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The Best Car Insurance Companies in Colorado
Michael Evans – Contributing Finance Writer Last Updated: December 14, 2020
Fact-checked by HomeInsurance.com
Colorado’s breathtaking landscapes make it hard to avoid rubbernecking behind the wheel. So, before you end up in a fender bender, you need to find the best car insurance in Colorado. From 2013 to 2017,traffic accidents rose nearly 10% in the Centennial State, according to a 2019 Colorado Department of Transportation report. Finding the best auto insurance in Colorado isn’t difficult and we’ve narrowed the field for you. When reviewing car insurance companies, The Simple Dollar uses theSimpleScore method, evaluating aspects most important to consumers, like coverages, customer satisfaction, accessibility, discounts and support.
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If you’re like most consumers, you need more than just auto insurance. State Farm delivers with insurance for your boat, condominium, manufactured home, motorcycle, motorhome, off-road vehicle, pet, rental property and small business. If you purchase car insurance and a condo, home, life or renters insurance policy, you can save up to 17% on your auto policy. And, if you buy State Farm car insurance for more than one vehicle, you may qualify for up to a 20% discount.
USAA only offers its products and services to U.S. Military members, pre-commissioned officers, veterans and their children and spouses. The carrier meets the special needs of military families by offering up to a 15% discount on comprehensive coverage when you garage your automobile on base and up to a 60% discount for vehicles stored while on deployment. USAA offers a wealth of coverage to protect your home, recreational vehicles and small business, while also providing a full line of banking, investment and retirement products.
American Family pulls ahead of the pack with optional coverages that some providers don’t offer. Following a covered loss, OEM coverage, available for automobiles under seven years old, pays to restore your vehicle using genuine manufacture’s parts instead of aftermarket components. American Family also offers loan/lease gap coverage for new cars and emergency roadside assistance coverage , which covers a host of breakdown expenses, like battery jumps, gas delivery, locksmith service, roadside repairs and towing.
Allstate provides fantastic car insurance coverages and extends an impressive selection of discounts to reduce your premium. You can save just by buying a new automobile and qualify for even greater savings if your ride is equipped with anti-lock brakes and anti-theft devices. Allstate rewards smart students with a discount and gives their parents a break when they sign up for automatic payments, buy multiple policies and always pay their premium on time.
Snapshot, Progressive’s usage-based insurance program, extends a discount to policyholders who maintain good driving habits. To participate in Snapshot, you must download an app to your mobile device. The app monitors your braking and acceleration, mileage, phone use when you’re behind the wheel and the time of day you drive. It also records your trip details, which you can review after completing a drive. Progressive boasts that Snapshot participants earn an average signup discount of $37 and save an average of $145 on their auto insurance premiums.
Choosing your Colorado car insurance provider
Finding affordable insurance is important, but also consider each company’s financial strength and customer service track record. AM Best is a great source for researching an insurer’s financial stability and J.D. Power is an excellent resource to explore carrier ratings and rankings. Always look for a Colorado car insurer that can provide the best combination of coverages, price and service. When you shop for auto insurance, get several quotes from local and national providers.
$25,000 in bodily injury coverage for the injuries or death of one person in a single accident.
$50,000 in bodily injury coverage for the injuries or deaths of more than one person in a single accident.
$15,000 in property damage liability coverage.
Bear in mind that the state only sets minimum coverage requirements. It’s best to purchase a policy with higher limits to reduce your financial risk. Consider this, according to the U.S. Centers for Medicare and Medicaid Service, mending a broken leg can cost $7,500 and a three-day hospital stay can result in a $30,000 bill. And the average cost of a new mid-size vehicle runs around $25,000, according to Kelley Blue Book. If you only carry the state-required minimum coverages, you could end up paying thousands of dollars from your own pocket if you’re at fault for an accident.
How much does car insurance cost in Colorado?
In 2017, Americans paid an average car insurance premium of $1,005, according to the Insurance Information Institute. The same year, Coloradans paid an average of $1,050, ranking 15th most expensive state for car insurance in the nation. On average, Colorado motorists paid around $640 for liability coverage, $326 for collision and $228 for comprehensive.
But average rates don’t paint an accurate picture of what you’ll pay for auto insurance. Insurers set rates based on several factors, including your age, credit rating, driving record and location. Your annual mileage, the kind of car you drive and the types and levels of coverage you purchase also play a significant role in the premium you’ll pay. When shopping for a particular make and model of automobile, it’s a good idea to get a few insurance quotes before making a purchase.
Colorado car insurance FAQs
Yes. State law requires all drivers to carry minimum levels of bodily injury and property damage liability coverages. If you finance an automobile, your lender will require you to purchase collision and comprehensive coverage, too.
In Colorado, driving without insurance is a class I misdemeanor, punishable by aminimum fine of $500, for the first offense. For subsequent offenses, the court can impose a fine of $1,000 or more, and possible imprisonment.
Among our top picks, USAA offers the most affordable car insurance. State Farm has the second lowest rates for state required coverages and Allstate offers the second lowest rates for full coverage. Keep in mind that the premiums we publish here don’t reflect the price you’ll pay for auto insurance. When shopping for the best auto insurance in Colorado, request quotes from several insurers to get the most accurate rate.
Too long, didn’t read?
Colorado requires all drivers to carry minimum levels of bodily injury and property damage liability insurance. But don’t worry, because Colorado motorists enjoy affordable insurance rates, just a little above the national average. Providers offer the same standard coverages, but discounts, optional coverages and product lines vary among carriers.
We welcome your feedback on this article and would love to hear about your experience with the insurers we recommend. Contact us at email@example.com with comments or questions.
Last editorial update – December 14, 2020, updated editorial buying guide and added new recommendations.
The SimpleScore makes it easy to compare products and services featured here on The Simple Dollar in a transparent, open and honest way. We rate these products and services using five factors and average them to calculate a single SimpleScore. For auto insurance, we compare:
You can read more about each factor and the details of each score in our auto insurance methodology. Use our ratings and editorial recommendations as you shop for the best auto insurance that fits your coverage needs.
Car insurance rates: We used insurance rates from Quadrant Information Services. This includes analyzing thousands of rates from all 50 states that were publicly sourced from 2019 insurer filings. Rates are based on a 30-year-old male or female that had a clean driving record. Full Coverage premiums assumed a $500 collision and comprehensive deductible, and we looked at those who had both good and poor credit. These rates should be used to inform your car insurance shopping process, but your own quote may differ.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page. However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
We looked at the number of discounts each company offers — more discounts mean a higher score.
We awarded higher scores to the companies that have the most coverage options.
We awarded higher scores to lenders with the most channels for customer support.
We leveraged the J.D. Power 2019 Auto Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
We looked at the level of accessibility of each company –– the more resources they have the higher their score.
Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.