Automobile Insurance in Colorado

Living costs seem to be slightly over the national average but drivers, nearly 3 million licensed, can get cheap car insurance in Colorado. Numbers of Uninsured Drivers at 15% are in line with the US figures as well. It is surprising to see a state that pulls the averages in most areas relating to driving even though there are so few cars here. Overall, there aren’t overbearing external factors to affect premiums.

One striking fact about motoring here is the automobile ownership per capita. It is the lowest in the US with only 240 cars per 1000 people. This suggests that people here are not as keen on cars as the rest of the country and they avoid buying one if they can help it. But this may not be surprising considering a large portion of the Centennial State population live in the large metropolitan areas around Denver where public transport is said to be easy, inexpensive and convenient.

It appears to have quite a few DUI cases coming up in the courts especially in Denver. If you are slightly over the limits you may be charged with DUI around here. You should be extra careful not to turn a drink with meal into two or three and get behind the wheel. There is a high chance you will get caught and brought in front of a judge. Obviously it will have far reaching consequences in terms of rates in the next 3 – 5 years.

Colorado Auto Insurance Laws

Beautiful Images from ColoradoHere 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.

For further details you can check state website.

If you are looking for better prices you may be able to find it by searching online. If you ever get stuck you can always call an independent broker and let him/her take over. However, it is unlikely since the companies are now using plain English in their definitions and policy documents. Also, it is pretty easy to find the meaning of any terminology by just typing it on your browser + definition at the end. Can you call your broker in the middle of the night and discuss what vehicle insurance coverage you need? Besides, this is something you need to figure out on your own as everyone has unique preferences and requirements.

Don’t hesitate to use all the resources available to you and never worry about switching companies if you want to save money. Remember that you will only dump the current one if you can find a better policy and/or price. You can actually call them and ask if they can lower rates for you so that you can stay with them eventually. Many people wrongfully assume that they would not budge on prices and lower automobile insurance renewal quotes. When they realize they are losing a customer they will have to do something about it. Otherwise, you already know where to go.

Local Demographics

It encompasses most of the Southern Rocky Mountains as well as the northeastern portion of the Plateau and the western edge of the Great Plains. It is the 8th most extensive and the 22nd most populous in the USA. The population is nearly 5.5 million and 60% of residents live in the Denver-Aurora-Boulder Combined Statistical Area with 3.3 million residents. The state takes its name from the Colorado River, which was named by Spanish travelers for the reddish silt it carried from the mountains.

Affordable Vehicle Insurance Prices in Colorado

The state switched from no-fault to tort auto insurance system in 2003, after widespread PIP fraud. According to RMIIA, the average cost dropped 32% between 2003 and 2007 as a result of these changes in the laws. Policyholders started saving almost immediately because they were no longer required to buy Personal Injury Protection. Before 2003, there were too many fraudulent PIP claims and also non-traditional and expensive treatments were allowed under PIP legislations that resulted in very expensive policies for everyone.

Current average premium expenditure is $778 per vehicle in the Centennial State. It is lower than the US figure of $841. On the other hand, median full coverage premium is $1,393. The first figure is based on total spending and the second figure is based on estimates for a typical middle-aged driver with no claim and traffic ticket.

Motorists may have to pay a bit more to get full coverage that includes Collision, Comprehensive, Uninsured Motorists and better Liability Coverage. But they clearly get a lot more for their money and therefore may be worth spending a few bucks extra, 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. The premium difference between below cheap companies and the most expensive ones can be as much as 70% that it just doesn’t make sense to make a purchase after getting just one quote. You should start with these companies and get a few more before even thinking about making a decision.

  1. GEICO, $786
  2. Grange, $820
  3. State Farm, $910

Here are a few other tips on the best ways of saving more no matter where you live. You may know most of these tips but there is no harm in brushing your knowledge every so often, just like there is no harm in checking for the best rates at least once a year.

Automobile Insurance Denver CO

It is one mile above sea level and situated at the foothills of the Rocky Mountains with over 600,000 residents. 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.