Rachel Bodine graduated from college with a BA in English. She has since worked as a Feature Writer in the insurance industry and gained a deep knowledge of state and countrywide insurance laws and rates. Her research and writing focus on helping readers understand their insurance coverage and how to find savings. Her expert advice on insurance has been featured on sites like PhotoEnforced, All...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insurance...

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Reviewed by Leslie Kasperowicz
Former Farmers Insurance CSR

UPDATED: Nov 12, 2020

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Colorado state flagAll Colorado drivers need to buy auto insurance. If you are a Colorado resident, there are things you need to know about your state and its insurance rules and regulations before you make your purchase.

As one of the 10 largest states in the nation, the name Colorado often rings bells. When you think of Colorado, you often think of mountains and snow. But in the valleys and plateaus between all of the mountainous terrain lie large cities and metropolitan areas. Most notably is Colorado’s capital and largest city: Denver. What you don’t usually think of, however, are all of the roads and highways to go through this state. Since the state is right in the middle of the nation, all of the roads from the west coast to the east coast run right through Colorado. Stretching through Colorado are 5 interstate highways and more than 15 federal highways. With that much road space, one thing is for certain: Auto insurance is a must.

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Insurance Rates In Colorado

Luckily, the insurance premiums in Colorado are some of the lowest in the nation. Usually what happens is the average insurance premiums for states are lower than the national average while the average prices in major cities are much higher than the national average. This is not the case with Colorado, however. While the national average for auto insurance sits at about $1,440, the average rate for the state of Colorado is less than $1,100. Of course, this still includes rural areas, but not all hope is lost! In the city of Denver, the largest city in Colorado and one of the largest in the nation, the insurance premium still around $1,440. The reason this is possible is because Colorado does not have very tough requirements when it comes to purchasing insurance, making it easier for everyone to be covered.

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Colorado Auto Insurance Requirements

In Colorado, the state liability coverage minimums are:

  • Bodily Injury Coverage – $25,000 per person
  • Bodily Injury Coverage – $50,000 per accident
  • Property Damage Coverage – $15,000 per accident

Take a look at how Colorado’s minimum rates compare with surrounding states.

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Optional coverage in Colorado (varies by carrier):

  • Comprehensive Coverage
  • Collision Coverage
  • Medical Payments Coverage
  • Loan/Lease Gap Coverage
  • Rental Car Coverage
  • Roadside Assistance / Towing Coverage
  • Uninsured Motorist Bodily Injury
  • Uninsured Motorist Property Damage

Colorado follows a “Tort” system, which is basically an “At Fault” system. This system lists one party as responsible for an accident and that person and his or her insurance company must pay for all the damages associated with the accident. With this system, Colorado only requires that you are covered for bodily injury and property damage. Like every state, Colorado mandates a set of minimum limits to be covered for all categories of insurance coverage. For bodily injury, the state requires at least $25,000 per person with a maximum of $50,000 per accident. These premiums cover for all medical expenses to be paid as a result of the accident. Along with the bodily injury coverage, Colorado also requires that all drivers have coverage for property damage. This coverage basically pays for damages to the automobiles in the accident.

Colorado’s auto insurance rates are fairly average compared to the rest of the nation.

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We can also take a closer look at the ZIP codes within the state to see how rates changed based on different areas.

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There are a lot of factors that auto insurance companies take into consideration when determining your rates. Take a look at our overview here.

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While many of these factors are simply based on your own driving record, two things that affect even the safest of drivers are age and gender. As with most states, males typically pay higher auto insurance rates than females.

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Colorado Auto Insurance Rates by Company

Though the state boasts very cheap auto insurance rates overall, let’s take a look at how rates vary between some of the largest companies.

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But which companies are the largest, holding the most market share percentage in the region?

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Accident And Theft Statistics In Colorado

When looking at the price of auto insurance it’s also important to consider the frequency at which accidents occur. Fortunately, in Colorado there has been a downward trend in amount of accidents since 2005. As a direct result, the amount of fatal accidents has decreased considerably as well. In 2009, only 465 of the car accidents were fatal, compared to the 606 fatalities in 2005. This puts Colorado at 9.25 fatalities per 100,000, which is much less when compared to the national average of 11.01 per 100,000. Colorado has definitely reaped its rewards for being a safe state, which can be seen reflected in its low insurance premiums.

Another key item to look at is the amount of car theft that occurs in a state. An insurance company may charge you more if your car is listed as one of the top stolen vehicles. In 2009, the top three stolen vehicles were the Honda Accord, Honda Civic, and Acura Integra. Once again, the rate at which auto theft occurs has decreased since previous years. In all major metropolitan areas, including Denver, Colorado Springs, and Boulder, the rate has decreased to 329.4, 242.33, and 96.88 thefts per 100,000 people, respectively.

Overall, Colorado is a very safe state when it comes to car accidents and car theft, and this is very apparent when you look at the insurance rates in the area. The rates in major cities are comparable to the average of the entire nation, a feat not many states can boast about.

But you should still refrain from jumping the gun and buying any insurance you see. Insurance policies are very personalized and are made to fit you. Like with all major purchases, you should always do research before biting the bullet and buying something. At 4AutoInsuranceQuote.com we make it our best effort to provide all the information we can to help you find the insurance policy that is right for you. That’s why we make it easy to get started on finding some of the best deals on auto insurance. To begin, all you have to do is scroll up to the top of the page and enter your zip code to begin comparing rates from the web’s top insurance providers.

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Colorado Auto Insurance Agents

Colorado Auto Insurance Agents

Additional Automobile Insurance Information For The State Of Colorado