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The average full-coverage auto insurance cost in Colorado is $2,945 a year, compared to the national average of $2,299. Average Cost of Car Insurance in Colorado reflects how state rates differ from the national level. On the other hand, the annual cost of minimum coverage is $551, compared to the national average of $637.
However, the premium an individual pays depends on several variables, like their age, gender, driving record, the type of coverage they have selected, and their residence. This blog examines some affordable vehicle insurance options available in Colorado and how different factors affect auto insurance costs.
Colorado Car Insurance Rates by City
The cost of car insurance in Colorado varies by city. Factors, such as the frequency of car accidents, the cost of repair, and the crime rate, differ by city and influence the amount you pay for car insurance. Here is a breakdown of the cost of car insurance rates by the top cities in Colorado:
| City | Avg. monthly full coverage premium | Avg. annual full coverage premium |
| Sterling | $258 | $3,099 |
| Arriba | $274 | $3,286 |
| Fountain | $262 | $3,139 |
| Stratton | $276 | $3,318 |
| Wild Horse | $273 | $3,271 |
| Merino | $262 | $3,144 |
| Cope | $276 | $3,313 |
| Kirk | $276 | $3,313 |
| Lake George | $253 | $3,038 |
| Matheson | $285 | $3,416 |
| Peyton | $260 | $3,122 |
| Simla | $274 | $3,288 |
| Victor | $251 | $3,009 |
| Colorado Springs | $263 | $3,162 |
| Guffey | $243 | $2,918 |
Table 1.0: Cost of car insurance by Top cities. Credit: Bankrate
Also Read: Can You Get Car Insurance For a Self-Employed or Gig Workers
Average Car Insurance Costs by Age and Gender in Colorado
Age and gender are other crucial factors, after ZIP code, that affect car insurance rates. Young teens and adults pay higher premiums than those in their 30s, 40s, and 50s. This is because, statistically, young drivers are more likely to be involved in accidents and traffic violations.
This increases the number of claims a car insurance company has to process for younger individuals. However, after age 50, drivers can see an increase in the premiums they pay. This is because old drivers have slow reflexes and a higher risk of being involved in an accident.
When it comes to gender, it is seen that female drivers pay less than male drivers, as females are considered low-risk drivers. In Colorado, the premium a particular age group pays is as follows:
| Age | Average annual full coverage cost for males | Average minimum coverage cost for males |
| Age 16 | $6,400 | $1,473 |
| Age 18 | $8,840 | $2,100 |
| Age 20 | $6,915 | $1,485 |
| Age 25 | $3,808 | $725 |
| Age 30 | $3,193 | $577 |
| Age 40 | $2,977 | $547 |
| Age 50 | $2,767 | $523 |
| Age 60 | $2,649 | $518 |
| Age 70 | $2,886 | $616 |
Table 2.0: Average cost of car insurance for male drivers by age
| Age | Average annual full coverage cost for females | Average minimum coverage cost for females |
| Age 16* | $6,153 | $1,497 |
| Age 18 | $8,717 | $1,981 |
| Age 20 | $5,955 | $1,334 |
| Age 25 | $3,557 | $710 |
| Age 30 | $3,085 | $580 |
Table 3.0: Average cost of car insurance for female drivers by age
Car Insurance Rates in Colorado by Credit Score
Many car insurance providers consider a driver’s credit score to determine the premium they charge for coverage. An individual with a low credit score is considered a high-risk driver and thus pays higher premiums than those with good to excellent credit scores.
| Credit tier | Credit Range | Avg. annual premium |
| Poor | 300-649 | $5,871 |
| Average | 650-699 | $3,296 |
| Good | 700-749 | $2,945 |
| Excellent | 750-850 | $2,317 |
Cheapest Car Insurance Companies in Colorado
Finding affordable car insurance often means comparing quotes from different companies. Here are some of the cheapest car insurance providers in Colorado:
Beem
Beem is a smart wallet app offering its users several financial services. From instant cash to budget tracking and credit building, Beem is an all-around solution to all your financial needs. To cater to its users’ car insurance requirements, Beem offers an online marketplace where you can compare quotes from top providers nationwide.
