Have questions about auto insurance requirements, insurance rates, or how insurance companies are calculating your insurance rates in Colorado? You have come to the right spot. We’ve done our research and created this guide just for you.
How Much Insurance is Required
The Colorado Department of Regulatory Agencies, Division of Insurance, requires all drivers in Colorado to have liability insurance with the following minimums:
- $25K Per Person
- $50K Per Accident
- $15K Property Damage
To make it cheaper for drivers, Colorado adopted a tort system in 2003. That means that the insurance company has to determine who was at fault in an accident before a claim is paid—to help keep your rates lower.
Is Your Basic Coverage Enough?
A little can go a long way—except in auto insurance. You’ll want to make sure you have enough coverage and then some to protect you from bad things that can occur behind the wheel. Below is a list of additional coverages you should consider when shopping for car insurance in Colorado.
Collision Coverage – It sounds like what it is. If you crash into someone or something, this coverage can help.
Medical and Funeral Services Coverage – If someone is hurt or killed in an accident, you’ll be under enough stress. This coverage can at least help cover expenses so you don’t have to.
Uninsured/Underinsured Motorist Coverage – A lot of people drive underinsured or without any insurance at all. Protect yourself from these people by having this coverage.
Rental Car Coverage – If you can’t drive your car after an accident, how will you get to work, the store, or a movie? Having rental car coverage can help pay for a rental car while yours is out of commission.
Towing and Labor Coverage – Towing and labor coverage can help pay for roadside assistance and/or towing fees of the vehicle covered under the policy.
Want to make sure you are properly covered to drive in Colorado? Get a free insurance quote by calling 1-888-462-2213 for answers to your car insurance questions.
Average Cost of Car Insurance in Colorado
Overpaying for car insurance is something no driver wants to experience. We’ve analyzed data from the Colorado Auto Insurance Premiums Report and found the most affordable car insurance, on average, come from the following companies in Colorado:
|Average Annual Rates|
|Auto Owners Insurance||$1,472.85|
Want more information on the most cheapest car insurance in Colorado based on driver profiles? We have you covered.
Ways You Can Save In Colorado
If you get a quote from an insurance agent that is a bit too high be sure to ask about these common discounts. It could save you a few bucks.
- Multiple cars on a policy
- Safe or fuel-efficient vehicles
- Good grades
- Claims-free history
- Homeowners discounts
- Defensive driver courses
Why Your Insurance Costs What It Does
A lot goes into determining your insurance rates. Some companies put a heavy emphasis on the age of the driver while others may focus on someone’s credit history when pricing a policy. Long story short, each insurance company has its own unique equation to price insurance policies. The more risky the company thinks you are the higher your rate will be. Here are a few of the variables many insurance companies use to price your policy in Colorado.
- Marital status
- Make and model of vehicle
- Driving record
- Credit score
- Moving violations, parking tickets, and DUI and DWI charges
- Own/Rent a Home
Like we mentioned above, a lot goes into determining your rate. Chat with an agent at 855-462-2213 to make sure you’re only paying for the policy that meets your needs.
What Proof of Insurance Actually Means
As a driver in Colorado, you must show proof of insurance if you’re pulled over or are an accident. If you can’t find your card, an officer can pull your information up in a database to check. Either way, you can still get a ticket and as you all know, tickets can make your insurance premium go up.
Auto Insurance Violations and Penalties
If you plan on driving in Colorado, be sure your policy carries enough coverage or you could face some fines or worse, including:
- Four points added to the driver’s license
- Minimum $500 fine
- 1st offense: Suspension of license until the driver can show proof of insurance
- 2nd offense: An eight-month suspension of license
- Community service
To avoid high insurance premiums, don’t let your coverage lapse and maintain at least the required insurance minimums!
Did You Know?
Tickets and irresponsible driving are ways to make your premiums go up. In some cases so is driving a commonly stolen car. Below are the most commonly stolen vehicles in Colorado:
- Honda Accord
- Honda Civic
- Ford Pickup (Full Size)
- Jeep Cherokee/Grand Cherokee
- Chevrolet Pickup (Full Size)
- Toyota Camry
- Dodge Pickup (Full Size)
- Acura Integra
- Ford Explorer
- Chevrolet Pickup (Small Size)
Still have questions about auto insurance in Colorado?
With years of experience navigating Colorado insurance policies, agents have the answers and suggestions you need to find the best policy to meet your needs. Call 855-462-2213 to get a free quote today.