Find a Colorado car insurance company that won’t cost a small fortune.

 

Are you searching for the best car insurance in Colorado? We understand that it can feel overwhelming, so we are here to help.

Whether you're snowboarding through fresh powder at Vail or boulder in Rocky Mountain National Park, there’s a lot for residents of the Centennial State to explore. If you’re thinking about buying or changing Colorado car insurance, make sure you choose a company that gives you the coverage you need at a good price. A great insurance company should offer value and handle claims quickly – so you can spend your time doing the things you want.

To get the best car insurance rates in Colorado, start by getting matched to the best value providers. Simply fill your zip code into the form below or call (855) 518-0148.

 
 

 

In this article:

Best Car Insurance For Colorado Drivers

You have options for car insurance in Colorado. In fact, you may feel like you have too many options. To help save you time and effort, we have found the top two choices for car insurance providers in Colorado. Both of them performed well in our research of the best car insurance companies, where we ranked providers on the following:

  • Financial strength
  • Availability
  • Customer service
  • Cost
  • Coverage
  • Technology

Overall, we think Geico is the best choice for Colorado car insurance because of its reputation for quick claims and low average cost.

Best Colorado Car Insurance Our Overall Rating Customer Service Affordability Coverage

1. Geico Car Insurance

4.5

4.0

4.0

4.0

2. State Farm Car Insurance

4.5

3.5

4.0

4.0

 

 


 

Geico Insurance logo

#1 Geico: Best For Cheap Car Insurance In Colorado

If you’re looking for good car insurance rates in Colorado, Geico is a great place to start. The company tends to be an affordable option for many Coloradans, including drivers who have had tickets in the past. Recently, we researched 32 popular auto insurance providers and ranked them on aspects like financial strength, customer service, and overall cost. Geico came in second place overall because of its affordability, quick claims process, and financial stability.

The company wrote over $33 billion in premiums in 2018, according to the National Association of Insurance Commissioners (NAIC). It has an A++ financial rating from AM Best, and it has an A+ rating from the Better Business Bureau (BBB). While it’s possible for an insurance company to go out of business and not pay for your claim, the world would probably have to end before Geico would go out of business. The company also came in fourth place on J.D. Power’s 2019 U.S. Auto Claims Satisfaction Study, which surveyed over 11,000 auto insurance customers on their experiences with filing claims.

In addition to standard coverages, which we will discuss below, Geico offers an extra option called Mechanical Breakdown Insurance that is similar to an extended warranty. It applies to new or almost-new cars and covers repairs for mechanical items, minus exclusions.

One downside is that the process of getting a quote and buying Colorado car insurance from Geico doesn’t stand out from the crowd. It performed below the industry average on J.D. Power’s 2019 U.S. Insurance Shopping Study.

Pros Cons

Affordability

Average quote experience

Second largest company in the nation

 

Good for students

 

Good for military

 

To learn more about the car insurance provider, check out our review of Geico auto insurance.

 


 

State Farm Insurance logo

#2 State Farm: Runner-Up For Colorado Car Insurance

It’s always a good idea to look at more than one company when shopping for car insurance in Colorado. After Geico, we think State Farm auto insurance is a great choice. State Farm is the largest car insurance provider in the U.S. and the largest insurer in Colorado, according to the NAIC.

The company keeps customers’ budgets in mind – it cut rates by 4.7 percent in March 2018 and 3.7 percent in March of 2019. In a state where rates have been on the rise, that can help many people save on their insurance.

State Farm’s claims process is about as good as Geico’s. State Farm was just one point behind Geico on J.D. Power’s Claims Satisfaction Study, and the company has an A+ rating on the BBB.  State Farm's mobile app has a 4.3-star rating on Google Play and 4.8 on the App Store. Its other apps – Drive Safe & Save and Steer Clear, both of which provide discounts – also have similar ratings from thousands of State Farm customer reviews.

