Anyone who owns and operates a car must have car insurance. Without it, you are breaking the law.
Depending on a number of factors, car insurance can be pretty expensive. One of these factors is where you live. Car insurance rates vary widely from state to state. Sometimes they can even vary widely within a state.
In this article, we’re going to look specifically at Colorado. You’ll learn about the average rates for car insurance and the factors that can have the biggest impact on how much you end up paying.
How Much Is Car Insurance In Colorado?
The answer to that depends. That is because so many factors go into determining how much car insurance premiums are in the state of Colorado.
But to give you an idea, the average cost of car insurance premiums in the state of Colorado in 2022 ranges from $555 to $1,450 per year.
This puts Colorado’s car insurance premiums just a little below the national average of $1,483 per year.
This makes the rates in Centennial state one of the cheaper states in the U.S. for car insurance.
Type Of Coverage
If you only plan to have minimum coverage, Colorado’s average car insurance rate in 2022 ranges between $520 to $800 per year. The amount of car insurance coverage you have is a factor that affects your car insurance rates.
On the other hand, the average cost of full coverage car insurance premiums in Colorado in 2022 ranges from $1,275 to $2,015.
Provider
The car insurance provider is another factor that affects how much car insurance premiums you will pay in Colorado.
The car insurance company that offers the cheapest rates for the minimum coverage is American National. Their premiums are only around $200 a year for minimum coverage.
On the other hand, the most expensive car insurance minimum coverage comes from Farmers. Their car insurance premiums cost $1,225 per year for minimum coverage.
The cheapest car insurance for full coverage comes from American National, which is only around $775 per year. Meanwhile, the most expensive full coverage for car insurance also comes from Farmers, which is $3,400.
Age
Another thing that will affect the car insurance rates in Colorado is your age. Colorado’s cheapest car insurance rates are premiums for drivers in their 50s.
Their yearly premiums are only about $1,300 on average. Much like most states, the younger the driver, the more expensive the premiums. For example, the car insurance premiums for 17 years old are $6,000 per year, while for 30 years old, it is only $1,400.
Driving History
Another factor influencing auto insurance premiums in Colorado is a driver’s driving history. The average annual premium for drivers who have been involved in an accident at their fault is nearly $2,100. Meanwhile, if the driver is arrested and charged with a DUI, their vehicle insurance costs will climb to $2,130 per year.