The Cheapest Auto Insurance in Colorado in 2023

Like almost all states, Colorado drivers must meet minimum coverage requirements, carrying liability limits of at least 25/50/15. GEICO is the cheapest company for several driver profiles, but that doesn’t mean it’s necessarily the best company for you. The best way to find the most affordable coverage is to compare quotes from several companies.

Luckily, we’ve done the hard work for you and analyzed dozens of insurance companies in the Centennial State to find which ones offer the most affordable rates.

Key Takeaways:

• GEICO is the cheapest for state-minimum coverage, full coverage, good drivers, and drivers with a speeding ticket.
• MetLife and State Farm are Colorado’s cheapest car insurance companies for drivers with a DUI.
• Thornton, Aurora, Commerce City, and Westminster drivers pay Colorado’s highest average auto insurance premiums.

Colorado’s Cheapest Car Insurance Companies

Although Colorado drivers pay an average rate of $140 per month, you have ways to save on car insurance.

Let’s take a look at which companies offer the lowest average rates in Colorado.

GEICO offers the lowest rate for auto insurance in Colorado, averaging $54 monthly. While GEICO has the cheapest average rate, it might not be the most affordable for everyone. We compared top rating factors — like age, driving record, and coverage options — to help you find the cheapest insurance companies in the Centennial State.

The Average Cost of Colorado Car Insurance

The average Colorado car insurance rate is $140 per month, making the state one of the more expensive to insure a vehicle in. Neighboring states Nebraska, New Mexico, Utah, and Wyoming — as well as the national average — are cheaper than Colorado. Only Kansas is more expensive, and only by $2 per month.

Colorado has higher-than-average snowfall and number of uninsured drivers compared to other states. These factors can contribute to more expensive rates compared to the national average. The sections below show how different factors can significantly affect insurance premiums.

Cheapest Car Insurance Rates for State-Minimum Insurance: GEICO

The level of coverage you choose is one factor affecting your car insurance rates. State-minimum insurance coverage is the lowest liability limit level you can buy to meet Colorado’s coverage requirements.

The table below showcases which companies offer the cheapest state-minimum coverage in Colorado.

GEICO offers the cheapest car insurance rate of $33 monthly for state-minimum coverage. GEICO has an extensive list of discounts, making it easier for Colorado drivers to get lower rates. Colorado Farm Bureau is another affordable option, with a monthly rate of $40.

Cheapest Car Insurance Rates for Full-Coverage Insurance: GEICO

Full coverage usually means having state-minimum coverage plus other coverages, like comprehensive, collision, and uninsured motorist. These coverages can help pay for repairs to your vehicle after an accident and damages caused by a driver without insurance. Additional coverages cost more but provide valuable protection.

Plus, if you have a loan or lease on your vehicle, your lender will probably require you to carry full-coverage insurance.

Let’s take a look at the cheapest companies for full coverage in Colorado.

GEICO is the most affordable option for full coverage, averaging $75 monthly. State Farm has the next-best deal for full coverage, at $101 monthly.

Compare Colorado Auto Insurance Rates by Age

Age is a critical rating factor auto insurance companies use to determine rates. Young drivers pay higher rates due to their lack of driving experience and riskier driving behaviors. Older drivers usually pay lower rates because they make more responsible driving decisions and have more experience. We compared car insurance companies to find the cheapest for each age bracket in Colorado.

Cheapest car insurance for Colorado teens: GEICO

Teen drivers are the most expensive to insure because they’re more likely to drive while distracted, get tickets, and cause accidents. But young drivers typically see their rates fall once they reach age 25.

The table below shows the cheapest car insurance companies for 18-year-old drivers.

GEICO is the cheapest car insurance company for liability only and full coverage for teen drivers in Colorado. GEICO offers teen-specific discounts for good grades and being a safe driver. It also has an easy-to-use mobile app. Colorado Farm Bureau is another affordable option, though its cheapest rates are still $32 and $38 more than GEICO.

Cheapest car insurance for Colorado seniors: GEICO

Drivers approaching retirement age usually get the cheapest car insurance rates of all age groups. You could get even cheaper rates if you drive less often in retirement. The table below shows Colorado’s cheapest auto insurance companies based on 65-year-old drivers.

Senior drivers can get low-cost car insurance from GEICO for liability only and full coverage. Its rates are by far the cheapest for this age group. GEICO offers seniors many savings opportunities, including discounts for retired government and military members and accident forgiveness for good drivers.

