How Much Does Car Insurance Cost In Colorado?

Car insurance is one of the most expensive and important expenses for car owners. It is a protection against an unforeseen event that could happen to a driver, such as crashing into another vehicle or having their own car stolen.

The cost of auto insurance depends on various factors, such as the type of car, age and gender of the driver, as well as where they live. In Denver, Colorado for example, the average cost of auto insurance ranges from $1,000 to $3,000 annually. The average cost in other states ranges from $700 to $2,200 annually, so Denver is definitely on the higher end, with $248 higher per year than the rest of the country (according to Experian)

Are You Required To Have Car Insurance in Colorado?

As a Colorado resident, you are required by law to carry car insurance. The type of coverage you choose will depend on your needs and budget.

There are two main types of auto insurance: liability and collision. Liability coverage is required by law in Colorado, so it is important to choose the right amount for that coverage. Collision coverage covers the cost of repairing or replacing your vehicle if it is damaged in an accident. It also covers any other vehicle involved in the crash that you may have caused, regardless of who was at fault for the accident.

Who has the Cheapest Auto Insurance in CO?

The price of car insurance is dependent on many factors such as age, driving record, type of vehicle and more. The cheapest auto insurance in CO can depend on your driving history, where you live and what type of coverage you want. You want auto insurance that’s affordable, but even more importantly — reliable, in case you have an accident. According to Money Geek, here are the cheapest auto insurance rates in CO:

• USAA | $295 / annually
• Geico | $373 / annually
• State Farm | $558 / annually
• Nationwide | $629 / annually
• Travelers | $639 / annually

What is Considered Full Coverage Auto Insurance in Colorado?

Full coverage insurance in Colorado is an auto insurance policy that provides more than the state’s minimum liability coverage. In CO, minimum liability is $25,000 in bodily injury coverage per person, up to $50,000 per accident, and $15,000 in property damage coverage. 

Liability covers damage to other people's property, while collision covers damage to your car. Collision insurance is generally more expensive than liability because it covers more costs.

Full coverage in Colorado also includes optional collision and comprehensive insurance. As a result, full coverage insurance costs an average is around $1,704 per year in Colorado, while a state minimum policy costs $640 per year.

• Bodily injury: $25,000 per person, $50,000 per accident
• Property damage: $15,000 per accident
• Uninsured motorist: $25,000 per person, $50,000 per accident*
• Medical payments: $5,000 per accident*