Colorado Car Insurance
Get a fast and free car insurance rate comparison
Colorado is home to some incredible, picturesque drives, with views for all preferences. The Rocky Mountains provide a beautiful backdrop through desert scenes, national forests, and over a hundred natural landmarks. It’s also home to some of the fastest rising car insurance premiums in the country.
But that doesn’t mean you want to cut out your coverage. Can you imagine a ride down the Million Dollar Highway without coverage? It can be scary enough as it is without having to worry about the price you’d have to pay out of pocket for a nasty accident.
Luckily, finding affordable auto insurance in Colorado is made easier with the help of the Internet. Completing quote requests individually from each company can be a very time-consuming process. That’s why OnlineAutoInsurance.com helps you compare car insurance quotes from multiple companies by completing one simple form.
Making a quote comparison is among the best ways to save money on automobile coverage. Since there are multiple carriers, obtaining quotes is only one way to find out which company will provide cheap Colorado car insurance rates. Even the Colorado Department of Insurance suggests that comparison shopping is a great way to save.
Minimum coverage required by law
Like most states, drivers on the road in the Centennial State are required to have a policy in place by Colorado car insurance laws and requirements. The state requires drivers to keep their vehicles insured at all times with at least liability coverage. This is commonly referred to as the “financial responsibility law.”
|Colorado Auto Insurance Requirements|
|$25,000 bodily injury coverage per person|
|$50,000 bodily injury coverage per accident|
|$15,000 property damage coverage|
|$5,000 medical payments coverage|
Driving without proof of insurance can immediately put four points on your driving record and result in license suspension until you can provide proof of insurance, which will adversely affect the price of your premiums. You will also pay fines that get steeper the more times you are cited.
Although the above insurance policies are the minimum required by law, there are many affordable options that give you beyond the minimum liability coverage options. One should compare Colorado auto insurance based on the many different types of coverage available in Colorado. Liability does not provide coverage for the insured vehicle in case of an accident. It’s only designed to pay for others’ bodily injury and property damage caused by the policyholder, up to the specified policy’s liability limits.
These payout limits can be reached quickly in accidents with severe damage, or those that result in injuries where the other driver or their passengers suffer from lost wages. Some insurance policies can double the liability limits for only a few dollars more, so it’s important to look at your options thoroughly when comparing car insurance quotes.
Other types of coverage
Uninsured and underinsured motorist coverage: Provides limited protection against uninsured or underinsured motorists that damage your vehicle. Whatever they are unable to pay, your insurance company should cover the rest, up to the maximum on your policy. An estimated 15% of the population is driving without insurance coverage, so it’s definitely worth considering adding this policy. It can also cover costs associated with the unfortunate event that you hit a cyclist or a pedestrian while you’re driving.
Comprehensive and collision: Provides coverage for the insured vehicle when damage is caused by something other than another driver. Comprehensive policies can cover your car against theft, vandalism, or damage your car suffers if you hit a deer, for instance. Collision insurance will cover damages to your vehicle in an accident you are at fault for. If you are still paying off your car, your lienholder will require you to keep these policies on your vehicle until you’ve reached the payoff amount.
Personal Injury Protection: If you or your passengers are injured in an accident you are at fault for, then a personal injury policy will help cover the costs of medical bills. Beyond that, it can also help you with the cost of lost wages.
You should decide what kind of coverage you need on your vehicle before you look at the prices of premiums. If you can’t afford the cost of repairing your vehicle on your own or meeting your deductibles, then your policies aren’t going to be much help to you.
What determines your rates?
Your Insurance Agent will base your rates on a variety of personal factors, as well as the type of vehicle you are insuring. Your age, address, credit history, and marital status are just a couple of things they will take into account.
One of the most important things they look at is your driving history. Obeying all traffic laws can help keep a driving record clean and lower the risk of being involved in an accident. Of course, having fewer violations and accidents will lead to savings on coverage. Some companies offer accident forgiveness, though, which can be a serious benefit if you ever have to make a claim.
There are three major driver classifications that determine rates:
Preferred: Drivers with one or no violations or accidents on their driving record. These drivers usually get the best rates since they pose the lowest risk.
Standard: Drivers with one or very few violations or accidents. This driver classification generally will pay average rates.
Non-standard: Drivers with multiple violations or accidents. These drivers generally pay the highest premiums. But shopping around can still help them save—a lot of insurance companies target high-risk demographics and offer them more affordable rates.
The type of car you drive is another major factor. It’s a good idea to check the rates of a vehicle before purchasing it to make sure that premiums will be affordable. Some vehicles can have higher premiums due to the make and model, even if the purchase price is the same as others. Certain vehicles are more susceptible to theft, and other vehicles have a sporty or speed factor, which will increase rates.
How to save money on Colorado Car Insurance
The auto insurance market in Colorado is competitive, which helps keep rates low. When comparing quotes from different insurance companies, there are many factors to consider. Saving money is about more than just finding the cheapest coverage. Be sure to compare rates with the same types of coverage and the same maximum payouts. And keep in mind other factors such as customer service and financial strength.
Raising a deductible can lead to savings; however, those who do so will be required to pay more in case of an accident. Be attentive when choosing coverage and deductibles—a few extra dollars a month can make all the difference when it comes time to make a claim.
Be sure to take advantage of any discounts that may apply. Most carriers will automatically give discounts based on eligibility, but shoppers need to mention if they are good students, have completed a driver safety course, or have equipped their automobiles with antitheft devices. Driving a vehicle with relatively low mileage will also reduce the premium, so consumers should be sure to mention that if it applies to them. Usage-based insurance policies can save you a lot of money, especially if you live in the city.
The Bottom Line
On average, customers in Colorado pay more than much of the country on car insurance. But thrifty shopping and a little research can help you find rates comfortable to you, and still leave you covered if you ever need to make a claim. Take the time to go over all your options before you decide, and when you’re ready, you can usually get everything set up from the comfort of your home, without all the pressure from an insurance agent.