Compare Colorado Auto Insurance Rates by Driving Record

Of all rating factors, your driving record may be the most significant. Getting tickets, violations, and getting into accidents can cause your auto insurance rates to skyrocket. Maintaining a clean driving record can help you get the best cheap car insurance. We compared different driver profiles to show how violations and accidents can affect your insurance premium.

Cheapest car insurance for good drivers in Colorado: GEICO

Insurance companies reserve the best rates for good drivers with no tickets or at-fault accidents. Our analysis shows Colorado’s cheapest insurance companies for drivers with no accidents or tickets in the table below.

Whether you need state-minimum or full coverage, GEICO has cheap Colorado car insurance rates for good drivers. If you haven’t had an accident in at least five years, you can save up to 22% with GEICO’s good driver discount. It also offers a seat belt discount, which reduces premiums for personal injury protection or medical payments coverage.

Cheapest car insurance in Colorado after a ticket: GEICO

Your rates will likely increase if you get a ticket or moving violation in Colorado. Based on Compare.com data, the national average increase is 23%, though it can vary by state and insurance company. The table below shows Colorado’s cheapest auto insurers after one speeding ticket.

If you get a ticket in Colorado, consider GEICO. It has the cheapest average insurance premiums for liability only and full coverage. American National P&C is another affordable option, costing $11 and $7 more than GEICO. American National offers incentives for drivers with full coverage, like up to $2,000 in customized equipment and discounted or waived deductibles if you get into an accident with another American National driver.

Cheapest car insurance in Colorado after an accident: Colorado Farm Bureau

Another way to make your rates increase is by causing an accident. Driver rates rose by 43% nationally after a single at-fault car accident, according to Compare.com data. The table below shows the cheapest auto insurance companies for a driver with one at-fault accident.

Colorado Farm Bureau and American National have the cheapest state-minimum liability insurance if you have an accident on your record. Their average rates are $50 and $52 per month. American National has the lowest rates for full coverage, at $108 per month, and State Farm is the next affordable choice, at $120 per month.

Cheapest car insurance in Colorado after a DUI: MetLife

A severe driving violation like a DUI can cause a substantial increase in your insurance premiums. The national average car insurance rate increase after one DUI is 92%, according to Compare.com data. If you’re convicted of a DUI in Colorado, you could face license suspension and an SR-22 insurance requirement, and your insurance company might cancel your policy.

The table shows the cheapest Colorado insurers for drivers with one DUI.

Although MetLife offers the cheapest liability-only rates after a DUI ($55), its full-coverage rates are the highest. State Farm might be a better fit, as its full-coverage premiums average $111 monthly. State Farm’s liability-only premiums are also just $1 more than MetLife’s.

The Cheapest Cities for Car Insurance in Colorado

The Colorado city you live in can affect your car insurance premiums. Variations in auto thefts, medical expenses, weather patterns, and other data statistics mean that moving ZIP codes could change your insurance costs.

Let’s take a look at which Colorado cities have the cheapest average rates.

Boulder ($54 per month), Clifton ($57), and Lafayette ($58) are the cheapest cities in Colorado for auto insurance, according to Compare.com data. Smaller populations that are more spread out with fewer motor vehicle crimes and claims typically have more affordable car insurance rates. In contrast, Denver ($73), Aurora ($87), and Colorado Springs ($79) have the largest populations and are in the top five Colorado cities for most vehicle thefts.

5 Ways to Get Cheap Car Insurance in Colorado

With higher-than-average insurance rates, you should consider these five tips to get cheap car insurance in the Centennial State:

• Bundle policies to maximize savings. If you own more than one car or rent or home your home, bundling all your insurance policies with the same company might lower your overall insurance costs.
• Raise your deductibles. “Increasing your comprehensive and collision deductibles can significantly impact your premiums,” advises Tariro Goronga, CEO of Colorado-based DriveSafe Driving Schools. “Just make sure you can pay the higher out-of-pocket amount should you need to file a claim.”
• Ask about eligible discounts. Insurance companies’ discounts can vary, so ask about what’s available to take advantage of what you’re eligible for.
• Maintain a clean driving record. “Practicing safe driving habits can help keep your rate affordable” and make you eligible for a safe driving discount, advises Goronga.
• Shop regularly and compare quotes. “Comparing car insurance quotes from multiple companies can help you find the best rate possible” without sacrificing needed coverages, says Goronga.

Colorado Auto Insurance Requirements

Liability insurance is mandatory to drive on Colorado roads. Minimum auto insurance requirements in Colorado are:

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

Insurance agents and experts recommend buying enough liability coverage to protect your assets. You should also consider comprehensive and collision coverage, especially if you can’t afford to repair your car after a loss. Consider optional coverages that might be worthwhile, like gap insurance, rental reimbursement, and medical payments coverage.