In addition to a range of standard coverage options, State Farm can provide coverage for travel expenses related to accidents, rideshare drivers, and roadside assistance. Depending on your situation, you could find a great rate on Colorado car insurance through State Farm.

Pros Cons

Affordability

Does not offer accident forgiveness

Customers report strong claims and service experience

 

Good for students and young drivers

 

Discounts for bundling several types of insurance 

 

To learn more about the auto insurance provider, check out our review of State Farm auto insurance.

 


 

If you are ready to compare multiple auto insurance quotes to find the best Colorado car insurance for you, enter your zip code in the tool below or call (855) 518-0148.

 
 

 

 

 

What Is The Average Cost Of Car Insurance In Colorado?

Coloradans get to enjoy snow-capped peaks that reach to the sky. Unfortunately, average car insurance costs in Colorado have risen over the last few years, as well. 

According to the NAIC, Colorado car insurance rates in 2017 averaged $1,050.19 per year. This is only significantly higher than the national average of $1,005, placing Colorado in the 15th spot out of all of the U.S. states for automobile insurance. 

Here’s a breakdown of the coverage costs for car insurance in Colorado that year according to the Insurance Information Institute:

Type of Coverage Average Annual Expenditure in 2017
Liability coverage $639.99
Collision coverage $326.39
Comprehensive coverage $228.32
Total cost $1,050.19

*To calculate average expenditures, NAIC assumed that all insured vehicles would carry liability coverage but not necessarily collision or comprehensive. Total cost per year measures what consumers actually spent.

So why have costs risen so much? There are a few reasons, according to the Denver Post. In recent years, more drivers in Colorado have filed comprehensive claims because of heavy hailstorms and other bad weather, which drives up costs for the insurance pool. Cheaper gas during that time also encouraged more driving, and rapid population growth led to the risk of more accidents. Colorado Department of Transportation data shows that car accident frequency grew by about 20 percent from 2011 to 2015. Legalized recreational marijuana may also contribute to crash rates and rising costs.

Remember, these are average costs. Depending on your situation, the auto insurance quotes you see can be different. Things that affect your average rate include:

  • Your zip code
  • Your age
  • Your marital status
  • Your driving record (recent claims can raise your rates)
  • The type of car you drive (the Honda CR-V and other family-oriented SUVs are among the cheapest to insure)
  • Your credit score
  • Your current driving habits

 


 

What Is The Minimum Required Colorado Car Insurance?

Every state has financial responsibility laws that dictate what type of insurance is mandatory. Most states only require liability insurance – this type covers bodily injury and property damage for other people in accidents that you cause.

In the case of Colorado, you are required to carry this minimum insurance coverage:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $15,000 property damage liability per accident

You’ll see these limits written as 25/50/15 when shopping for auto insurance in Colorado. Since these are liability coverage, they apply to other people in accidents you cause. It might sound like $25,000 is a good amount of bodily insurance coverage, but it can actually disappear pretty quickly. Bodily injury coverage pays for another party’s medical bills, lost wages, pain and suffering, and funeral costs. It can also pay for legal fees if someone sues you because of an accident.

According to the Insurance Information Institute, the average bodily insurance claim in 2018 was $15,785. Some states only require $15,000 in coverage, but the Colorado car insurance minimum gives you a bit more room. However, that’s just the average. If you happen to cause a more serious accident, you might have to pay well beyond that amount. Unfortunately, your insurance company won’t cover any more than your policy limits allow, and you’ll have to pay for the excess liability.

 


 

MedPay: Colorado Car Insurance State Suggestion

Even if you select the minimum requirements for coverage when shopping for car insurance in Colorado, you’ll notice that medical payments coverage (MedPay) is included automatically. MedPay covers your own medical costs no matter who caused the accident. Colorado auto insurance regulations require carriers to offer $5,000 in MedPay when you request a quote. If you want to go without MedPay coverage, you have to decline it in writing.

