Colorado car insurance costs depend on many variables, including driving history, vehicle model and location. But coverage level remains the primary deciding factor – with liability being the minimum requirement in Colorado but additional coverage available such as uninsured/underinsured motorist coverage or medical payment coverage available as add-ons to standard policies.
MoneyGeek’s Colorado Car Insurance Calculator takes many of these factors into account to provide an accurate estimation of your rates, while helping you compare quotes from top providers to find the most cost-effective car coverage plan. Some of Colorado’s premier providers include GEICO, Nationwide and USAA – each one known for affordability and customer service excellence; Geico in particular offers some of the lowest prices for drivers with poor credit scores while Nationwide offers usage-based SmartMiles insurance that may lower rates depending on how often or often you drive!
Age plays an integral role in setting rates, since insurers assume older drivers have more experience and may be less likely to file claims. Younger drivers in Colorado tend to pay higher rates compared to those in their 40s; furthermore, having poor credit can increase your rates up to 77% more compared to having exceptional credit.
Insurers also consider past driving records to evaluate your risk of an accident, which explains why at-fault accidents will usually incur additional premium payments. One such at-fault incident in Colorado alone could increase premiums by an average of $662 annually.
Colorado experiences above-average snowfall and has an abundance of uninsured drivers, which accounts for its higher-than-average car insurance premiums. Nearby states Nebraska, New Mexico, Utah and Wyoming all offer more reasonable car insurance premiums compared to Colorado.
Colorado car insurance premiums average around $140 monthly, making them the highest in the US and fifth most costly among US states. But drivers in Colorado may often save by shopping around and selecting appropriate coverage levels. Colorado requires drivers to carry at least $50,000 of liability coverage, however a serious crash could quickly surpass that threshold and it’s wise to purchase more than the minimum coverage to give yourself peace of mind that your assets and finances are secure. Addition of teen drivers, raising coverage levels, or age all have an effect on car insurance premiums; but our Colorado Car Insurance Calculator makes finding quotes faster. Simply enter your personal details and answer some simple questions regarding your driving profile and vehicle to begin.