excellent offers by reviewing our in-depth Nationwide auto insurance analysis.
- Strong Financial Ratings: High A.M. Best ratings ensure financial stability and reliable claims processing. This is crucial for those looking for cheap car insurance in Colorado.
Cons
- Limited Physical Locations: Fewer physical branches may be a drawback for those who prefer face-to-face interactions.
- Mixed Customer Service Reviews: Some customers have reported inconsistencies in customer service quality. Reliable customer service is important for handling policy issues and claims.
#6 – Travelers: Best for Bundling Policy
Pros
- Bundling Discounts: Offers significant savings for bundling auto insurance with home or other policies. Bundling can lead to substantial overall discounts.
- Wide Range of Coverage Options: Includes various coverage options such as accident forgiveness and new car replacement. The extensive options cater to diverse insurance needs.
- High A.M. Best Rating: Strong financial ratings from A.M. Best ensure stability and reliability. Get the full picture of great offers by exploring our comprehensive Travelers auto insurance review.
Cons
- Higher Rates for Some Drivers: Premiums may be higher for certain drivers, such as those with a history of accidents. Higher rates may be a drawback for those with higher risk profiles.
- Limited Physical Presence: Fewer local offices may be inconvenient for those who prefer in-person service. In-person interactions can be important for some customers.
#7 – American Family: Best for Costco Members
Pros
- Discounts for Costco Members: Offers special discounts for Costco members. Uncover better deals by reading our detailed American Family auto insurance review.
- Comprehensive Coverage Options: Includes a wide range of coverage options such as accident forgiveness and rental car coverage. The flexibility ensures various needs are met.
- Strong Financial Stability: High ratings from A.M. Best ensure the insurer’s financial reliability. Financial strength is a key factor in long-term reliability.
Cons
- Higher Rates for Certain Profiles: Some drivers may experience higher premiums due to their risk profiles. Higher rates might impact overall cost savings.
- Limited National Reach: Availability and coverage options might vary by region.It’s important to verify that American Family’s offerings meet specific local needs.
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#8 – Progressive: Best for Qualifying Coverage
Pros
- Snapshot Program for Discounts: Offers a usage-based program that rewards safe driving with potential discounts. Learn more offers by diving into our Progressive auto insurance review.
- Wide Range of Coverage Options: Provides a variety of coverage options, including those for rideshare drivers and custom parts.
- Competitive Pricing: Frequently offers some of the lowest rates in the industry, making it a good option for budget-conscious drivers. Their affordability is a key selling point.
Cons
- Mixed Reviews on Customer Service: Some customers report less satisfactory experiences with customer service.
- Potential for Higher Rates in Certain Situations: Rates might increase for drivers with less favorable risk profiles. Higher rates for high-risk drivers may be a consideration.
#9 – Farmers: Best for Safe-Driving Discounts
Pros
- Safe-Driving Discounts: Offers discounts for maintaining a clean driving record, which can lead to significant savings. Maintaining a good driving record can enhance overall affordability.
- Comprehensive Coverage Options: Includes a wide range of coverage options, such as coverage for custom vehicles and rental reimbursement.
- Excellent Customer Support: Known for strong customer service and support.Discover more ideal offers by checking out our Farmers auto insurance review.
Cons
- Potentially Higher Premiums for Some Drivers: Certain drivers may find premiums to be higher compared to other insurers.
- Complex Policy Details: The variety of coverage options and discounts can sometimes be overwhelming to navigate.
#10 – Allstate: Best for Infrequent Drivers
Pros
- Infrequent Driver Discounts: Offers discounts for drivers who use their vehicle infrequently, which can be a cost-saving option. The reduced usage can lead to lower premiums.
- Wide Range of Coverage Options: Provides extensive coverage options including accident forgiveness and new car replacement.
- Strong Financial Ratings: High ratings from A.M. Best ensure reliable claims handling and financial stability.
Cons
- Mixed Customer Service Reviews: Some customers report varied experiences with customer service. Find out more by reading our Allstate auto insurance review to find more ideal offers.
- Potentially Higher Premiums for Some Drivers: Certain drivers might find premiums to be higher compared to other insurers. Higher premiums may affect overall affordability.
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Exploring Colorado: Finding the Best Auto Insurance
The very name of Colorado conjures up images of snow-covered peaks, perfect powder on the slopes, and apres-ski nightlife. If you’re one of the state’s more than 5 million residents, though, you know there’s a whole lot more to the Centennial State than the skiing.
Colorado Auto Insurance Monthly Rates by Coverage Level & Provider
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
 | $50 | $166 |
 | $35 | $118 |
 | $49 | $163 |
 | $28 | $94 |
 | $30 | $96 |
 | $32 | $107 |
 | $36 | $120 |
 | $29 | $95 |
 | $34 | $114 |
 | $23 | $78 |
When you’re off the slopes and on four wheels in Colorado, high-risk drivers need to be particularly diligent about their auto insurance. Colorado is a haven for outdoor enthusiasts year-round, with majestic state parks and trails inviting exploration.