Although not required, uninsured/underinsured motorist coverage is another valuable coverage. As the 13th-highest state for uninsured drivers, having uninsured motorist coverage in Colorado can help pay for losses from uninsured or underinsured drivers.

Penalties for driving without auto insurance in Colorado

Driving without auto insurance in Colorado comes with the following penalties:

• Minimum $500 fine
• Potential license suspension
• Potential SR-22 insurance requirement
• Up to 40 hours of community service

For subsequent offenses within five years, the fine increases to $1,000 and up to eight months of license suspension. The cost to reinstate your driver’s license is $95; you could also have to pay court fees and other expenses.

SR-22 auto insurance in Colorado

An SR-22 isn’t insurance; it’s a certificate of financial responsibility form that proves you carry the state-minimum auto insurance. Drivers with suspended or revoked licenses in Colorado typically have an SR-22 requirement to meet. The most common reasons for license suspension or revocation are driving without insurance or getting a DUI.

“Contact your insurance company as soon as you receive an SR-22 requirement notice to ensure prompt reporting,” advises Goronga. “To avoid penalties, ensure continuous coverage for the duration of your SR-22 requirement.”

Colorado Auto Insurance FAQs

Understanding how to get cheap car insurance in Colorado can help you get the best deal. We answered the most frequently asked questions about getting the cheapest auto insurance in Colorado below.

What is the cheapest auto insurance company in Colorado?

GEICO, State Farm, American National, Colorado Farm Bureau, and Auto-Owners are the cheapest auto insurance companies in Colorado, according to Compare.com’s analysis. Personal factors like age, credit score, and driving record affect your rate, so comparing quotes from different companies can help you find the cheapest one for you.

How much is car insurance in Colorado?

The average Colorado car insurance policy costs $140 per month. Your coverage choices, deductibles, limits — and other factors like your age, ZIP code, and driving record — will determine your cost of auto insurance.

Which city has the cheapest car insurance in Colorado?

According to Compare.com data, Boulder is the cheapest city for car insurance in Colorado, averaging $54 per month. Clifton and Lafayette are also affordable, costing $57 and $58 monthly.

How much car insurance is required in Colorado?

Drivers in Colorado are required to carry 25/50/15 car insurance liability limits. With these limits, the most the insurance company will pay per claim for the other driver’s injuries you cause is $25,000 per person and $50,000 per accident. The maximum per claim amount for property damage is $15,000 for damage you cause.

What happens if you get caught driving without insurance in Colorado?

If you get caught driving without insurance in Colorado, you could pay a $500 fine, have your license suspended, and have to do community service. The fine increases to $1,000 for your second or subsequent offenses within five years.

Methodology

Data scientists at Compare.com analyzed more than 50 million real-time auto insurance rates from more than 75 partner insurance providers in order to compile the quotes and statistics seen in this article. Compare.com’s auto insurance data includes coverage analysis and details on drivers’ vehicles, driving records, insurance histories, and demographic information. All of the quotes listed in this article have been gathered from a combination of real Compare.com quotes and external insurance rate data gathered in collaboration with Quadrant Information Services. Compare.com uses these observations to provide drivers with insight into how auto insurance companies determine their premiums.

Sources

1. Centers for Disease Control and Prevention. “Transportation Safety Teen Drivers Factsheet.” Accessed July 26, 2023.
2. Colorado Auto Theft Prevention Authority. “Motor Vehicle Thefts in 2022.” Accessed July 27, 2023.
3. Colorado Department of Revenue Division of Motor Vehicles. “SR-22 and Insurance Information.” Accessed July 27, 2023.
4. Colorado Department of Revenue Division of Motor Vehicles. “State DMV fees.” Accessed July 27, 2023.
5. Colorado Department of Revenue Division of Motor Vehicles. “The DUI Administration Process.” Accessed July 27, 2023.
6. Colorado General Assembly. “Mandatory Automobile Insurance in Colorado.” Accessed July 27, 2023.
7. Insurance Information Institute. “Facts + Statistics: Uninsured motorists.” Accessed July 26, 2023.
8. Justia. “2016 Colorado Revised Statutes Title 42 – Vehicles and Traffic Regulation of Vehicles and Traffic Article 4 – Regulation of Vehicles and Traffic Part 14 – Other Offenses § 42-4-1409. Compulsory insurance – penalty – legislative intent.” Accessed July 27, 2023.
9. World Population Review. “Colorado Cities by Population 2023.” Accessed July 27, 2023.