Enter your details, and you will get a personalized quote within 5 minutes. Beem rewards individuals with a good driving history by offering up to 40% off car insurance. By comparing quotes from multiple insurance providers on Beem’s platform, you can save up to $1000 a year.
USAA
USAA is among the top insurance providers in the nation, and it is available to military members and their families. It offers a wide range of coverage from liability to Medical payments coverage (MedPay). In Colorado, the cost of minimum coverage insurance from USAA starts at $319 a year, while the premium for full coverage insurance can start from $1,640.
State Farm
State Farm offers drivers in Colorado all the standard coverages, along with many additional options such as emergency road service coverage and rental car reimbursement. State Farm is slightly more expensive than USAA, with the annual cost of minimum car insurance at $370, while the cost of full coverage car insurance is $1,623 per year, slightly less than what USAA offers.
Nationwide
Nationwide is an excellent option for those drivers looking for additional protection. However, these add-ons come at a price. Nationwide coverage can be more costly compared to other top providers nationwide. However, to make up for its cost, Nationwide offers several discounts that can bring down the overall cost of car insurance if you are eligible for the discount.
Also Read: Should You Bundle Car Insurance with Renters or Life Insurance?
Cost for Driving Record in Colorado
Your driving record plays a crucial role in determining your car insurance rates. Here’s how different infractions can affect your premiums:
At-Fault Accident
An at-fault accident can significantly increase your car insurance rates. On average, drivers in Colorado can see a premium increase of around 40% after an at-fault accident, translating to an additional $600 per year on a $1,500 base rate, bringing the total to approximately $2,100 annually.
Speeding Ticket
A speeding ticket can also raise your premiums, though the increase is typically less severe than that for an at-fault accident. On average, Colorado drivers see an increase of about 22%, or an additional $662 annually, totaling around $3,607 for full coverage.
DUI
A DUI conviction results in the most significant increase in car insurance rates. On average, a DUI can more than double your premium. In Colorado, drivers with one DUI conviction can see an average surge of 69% in the full coverage car insurance cost annually, leading to an additional $2,020 annually on a $2,945 base rate. This brings the total average premium to around $4,965 per year.
How Much is the Auto Insurance for Good and Poor Credit Scores in Colorado?
Credit scores have a considerable impact on car insurance rates. Here’s a detailed look at how good and poor credit scores affect premiums in Colorado:
Good Credit Score: Drivers with good credit scores (700-749) pay an average of $2,317 annually for full coverage.
Poor Credit Score: Those with poor credit scores (300-649) face significantly higher premiums, averaging $5,871 annually. This significant difference of $2,926 underscores the importance of maintaining a good credit score for more affordable car insurance.
Conclusion
In conclusion, Colorado has slightly higher full coverage auto insurance costs than the rest of the country. The increase in auto insurance rates depends upon several criteria, including credit score, age, gender, and kind of vehicle.
However, the price of auto insurance also differs depending on the city. These variations in car insurance prices depend on the city’s population and crime rate. So, when searching for car insurance, comparing quotes from different providers is essential. You can check out Beem to find suitable car insurance, as it brings offers from multiple car insurance providers across the nation.
FAQs about the Average Cost of Car Insurance in Colorado
What Is Full Coverage Car Insurance in Colorado?
Full coverage car insurance typically includes liability insurance, comprehensive coverage, and collision coverage. Liability insurance covers damages to others in an accident you cause. Comprehensive coverage pays for non-collision-related damages like theft or natural disasters, while collision coverage covers damages to your vehicle from an accident. Together, these components provide extensive protection but come at a higher cost than minimum coverage.
How Much Car Insurance Do I Need in Colorado?
In Colorado, the law requires drivers to have at least $25,000 in bodily injury liability per person, $50,000 per accident, and $15,000 in property damage liability per accident. However, many people get more coverage than these minimum amounts and add extra options like uninsured/underinsured motorist coverage, comprehensive, and collision coverage for better protection.
What is the monthly cost of insurance in Colorado?
The average monthly cost of full coverage car insurance in Colorado is about $125. However, this can vary widely based on your city of residence, driving history, age, gender, credit score, and the specific insurance provider you choose.