Why Does Colorado Suggest This Coverage?

Well, it all started with Colorado Senate Bill 08-011 which was passed in 2008. At that time, the legislature saw a problem with the Colorado car insurance system. Trauma health providers treated car crash victims right away but then had to wait many months to receive compensation. Compensation would be paid out when the claim was settled, but it could take months or even years for that to happen.

How Does MedPay Work?

Because of the 2008 bill, most Colaradans have at least $5,000 in MedPay. The policy only adds a few dollars to a monthly payment, but it has helped the trauma care system immensely. It can also be a lifeline for people who don’t have health insurance since they can get treatment right away.

Another nice thing about MedPay is that it doesn’t carry a deductible. People who have health insurance can even use MedPay to pay their health insurance deductible to avoid out-of-pocket costs after an accident. MedPay in Colorado also applies to anyone who is in your car at the time of the accident, whether they have a policy with MedPay or not.

Finally, health insurance companies have a right to reimbursement when you settle a bodily injury claim. For example, let’s say you were the victim in an accident and needed $10,000 in medical care. You filed a claim with the other driver’s insurance company and had to wait two years for settlement, but your own health insurance company paid for your care in the short term. After your claim was settled, your health insurance company then required you to pay back the $10,000 you received for treatment.

However, health insurance companies can’t request reimbursement from MedPay claims. So, in the scenario above, let’s say you use $5,000 from MedPay and $5,000 from your health insurer. In that case, you would still get a $10,000 settlement, but you would only have to pay back $5,000 to your health insurance company.

 


 

Other Colorado Car Insurance Coverages

Below are a few more common types of car insurance in Colorado. These options are beyond the state minimum coverage requirements, but it can be a good idea to have them.

  • Collision: This pays for repairs to your car from damage caused by an accident. It can apply regardless of who is at fault. If you were not at fault in an accident, your Colorado car insurance company will seek reimbursement from the at-fault party.
  • Comprehensive car insurance: This coverage pays for repairs not related to an accident. It covers fire damage, flood, vandalism, and hail, for example. Comprehensive coverage also carries a deductible. The term “full coverage” usually means the combination of liability, collision, and comprehensive coverage.
  • Underinsured motorist/uninsured motorist (UIM/UM): This coverage protects you from accidents caused by someone without enough insurance or none at all. While UM/UIM technically comes in bodily injury and property damage varieties, you can only get bodily injury UM/UIM under auto insurance in Colorado. That’s because your property damage liability also covers UM/UIM claims in Colorado.
  • Personal injury protection (PIP): This option covers medical bills no matter who is at fault. However, it can also cover lost wages, death benefits, and childcare costs after an accident, which MedPay doesn’t cover. PIP usually has a deductible, as well. PIP isn’t as common in Colorado today as it was before 2003 – that’s when Colorado switched from a no-fault system to a fault-based system.

Some Colorado auto insurance companies may offer extra options like:

  • Gap coverage: If your car is totaled, this option covers the difference between your car’s current value and the amount you have left to pay on your loan.
  • Roadside assistance plans: Many Colorado auto insurance companies can provide assistance with towing, jump-starts, spare installation, and more.
  • Accident forgiveness insurance: With this option, your average rates won’t go up because of one accident. Depending on the company, you can purchase this coverage or you can receive it as a reward for multiple claim-free years.
  • Rental reimbursement: This pays toward a rental car while your motor vehicle is in the shop after a covered repair. Insurance companies in Colorado can require you to have collision or comprehensive coverage to get this option.

 


 

Final Thoughts On Car Insurance In Colorado

Ultimately, the level of coverage you choose comes down to what you are most comfortable with, and the provider you select should be the one that’s best for your individual needs. We recommend getting car insurance quotes from several different companies when shopping for Colorado auto insurance.

Enter your zip code in the tool below or call (855) 518-0148 to collect and compare car insurance quotes from providers available in your state:

 
 

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