For those with high-risk driving profiles, it’s essential to secure reliable auto insurance that covers all aspects of driving in this adventurous state.
It’s also a great place to enjoy craft beers, great food, and live music in one of the nation’s most astonishingly beautiful amphitheaters, Red Rocks.
Colorado Accidents & Claims per Year by City
| City | Accidents per Year | Claims per Year |
|---|---|---|
| Aurora | 4,800 | 4,300 |
| Boulder | 1,700 | 1,500 |
| Colorado Springs | 6,200 | 5,900 |
| Denver | 9,500 | 8,700 |
| Fort Collins | 2,500 | 2,200 |
Most of the state’s population lives to the east of the Rockies, but life is still often lived at high elevations; Denver’s “Mile High City” moniker is entirely truthful.
With so much to do outdoors in Colorado, no one wants to spend time inside looking for low cost auto insurance in Colorado. It can take time to compare auto insurance rates, but with rates on the rise, comparison shopping is a necessity. Wouldn’t it be great to have the legwork done for you?
Colorado Report Card: Car Insurance Premiums
| Category | Grade | Explanation |
|---|---|---|
| Discounts | A | Wide range of discounts available for various drivers |
| Comprehensive | B+ | Competitive rates for full coverage in rural areas |
| Collision Coverage | B | Higher costs due to increased accident rates |
| Liability Coverage | B | Rates are reasonable but vary by driver profile |
| Overall Premiums | B- | Premiums are higher than the national average |
We’ve made it easy to handle your car insurance needs stress-free. You’ll find everything you need to know right here, including insurance company ratings and average premiums, car insurance laws, and how to get low income car insurance in Colorado.
The Minimum Coverage Required for Auto Insurance in Colorado
Colorado requires every driver to carry a minimum amount of liability auto insurance, which provides financial responsibility in the event of an at-fault accident.
5 Common Car Insurance Claims in Colorado
| Claim Type | Portion of Claims | Cost per Claim |
|---|---|---|
| Collision | 34% | $4,500 |
| Liability | 30% | $12,000 |
| Comprehensive | 18% | $2,800 |
| Personal Injury | 12% | $9,500 |
| Uninsured Motorist | 6% | $7,000 |
Because Colorado is a fault state, your liability will pay for damages if you’re found to be responsible. That makes this coverage vitally important. Both uninsured/underinsured motorist auto insurance coverage and medical payments coverage are required unless you choose to waive them in writing.
25-plus cars, in which case you can be self-insured, you must carry a policy that meets the state’s minimum coverage requirements. You’re also required to present proof of financial responsibility upon request from a police officer during a traffic stop or at the scene of an accident.
Auto Insurance Discounts From the Top Provider in Colorado
| Insurance Company | Available Discounts |
|---|---|
| Anti-Lock Brakes, New Car, Good Payer |
| Early Bird, Generational, Away at School |
| Signal, Multi-Car, Alternative Fuel |
| Multi-Policy, Anti-Theft, Defensive Driving |
| New Graduate, Military, Bundling |
| Paperless, SmartRide, Affinity Group |
| Multi-Car, Homeowner, Continuous Insurance |
| Good Student, Multiple Policy, Safe Vehicle |
| Homeownership, Hybrid/Electric Vehicle, Continuous Insurance |
| Loyalty, Stored Vehicle, Defensive Driving |
If you cannot provide evidence of insurance, you may be ticketed. Additionally, understanding how quickly changes you make to your policy go into effect is crucial to ensure that your coverage remains compliant and effective at all times.
Colorado Report Card: Car Insurance Discounts
| Discount Name | Grade | Savings | Participating Providers |
|---|---|---|---|
| Anti-Theft Discount | A | 25% | Geico, State Farm, Travelers |
| Safe Driver Discount | A | 25% | Geico, State Farm, Progressive |
| Low Mileage Discount | A | 10% | Nationwide, Allstate, Progressive |
| Multi-Policy Discount | A- | 20% | Allstate, Nationwide, Farmers |
| Good Student Discount | B+ | 15% | Liberty Mutual, American Family |
You can show this proof of insurance either on paper or electronically on your phone or tablet. Colorado also keeps an insurance database. Insurance companies report coverage information – including cancellations – on a regular basis, and the system matches the policy with the registered vehicle it covers.
Compare Colorado auto insurance quotes right away by entering your ZIP code below.
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Premiums as a Percentage of Income
On average, Americans spend 2.35 percent of their per capita disposable income – that’s how much money you have to spend after paying taxes – on their car insurance
How does Colorado compare?
