Car insurance is an essential necessity in Colorado, yet many drivers don’t realize its price can vary depending on age, driving history and location. Each insurer has their own formula for determining how much to charge per driver for coverage – this makes comparing rates across providers all the more essential.
MoneyGeek’s car insurance calculator makes it easier to estimate your annual premium. Simply by providing some basic personal details, this tool will calculate rates while taking into account various variables – including adding a teenage driver, changing coverage levels or age.
As a young driver, you will likely pay higher insurance premiums compared to drivers older than yourself due to lack of experience behind the wheel and being considered high risk by insurers. But as time passes and your driving record becomes stronger, your rates should start decreasing again over time – although having multiple accidents or violations on your record may raise them significantly if serious.
Make and Model of Vehicle are Key Components When Calculating Insurance Premiums. Certain car models are rated higher or lower based on crash ratings, repair costs and theft risks than others; through analysis of this data insurance companies are able to give drivers an accurate estimation of how much their policy costs.
Colorado requires drivers to carry liability coverage for property damage and bodily injury, yet many drivers opt for additional policies such as collision, comprehensive, and medical payment coverage as well. While such additional policies will increase premium costs significantly, they could prove invaluable should an accident arise or other unexpected expenses occur.
Your premium costs depend on both how much and for how long you want to protect yourself and your car, as well as your ability to pay. By comparing prices and coverage features from multiple providers, you can find an optimal combination of affordability and protection that meets your needs.
Colorado car insurance premiums average $1,940 annually or $162 monthly on average, but can differ significantly depending on factors like frequency of car accidents, repair costs and risk of theft or vandalism in different cities.
To give you a better idea of your rate, we analyzed data from over 40 million real-time auto insurance quotes received across the U.S. The charts and tables display average premiums by location as well as factors like driver age, gender, credit score and driving history for Colorado minimum required and optional coverages.