Colorado state law mandates car insurance, with rates approximately 8% higher than the national average. MoneyGeek conducted an analysis to identify which companies provide an optimal combination of affordability and service quality; American National offers both full coverage policies as well as minimum coverage policies at rates lower than its rivals; their policies offer discounted premiums to young adults, seniors and drivers with offenses. Other top insurers include Allstate, Acuity and Auto-Owners among others.
Your time on the road plays an integral part in determining how much coverage you require. Our calculator can assist in estimating if you spend over a certain number of hours each week driving, helping to determine how many collision and comprehensive policies should be considered, or increasing liability limits and/or adding other types of protection such as uninsured motorist and roadside assistance coverages.
Other factors that could influence your rates include at-fault accidents in the past and your credit score. A poor driving record could increase premiums while having an excellent credit score could lower them as it indicates you’re less likely to file claims in future.
As well as considering your vehicle’s make and model, its make/model should also be taken into consideration as each has different crash ratings and repair costs. Insurance providers use this data to assess how much of a risk each vehicle poses to their company; your rate depends on how similar your car is to each model.
Your age can have a dramatic effect on your premiums, as insurance providers view younger drivers as higher risks. They tend to commit errors such as distracted driving, subpar scanning of their environment and speeding more frequently than older drivers; adding a teen could increase rates up to 2.7x!
After carefully considering your coverage needs, age, driving record and credit score, you can start shopping around for cheap car insurance in Colorado. Our calculator shows you the costs for each company so you can find the best deal based on each specific policy; furthermore our Snapshot program tailors rates according to driving habits so you could even save more with that!