Speed-related traffic deaths in Colorado rose 14% from 2018 to 2019, the most recent year for which data from the Colorado Department of Transportation is available. With the increased risks of traffic on Colorado roads, it may be important to reconsider your car insurance coverage. If you're looking for the best auto insurance in the Centennial State, note that it can cost more than the national average. The average cost for auto insurance in Colorado in 2019 is $1 per year for full coverage, $248 more than the national average of $1,771 for full auto insurance, based on a 2021 study from Bankrate on reported annual bonuses.
Geico and State Farm are among the best auto insurance companies in Colorado, with average scores of 4.7 out of 5. Progressive, American Family, and Allstate are also selected for our list of top providers through objective analysis of hedge offerings and third-party ratings. and average premiums. Before choosing a provider, you may want to do thorough research on each of these companies to see which one best suits your individual needs and preferences.
Key points to remember
- The average cost of CO auto insurance is $2,019 per year for full coverage and $495 per year for minimum coverage.
- Geico is one of the cheapest auto insurance companies in Colorado, with an average full coverage premium of $1,106 per year.
- Pueblo, Colorado is one of the most expensive cities in the state for auto insurance, with an average full coverage premium of $2,323 annually.
How Bankrate Chose the Best Auto Insurance Companies in Colorado
To find the best auto insurance in Colorado, Bankrate has considered a variety of important factors to consider when choosing an auto insurance company. We started by collecting pricing data from Quadruple Information Services to better understand the pricing of major companies.
We also gave every Colorado auto insurance company a bank score of up to five points. Exchange rate scores are based on factors such as financial strength, affordability, customer experience, mobile policy management tools, internet, and availability. When comparing car insurance providers, using bank results and average rate data can help you decide which car insurance options are right for you.
Methodology
Bankrate uses Quad Information Services to analyze 2022 prices for all zip codes and carriers in all 50 states, and rates shown in Washington, D.C. are based on a 40-year-old male and female with clean driving history, credit terms, and coverage limits:
- Civil liability in the amount of $100,000 in the event of bodily injury to each person
- Civil liability of $300,000 in bodily injury cases for each accident
- Civil liability of $50,000 for property damage per accident
- $100,000 Uninsured Motorist Injury Per Person
- $ 300,000 for the injury of an uninsured motorist for each accident
- $500 collision deduction
- $500 total discount
To set minimum coverage limits, Bankrate used the minimum coverages that meet each state's requirements. Our primary drivers own a 2019 Toyota Camry, commute five days a week, and drive 12,000 miles a year.
These are sampling rates and should only be used for comparison purposes.
Age: Prices were calculated by evaluating our base profile with ages 18-60 (base: 40) applied. Depending on the age, drivers can be renters or owners. For teens, rates were set by adding a 16- or 17-year-old to the 40-year-old couple's policy. The prices shown take into account the additional cost of the parental policy. Based on the announced annuities, Hawaii does not appear to use age as a contributing factor.
Gender: The following states do not use gender as a deciding factor in premium accounts: California, Hawaii, Massachusetts, Michigan, Montana, North Carolina, and Pennsylvania.
Credit: Prices have been calculated based on the following levels of insurance credit allocated to our drivers: “Poor, Fair, Good (Basic), and Excellent.” Insurance credit levels take into account your official credit ratings but are not solely dependent on this variable. The following states do not allow credit as a factor in setting auto insurance rates: California, Hawaii, Massachusetts, Michigan, and Washington.
Incident: Prices were calculated by evaluating our baseline profile with the following incidents applied: no fault (baseline), fault accident, one-speed ticket, one impaired driving conviction, and interruption of coverage.
Best Car Insurance Companies in Colorado
To find the best Colorado insurance companies, Bankrate's editorial team looked at multiple aspects of each insurer, including the 2022 average premiums offered by Quadrant Information Services, coverage offerings, available discounts, and insurance ratings. condition. AM Best, Standard, Poor's, and Moody's ratings. After analyzing each company's position on these scales, we calculated the bank's score on a 5.0-point scale, indicating the provider's overall competitiveness against other major insurers.
If you're looking for the best auto insurance in Colorado, you may want to consider a quote from the top five auto insurance companies, including Geico, State Farm, American Family, Progressive, and Allstate:
| Car insurance company | Bankrate Score | Average annual full coverage premium | J.D. Power customer satisfaction score (Southeast region) |
|---|---|---|---|
| Geico | 4.7 | $1,051 | 827/1,000 |
| State Farm | 4.7 | $1,581 | 848/1,000 |
| American Family | 4.3 | $2,376 | 833/1,000 |
| Progressive | 4.1 | $2,557 | 800/1,000 |
| Allstate | 4.0 | $2,438 | 824/1,000 |
Source: https://www.bankrate.com/insurance/car/colorado/
Geico
Geico is known for offering low premiums, and average company rates in Colorado are no exception. However, it's worth noting that Geico offers fewer coverage options than other major carriers, which means their policies may be more suitable for Colorado drivers looking for basic coverage. Geico offers a generous list of discounts to help you save extra money on your document, which can make up for limited add-ons if budget is your main concern. Overall, Geico has strong third-party ratings, with a bank average score of 4.7 out of 5. In the 2022 JD Power Auto Insurance Study, Geico has a score of 827 out of 1000, which is the industry average.
