Best Car Insurance Companies in Colorado

Finding the best car insurance in Colorado means considering all of your options.

While choosing the company that offers the lowest quote may seem like the wisest choice, it’s more important to find a company that offers sufficient coverage, a reliable claims process, and professional customer service.

Take the time to evaluate all of these factors to get coverage that truly gives you peace of mind.

Several elements help determine the rate you pay for insurance.

Your age, gender, driving record, and the make and model of your vehicle, the area where you live, and certain conditions within that area all influence the price you’re quoted.

Once you understand how your rate is calculated, you’ll be able to answer the question, “How much is car insurance in Colorado?” with confidence.

The information below provides you with the answers you need to find the best car insurance in Colorado at a rate that suits your budget.

Average Cost of Car Insurance in Colorado

driving in ColoradoIf you know the average cost of car insurance for drivers in Colorado, you can determine if the quotes rates are reasonable.

According to the National Association of Insurance Commissioners, insurance rates in Colorado increased by nearly $150 between 2011 and 2015.

When compared with surrounding states, the price of insurance in Colorado is slightly higher than most.

However, when compared to the national average, Colorado comes in just a bit lower.

Average Cost of Car Insurance in Colorado $981.64
Average Cost of Car Insurance in Utah $872.93
Average Cost of Car Insurance in Wyoming $874.44
Average Cost of Car Insurance in New Mexico $937.59
Countrywide Average Cost of Car Insurance $1009.38

There are several factors about where you live that influence the price you pay for your car insurance policy.

Traffic Conditions

Traffic conditions, including traffic density and accident rates, are used by most insurance providers to help calculate risk and insurance costs.

Colorado is a unique state with a lower population density than many, which helps keep insurance rates reasonable for drivers who reside there.

When considering this information, it’s important to remember that conditions are often worse in cities than in smaller towns and rural areas.

According to the 2014 data on traffic density, there were 552,007 vehicle miles driven per total highway miles throughout Colorado, which is quite a bit lower than the national average of 724,348.

Looking at vehicle miles per registered mile, which is based on the total number of miles traveled as compared to the total number of registered vehicles in the state, Colorado is again considerably below the national average.

Colorado comes in at 10,574, while the U.S. average is 12,010.

Fatal accidents are also below average, at a rate of 0.11 per 1,000 registered vehicles, which is lower than the U.S. average of 0.13 per 1,000 vehicles.

These low traffic density rates and accident rates help keep the cost of car insurance in Colorado affordable.

Vehicle Theft Rates

According to the Insurance Information Institute, Colorado ranks ninth in the country for states with the most vehicle thefts.

An estimated total of 354 auto thefts occurred per 100,000 residents in 2016 throughout Colorado, which is much higher than the country-wide average of 236 auto thefts per 100,000 residents.

The National Insurance Crime Bureau’s Hot Wheels Report shows that throughout Colorado, the Honda Accord and Honda Civic are the most stolen vehicles.

In 2016 alone, a total of 1,367 Honda Accords and 1,304 Honda Civics were stolen.

Other popular theft targets in the state are the Jeep Cherokee/Grand Cherokee, Ford pickups and Chevrolet pickups.

A good way to reduce your insurance rates in Colorado is to opt for a vehicle that has below average theft rates.

Population Density

Although the population density in your area may not directly affect what you pay for insurance, it is an important consideration for consumers to make.

Higher population densities equate to more vehicles, and therefore, higher auto theft rates and higher accident rates.

Insurance companies see these higher rates as risky, and that results in higher premiums for policyholders.

Colorado has a lower than average population density, at 52 persons per square mile.

The U.S. average is 90 persons per square mile.

Of course, it’s important to remember that population densities are higher in metropolitan areas than in rural areas and towns.

Disposable Income

Disposable income is another factor that indirectly affects your insurance price.

That’s because states with higher disposable incomes are usually home to plenty of expensive vehicles, leading to higher theft rates, as well as higher repair and replacement costs for insurance companies.

This all translates into more expensive premiums for customers.

According to the NAIC, the per capita disposable income per person in 2014 throughout Colorado was $43.609, a little higher than the national average of $40,859.

Companies with the Best Car Insurance in Colorado

When you’re buying car insurance in Colorado, it’s important to consider all of your options.

