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Colorado Car Insurance Guide

Feel like it’s getting tougher to find Colorado car insurance that’s actually affordable? You’re not alone — premiums really are more expensive now (we’ll explain why in a minute). We’ll walk you through Colorado’s insurance requirements and ways to get a cheaper policy.

If you just want the quick version, just go ahead and easily start getting quotes for cheap car insurance through our quoting tool. We make it easy for Colorado drivers to compare quotes side by side and get a great deal.

What are Colorado’s auto insurance requirements?

Some states just want you to have the bare minimum in auto insurance, but Colorado’s different: It requires drivers to carry a little extra coverage. If you’re a Colorado driver, you’ll need:

  • $25,000 in bodily injury liability per person and $50,000 per accident. Bodily injury liability pays for injuries suffered by other people in an accident you’re legally responsible for
  • $15,000 in property damage liability, which pays for damage to other people’s property in an accident you’re responsible for
  • $5,000 in medical payments coverage (MedPay). MedPay coverage is designed to pay for your medical bills (and your passengers’, too) if you’re hurt in an accident, no matter who’s at fault

Do I really need MedPay coverage in Colorado?

People looking for cheap auto insurance in Colorado often want to know if MedPay is mandatory. When you buy insurance through Compare.com, it’s added automatically to your policy — you’ll see it in the quotes you get through our quoting tool. It is possible to opt out of MedPay by making the request to your insurer, whether on the phone or in writing.

We recommend keeping your MedPay coverage, however. As law firm Bachus & Schanker points out, the average cost is just $5 per month. For that small payment, you get $5,000 in medical coverage without any deductible, which can be used to pay your medical bills or the deductibles for your health insurance. Your passengers get the same protection. So if you get hurt in an accident, you’ll be glad you have MedPay.

What About Uninsured/Underinsured Motorist Coverage in Colorado?

In Colorado, insurers are required to offer you uninsured/underinsured motorist coverage that matches your bodily injury limits — at least $25,000 in uninsured/underinsured motorist (UM/UIM) coverage per person and $50,000 per accident. You’re not required to carry it, however.

So no, UM/UIM coverage isn’t mandatory. When you compare quotes for auto insurance in Colorado with us, we’ll give you the option to leave it off of your policy. However, it’s a good idea to carry it if you can afford it. UM/UIM liability covers medical and other expenses when you’re hit by a driver who has inadequate or no auto insurance. And if you do get hit, there’s about a 1 in 8 chance the other driver won’t have insurance; just over 13 percent of Colorado drivers are uninsured, according to the Insurance Information Institute.

Why is Colorado Auto Insurance Getting so Expensive?

Colorado has recently become a very popular place to live. Why is everyone moving to Colorado? It could be the gorgeous weather, the stunning landscape and the robust economy. (The 2012 legalization of pot might be a factor, too.) Regardless of the reasons, population growth has spurred 15 percent and higher increases in insurance premiums. More people means more cars on the road, which means more crashes and claims. Other reasons Colorado car insurance is expensive: the high cost of repairing hail damage and the increasing costs of fixing cars equipped with hi-tech features.

How Do I Find the Cheapest Auto Insurance in Colorado?

Don’t despair! Even when rates are going up, you can still get a good deal on your insurance. Because so many factors can affect the cost of car insurance, there’s no single company that offers the cheapest Colorado auto insurance. The best way to find a policy you can afford is to compare auto insurance quotes for Colorado side by side.

To comparison-shop on Compare.com, begin by entering some basic information, such as your address, your occupation and your vehicle. Then, we’ll ask you to select the level of coverage you want: state minimum, Basic, Plus or Premium.

If you really want the absolute cheapest Colorado car insurance, choose state minimum coverage. We’ll show you quotes for a no-frills policy that meets Colorado’s state minimum requirements (25/50/15 plus MedPay). Then, you can compare quotes and pick the lowest one.

Colorado driving

Should I Carry More Than the Colorado State Minimum Insurance?

The state minimum might be enough if you have few assets to protect and you drive an old car that doesn’t need collision/comprehensive coverage. However, it’s a good idea to add more protection, if you can afford it. With the minimum coverage, you could be in trouble if you cause an accident that results in more than $25,000 in injuries to the other driver, because they can sue you. And if an uninsured driver hits and hurts you, you could end up with big medical bills.

But we understand that you don’t want to spend more than you have to on insurance! Compare.com can help you find the perfect policy. Once you’ve checked your super-cheap Colorado auto insurance quotes for state minimum coverage, try upgrading to the Basic level, which adds uninsured/underinsured motorist coverage, comprehensive and collision. Look at the quotes you get to see how much more you’ll pay. We ran the numbers for a 27-year-old Colorado driver with a good driving record. His cheapest quote for state minimum coverage was $33 per month. For basic coverage, it was $85 per month. Is paying $52 more per month for added protection worth it? That’s up to you.

You can also click “Customize coverage” to create a personalized insurance plan: Adjust your deductibles, add or delete towing and rental car coverage, and choose specific limits for different aspects of your coverage.

I Can’t Afford Colorado Car Insurance. What Happens if I Drive Without Insurance?

Driving without insurance in Colorado results in serious penalties, including:

  • Four points on your driver license
  • For a first offense: a minimum $500 fine and the suspension of your license until you can show proof that you are insured
  • For a second offense: a minimum $1,000 fine and license suspension for four months
  • For a third or subsequent offense: a minimum $1,000 fine and license suspension for eight months
  • Up to 40 hours community service, if ordered by the court

I Just Moved to Colorado. Do I Have to Get Colorado Auto Insurance?

Yes, but you have some time. In order to be considered a Colorado resident, you must have a job in-state, own/operate a business there, or live there for 90 consecutive days. Then, you have to get a Colorado driver’s license within 30 days and register your vehicle within 90 days — which requires Colorado car insurance.

Ready to see your cheap Colorado car insurance quotes? Start now.

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