State Farm
State Farm remains the largest auto insurance company in the United States with a market share of 16%. The company has hundreds of exclusive local dealerships in Colorado communities. If you prefer to handle your insurance needs personally, State Farm may be a good option. State Farm has both online and mobile application capabilities to manage digital policy and was ranked second out of 18 companies in the JD Power 2022 Digital Experience Study for Service. In addition, State Farm offers a full range of insurance products, including auto, home, and life insurance, making it a good choice for comprehensive insurance shopping. The company also offers banking services as an added advantage.
American Family
American Family is known for its high-quality customer service, receiving the third highest overall customer satisfaction rating in the J.D. Power Southwest Region for 2022. For claims satisfaction, the American family ranked highest - above the industry average for the 2021 J.D. Power Auto Claims Satisfaction Study: In addition to positive customer experience results, American family auto insurance policies can be incredibly personalized, with options like car share coverage, classic car insurance, and roadside assistance available to help you customize your coverage according to your needs. The company also offers several discounts that can reduce your premium. Although it offers many benefits, American Family's Bankrate score is lower than some of the other carriers we reviewed, with a banking score of 4.3 out of 5. However, the company is financially strong and holds an A (Excellent) rating from AM Best.
The Average Cost of Car Insurance in Colorado
For auto insurance, Colorado drivers pay an average annual premium of $495 for minimum coverage and $495 a year for full coverage, according to 2022 rate data from Quadruple Information Services. Compared to the national average annual premium of $1,771 in 2022 for full coverage, Colorado's average rates are about 13% higher. However, minimum coverage in Colorado costs about 9% less than the national average of $545 per year.
While many factors contribute to Colorado's high average full coverage rates, one of them may be the overall upward trend in fatal accidents in the Centennial state. Since 2011, the number of fatal crashes in Colorado has steadily increased, reaching 633 in 2021 from about 400 in 2011.
As a result, the average cost of auto insurance in Colorado is higher than in some neighboring states. For example, the average premium for full coverage in Utah is $1,449 per year and the average price in Wyoming is $1,510 per year. Le Colorado compte un nombre relativement élevé de conducteurs non assurés (plus de 16%) et certains risques liés aux conditions météorologiques, notamment une prévalence croissant d'incendies de forêt, qui contribuent également égalém de élevance l automobile condition.
How to Find the Best Car Insurance in Colorado
Each driver may need specific types of coverage that can influence his decision on which car insurance company is best for him. When deciding which provider will work best, you may want to consider the following considerations.
Keep in mind Colorado's minimum insurance requirements
Almost all states require drivers to carry at least a minimum amount of liability insurance coverage. Colorado auto insurance laws require every driver to have a number of types of bodily injury and property damage coverage. Mandatory limits are listed on the Colorado General Assembly website.
Consider the requirements of the lender
Although you can legally drive with only minimal amounts of coverage, most insurance experts recommend purchasing higher levels of coverage as financial protection against costly loss. If you cause an accident, your insurance will only pay up to your policy limits. If you have the minimum state coverage and your damage exceeds your insurance limits, you will be liable for the excess out-of-pocket. These costs can quickly run into thousands of dollars and can be financially devastating to you and your family.
You can also consider comprehensive insurance, which usually includes optional comprehensive coverage and collision coverage. These types of coverage provide financial protection against damage to your vehicle, as well as theft, vandalism, and weather-related losses. If you have a car loan or lease, the lender will likely require you to get full coverage. You can also purchase gap insurance to help cover the difference between the value of your new car and what you still owe after the claim has been paid if completed.
Consider the Effects of Hazards on the Driver
Car insurance rates are assigned to each driver, based on risk factors such as where you live, the car you drive, and the history of your car. Each person brings a unique set of circumstances to their search for auto insurance. You probably have a car loan, which means you will likely need comprehensive insurance. If you have a teen driver, you may qualify for student discounts that help combat the high premiums insurance companies typically charge young adults. Whatever your specific situation, you may want to research the right companies for your needs.
Colorado auto insurance discounts
Carriers typically offer many discounts on auto insurance to Coloradans but note that exact discounts and availability vary from company to company. Common discounts offered by many auto insurance companies include:
- Young Driver Discount: If you have a young driver to insure, they can take advantage of many different discounts. This includes good student discounts (maintaining a "B" average in high school or college), absentee student discounts, and driver education discounts.
- Safe Driver Discount: Proof that you are a safe driver can save you money on your car insurance. If you follow safe practices through a usage-based telecommunications program that monitors your driving habits, or if your vehicle is equipped with safety features such as anti-lock brakes or side curtain airbags, you may qualify for a discount.
- Other Discounts: If you bundle more than one type of insurance policy with the same company, such as home insurance and auto insurance, you may qualify for a discount on both policies. If you have more than one car, you may qualify for a multi-vehicle discount by insuring both cars with the same company.
Each company offers different types and levels of discounts and has varying eligibility criteria, so the best way to make sure you're using all the discounts you're entitled to be to talk to a licensed insurance professional like your agent. Customer Service Department. Represent.
Article Source:- https://www.bankrate.com/insurance/car/colorado/