Nearly 3 million licensed drivers can get affordable car insurance rates in Colorado for state required minimum liability coverage. However, full coverage policies cost slightly more than the country average. Ratio of uninsured drivers is at 16.3%, which is 23% higher than the US average. Coloradan motorists drive less miles annually than the country average and this may be taken into account when companies determine auto insurance rates. This may not be surprising considering a large portion of the population live in the large metropolitan areas around Denver where public transport is said to be easy, inexpensive and convenient.
Colorado Auto Insurance Laws
Here are the minimum required liability limits;
- $25,000 for bodily injury or death per person.
- $50,000 total for bodily injury or death per accident.
- $15,000 for property damage.
- Uninsured Motorist: $25,000 per person, $50,000 per accident*
- Medical Payments: $5,000 per accident*
*Uninsured Motorist and Medical Payments can be rejected in writing.
For further details you can check state website. Red light cameras are common in this state so you need to be extra careful. The maximum penalty for a violation is $75.
The Centennial State has one of the highest auto theft numbers in the country and Denver is one of the cities with the highest auto theft figures. So, you may want to arrange a full coverage policy that includes Comprehensive, Collision and decent level of Liability coverage, if you can afford it. Comprehensive coverage pays for stolen automobiles, fire, vandalism and acts of nature as well as collision with wildlife. If you have the right auto insurance coverage, you can enjoy driving through breathtaking scenery, mountain roads and long scenic routes in peace.
Vehicle Insurance Prices in Colorado
The average premium for state required minimum liability only coverage is $500 in the Centennial State and it is $122 lower than the US average. On the other hand, the average full coverage auto insurance premium is $2,121, which is $107 higher than the country average.
Motorists may have to pay over 4 times more to get full coverage but they clearly get a lot more for their money and therefore may be worth paying the premium, especially when the vehicle is fairly new.
Cheapest Car Insurers in Colorado
It has a very competitive market that consists of nationally-known and local carriers. Generally, good competition keeps prices low for everyone. However, policyholders who shop around save a lot more than the ones who haven’t gotten alternative quotes for years. You should regularly check for the lowest rates by getting multiple vehicle insurance quotes and start with below companies, which are the most competitive in CO.
- Colorado Farm Bureau
- GEICO
- State Farm
- Auto-Owners
Automobile Insurance Denver CO
The Mile High City rates are about 30% higher than average. This should encourage you to search for cheap prices in the capital because you can save a few bucks. For example, one of the above 3 companies can reduce premiums 30% on average in most cities including Denver Metro, Colorado Springs, Aurora and Lakewood. That is why motorists are advised not to buy a policy without checking their alternatives to make sure they don’t miss out on saving opportunities.
Interesting Colorado Car Insurance and Driving Facts
- Colorado cross-references registered vehicles with an inventory of insured vehicles supplied by all insurance companies operating within the state. In cases where the state identifies a vehicle that is officially registered but lacks insurance coverage, it issues a notification to the policyholder.
- Getting caught driving without insurance carries substantial penalties in Colorado. A deduction of four points from your driver’s license. For a first offense: a minimum fine of $500, along with a license suspension until you can show proof of insurance to the Division of Motor Vehicles. For a second offense: a minimum fine of $1,000 and a license suspension lasting four months. For third and subsequent offenses: a minimum fine of $1,000 and a license suspension for a duration of eight months. Additionally, courts may impose a maximum of 40 hours of community service on top of the above penalties. And these penalties are likely to increase your car insurance rates.
- Colorado enforces a tough law against insurance fraud, which encompasses the intentional act of making fraudulent claims or providing deceitful information. Such criminal activity can be subject to prosecution as either a misdemeanor or a felony, resulting in potential consequences that include imprisonment for a period of up to 3 years and monetary fines reaching a maximum of $100,000.00.
- Ford F-150, Chevrolet Silverado, Subaru Outback, Toyota Tacoma and Jeep Grand Cherokee are the most popular cars in Colorado.
- You may be able to register a vehicle in Colorado with out-of-state car insurance.
- The costliest natural disaster peril in Colorado is hail, which is included in Comprehensive coverage automobile insurance.
- Colorado’s seat belt utilization rate stands at 86.3 percent, which is notably lower than the national average seat belt usage of 90 percent. In the year 2021, there were 232 fatalities among vehicle occupants who were not wearing seat belts on Colorado roads, marking a 12% rise from the figures recorded in 2020, according to Colorado Department of Transportation.
Comparing auto insurance quotes can be extra valuable when the rates are high in your state. Additionally, contemplating the option of raising deductibles can serve as a strategic approach to mitigate the relatively high cost of a full coverage policy, as is the case in the Centennial State.