Average Cost of Car Insurance in Colorado in 2022 | Bankrate
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout animation ’ s fiscal travel. Bankrate ’ s editorial team writes on behalf of YOU – the lector. Our goal is to give you the best advice to help you make bright personal finance decisions. We follow rigorous guidelines to ensure that our editorial capacity is not influenced by advertisers. Our column team receives no direct recompense from advertisers, and our content is thoroughly fact-checked to ensure accuracy. indeed, whether you ’ re reading an article or a review, you can trust that you ’ re getting credible and dependable information. We rate your trust. Our mission is to provide readers with accurate and indifferent information, and we have editorial standards in seat to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you ’ re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our column team does not receive target compensation from our advertisers. Bankrate follows a rigid editorial policy, so you can trust that we ’ rhenium putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right fiscal decisions. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we ’ rhenium putting accuracy first. Our indemnity team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer servicing, policy features and savings opportunities — so you can feel confident about which provider is proper for you. Bankrate follows a rigid editorial policy, so you can trust that we ’ ra putting your interests foremost. All of our subject is authored by highly modify professionals and reviewed by subject matter experts, who ensure everything we publish is objective, accurate and worthy of your trust. Founded in 1976, Bankrate has a long track commemorate of helping people make smart fiscal choices. We ’ ve maintained this repute for over four decades by demystifying the fiscal decision-making process and giving people assurance in which actions to take following. While we adhere to strict editorial integrity, this position may contain references to products from our partners. here ‘s an explanation for how we make money. This content is powered by HomeInsurance.com ( NPN : 8781838 ). For more information, please see our Insurance disclosure. Drivers in Colorado with normal driving records can expect to pay $ 2,016 per year for full coverage and $ 518 per year for minimum coverage. Though these amounts aren ’ t the most expensive rates in the area, it ’ s placid possible to get them down evening more. Make the right decisions and you could potentially pay even less for cable car insurance .
How much does car insurance cost in Colorado?
How a lot is car insurance in Colorado ? That depends on a kind of factors, including :
- Driving history
- Car make and model
- Coverage amount
- Marital status
- Credit score
presently, car policy rates in Colorado average $ 518 per year for minimal coverage and $ 2,016 per class for full coverage. This is slightly higher than the U.S. national average – $ 565 annually for minimal coverage and $ 1,674 annually for wide.
Read more: The Best Car Insurance Companies for 2022
Colorado car insurance rates by company
Each company charges a different measure for a variety of reasons. Below are the peak companies that Colorado drivers have to choose from. As you ’ ll see, sometimes the rates are dramatically different from one ship’s company to the following .
Colorado car insurance rates by city
average car indemnity rates in Colorado vary based on where you live in the state, as does the best car indemnity company for you. Cities with higher populations are statistically more probable to have a higher frequency of claims. Below are the top 20 cities ranked by population with their match average premium costs to the proper. The share increase is how much more ( or less ) these city averages are compared to the modal annual Colorado premium of $ 2,017 for full coverage .
|City||Average annual premium for full coverage||% increase in average annual premium|
Cost of living in Colorado and car insurance
When shopping for the best car policy rates in Colorado, it ’ south important to factor in your early expenses so that you ’ re looking at your total animation costs. The graph below shows the median annual cost of live 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 .
Colorado car insurance rates by age
Younger drivers are more likely to get into an accident because of their lack of experience behind the bicycle. As they mature and get more experience, the cost they pay goes down. *16-year-old and 17-year-old calculated on parent ’ randomness policy disclosure
Colorado car insurance rates by driving record
Colorado car indemnity rates are greatly affected by driving history. The table below illustrates the percentage increase you can expect after a major offense :
|Driving incident||Average annual full coverage premium in Colorado||% increase in average annual premium|
How to save on car insurance in Colorado
If you utilize the below strategies, you should be able to lower your Colorado cable car insurance rates :
- Compare providers: Every provider charges a different amount because every provider has its own pricing algorithm. For example, how your credit score impacts your car insurance premium will vary from company to company. It’s because of this that it is always worth your time and effort to shop around for a cheaper provider.
- Increase your deductible: A high deductible will most likely help to lower the amount you pay each month, but it will also lower the amount you receive in the event of an accident.
- Drive an older car: An older car costs less to insure because it costs less to replace. To keep you and your family safe, just make sure it has a high safety rating (note: this will also help your insurance costs).
- Discounts: Most major providers offer a variety of discounts to help lower your premium. The trick is to compare providers and the amount of savings you’ll receive with each.
- Increase your credit score: Lower credit scores have been linked with a higher frequency of claims. Increase your credit score and your insurance provider should lower your premium.
Colorado insurance requirements
Colorado is a 25/50/15 state of matter. This means that you must be carrying enough indemnity to cover up to :
- $25,000 per person for bodily injury
- $50,000 per accident for bodily injury
- $15,000 per accident for property damage
Though this is a set of money, Colorado drivers may want to consider purchasing more coverage if they can. There are many valid reasons to do this. For starters, should any natural weather event damage your car, you ’ ll be forced to pay for the repairs out of pocket. If you had comprehensive, it would probably not be necessity. Another cause is if you are hit by an uninsured motorist who has zero assets, taking that person to court won ’ thyroxine perplex you anywhere. All of your medical bills and property damage would be left to you to take caution of .
Frequently asked questions
Is Colorado a no-fault state?
No, Colorado is not a no-fault country. It is a tort submit, which means the at-fault driver must pay for any damages caused by his or her tug .
Is uninsured motorist coverage required in Colorado?
No, but each policy provider must at least crack it.
Required or not, Colorado drivers should powerfully consider it because the express has a 13.3 % uninsured motorist pace ( according to the latest sketch by Insurance Information Institute ) .
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean drive record, dependable credit and the stick to full coverage limits :
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimal coverage limits, Bankrate used minimal coverages that meet each country ’ mho requirements. Our base profile drivers own a 2019 Toyota Camry, permute five days a week and drive 12,000 miles annually .
Category : car insurance questions