On average, Coloradans spend 2.15 percent of their disposable income on car insurance.
That brings the state in under the national average.
The average per capita income in Colorado is $43,609.00, or $3,634.08 a month.
The average annual car insurance premium is $939.52, with a monthly premium of $78.29.
Core Coverage for Auto Insurance in Colorado
Core coverage includes the three main parts of a full coverage policy: liability, collision, and comprehensive. Take a look at the average rates for each in Colorado.
In Colorado, comprehensive coverage is the only type where residents pay more than the national average, but overall full coverage remains below the national average. Even with a cheap bad driving record auto insurance plan, Coloradans benefit from these lower rates.
Unfortunately, while still under the national average, Colorado has seen rates jump over the past several years.
The Insurance Rates by Age and Gender in Colorado
Your age and gender can significantly impact your car insurance premiums, and understanding how old you have to be to drive is crucial in evaluating these costs.
In Colorado, while young drivers generally face the highest rates, there is surprisingly little difference in premiums between male and female drivers at age 17. Typically, young male drivers pay more than young female drivers, but this trend is less pronounced in Colorado compared to other regions.
By the time drivers reach their mid-thirties, the gap has closed quite a bit, and in some cases, male drivers see lower rates than female. As a general rule, married people also pay lower rates than single people, but that’s not always true.
Choosing the right auto insurance company in Colorado can be daunting, especially with so many providers claiming to offer the best rates and service.
This guide evaluates the leading car insurance companies in Colorado by examining key factors such as financial strength, customer satisfaction, complaint ratios, and pricing, including how car insurance discounts impact premiums as a percentage of income, to help you make an informed decision.
Top companies like Geico, State Farm, and USAA stand out with strong financial ratings from AM Best, indicating their reliability in paying claims even during significant events.
In Colorado, ensure you carry the minimum required liability insurance to cover financial responsibility in case of an at-fault accident.
Eric Stauffer Licensed Insurance Agent
Additionally, customer satisfaction data from JD Power and complaint ratios provide insight into which companies truly prioritize their customers and offer the best value for money. Get your Colorado auto insurance quotes now by entering your ZIP code below.
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Frequently Asked Questions
What are the minimum auto insurance requirements in Colorado?
Colorado requires drivers to carry at least $25,000 per person and $50,000 per accident in bodily injury liability, plus $15,000 in property damage liability. Uninsured/underinsured motorist coverage and medical payments coverage are also required unless you waive them in writing.
How does being a high-risk driver in Colorado affect your insurance rates?
High-risk drivers in Colorado typically face significantly higher premiums due to their increased likelihood of filing claims. Factors like past accidents, DUI convictions, and traffic violations can raise these rates substantially. Start getting your free quotes by entering your ZIP code below.
What factors influence car insurance premiums the most in Colorado?
Major factors include your driving record, age, location, vehicle type, and credit score. Colorado’s varied weather and mountainous terrain can also impact rates due to increased accident risks.
How does Colorado’s status as a “fault” state impact auto insurance claims?
As a fault state, Colorado holds the at-fault driver financially responsible for the damages they cause in an accident. This makes liability coverage crucial to protect yourself from significant financial losses.
What discounts are commonly available for Colorado drivers to lower their car insurance costs?
Common discounts in Colorado include multi-policy discounts, good driver discounts, and savings for bundling auto and home insurance. Many insurers also offer discounts for safety features and low annual mileage. Get the best quotes by entering your ZIP code below.
How do age and gender affect car insurance rates for drivers in Colorado?
Younger drivers, especially teenagers, tend to pay the highest rates due to their lack of experience and higher risk of accidents. In Colorado, the gap between male and female rates narrows by the mid-thirties, with rates becoming more stable.
What types of coverage are recommended for drivers living in Colorado’s mountain regions?
Comprehensive and collision coverage are highly recommended for mountain drivers to protect against weather-related damages and accidents on winding roads. Roadside assistance and uninsured motorist coverage are also beneficial due to the remote nature of these areas.
How does Colorado’s average car insurance cost compare to the national average?
On average, Coloradans pay about 2.15% of their disposable income on car insurance, which is slightly below the national average. Despite this, rates in the state have been rising in recent years. Enter your ZIP code below to get the best quotes in your area.
What should drivers know about uninsured/underinsured motorist coverage in Colorado?
Uninsured/underinsured motorist coverage is crucial in Colorado as it protects you if you’re involved in an accident with a driver who lacks sufficient insurance. It covers medical expenses and property damage if the at-fault driver can’t pay.
What are the best strategies for finding affordable car insurance in Colorado?
Comparison shopping is the most effective way to find affordable rates, as prices can vary significantly between providers. Taking advantage of discounts and maintaining a clean driving record can also help reduce costs.