While going for the lowest rate might be tempting, it’s important to compare more than just quotes.

Researching the coverage options, reviews, and financial strength of at least three insurance providers can give you a good idea of which carrier can offer you the best coverage and rates to suit your needs.

The best way to find reliable insurance providers is to look for those with strong reputations within the industry, such as:

Progressive

Progressive is one of the best-known insurance companies in the U.S.

It is known for its quirky commercials and Name Your Price tool.

The company offers plenty of discounts and coverage options to its policyholders.

Travelers Insurance

Travelers is the oldest insurance company in the country.

It originated in 1853 in Saint Paul, Minnesota and has since expanded its operations to several countries throughout the world.

It offers various insurance options including home, auto, and life insurance.

USAA

USAA offers home and auto insurance policies at affordable rates exclusively to military members and their families.

The company has many discounts suited to policyholders that live on a military base.

Allstate

Allstate is an American insurance provider that originated in 1931.

Its insurance options include home, auto, and business-related policies.

It offers a wide range of discount options to its customers and is known for a quick and reliable claims process and high customer satisfaction ratings.

Liberty Mutual

Liberty Mutual is a giant in the insurance industry that offers both personal and commercial insurance solutions. It operates globally, and its auto insurance customers are offered perks that include a New Car Replacement policy and 24/7 roadside assistance.

MetLife Insurance

MetLife is a full-service financial company that offers insurance, employee benefits, retirement planning services, and annuities.

Its insurance offerings are broad, and the company prides itself on its exemplary customer service.

Esurance

Esurance operates under the Allstate umbrella and offers simple insurance policies without a lot of bells and whistles.

Its technology-focused solutions include a smartphone app that allows customers to manage their policy, monitor driving habits, and file claims online.

What is Mandatory for Car Insurance in Colorado?

In most states, including Colorado, there are minimum auto insurance requirements.

According to the Colorado Department of Regulatory Agencies, all drivers are required to carry liability insurance.

Certain limits are set out by the state of Colorado regarding how much coverage must be obtained by every driver.

These limits are as follows:

  • $25,000 for injuries per person
  • $50,000 for total injuries per accident
  • $15,000 for property damage

Drivers in Colorado must present proof of insurance to register their vehicle or renew their registration.

How to Reduce the Cost of Your Car Insurance in Colorado

Purchase car insurance to protect yourself, your passengers, and your financial assets.

While insurance itself seems expensive, the price is low when compared with the cost of repairs and medical bills that result from car accidents.

You can help reduce the price of your insurance by following these tips from the Insurance Information Institute:

  • Request an increase to your deductible
  • Reduce coverage on older cars
  • Reduce your mileage
  • Pay your insurance policy a year at a time or set up automatic payments

The best insurance providers also offer discounted rates to customers who have good driving habits, choose to drive a car with high safety ratings or bundle their policies.

Many times, discounted rates are also offered to teens with good grades as well.

When you’re buying insurance, keep the following information on hand to make sure you’re getting the most accurate price possible:

  • Vehicle information including make, model, year, VIN, usage habits, safety features, and anti-theft devices for all vehicles on your policy
  • Information for all drivers on your policy including the age and driving history, as well as grades for any teen drivers in your household
  • Household information such as address and parking arrangements, and an estimate of assets that require protection

What Can Increase the Cost of Your Car Insurance in Colorado?

Just as many factors can help to lower the price of your premium, some elements can contribute to a higher price as well.

While some are out of your control, you can easily minimize others.

Overall Value:

Driving a vehicle with a high overall value increases the price of your insurance.

Vehicles that cost more to repair or replace in the event of an accident increases the risk to your insurance provider.

When shopping for a new vehicle, choosing one with a lower value could help you decrease the cost of your insurance.

Traffic Infractions:

Violating traffic laws by speeding, running stop lights, or driving under the influence almost always results in higher insurance prices.

In more serious cases, violating these laws results in the loss of your driver’s license either temporarily or permanently.

Obeying the law is the best way to avoid rate increases due to traffic infractions.

However, in the event you do receive traffic tickets, contesting them in court whenever it’s justified or completing any required traffic courses can help bring your rate back down.

Using the above information, you should be able to effectively answer the question, “How much is car insurance in Colorado?” and feel confident in your ability to find the best car insurance in for your needs and budget in this state.

*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.