Guide: Colorado lowest car insurance providers
Do you need car insurance in Colorado? Whether you live in Colorado Springs, Denver, or another part of the wonderful Centennial State, Liberty Mutual Insurance has you covered. We customize your Colorado auto insurance so that you only pay for what you need, from liability coverage to comprehensive coverage.
What kind of auto insurance is required in Colorado?
Drivers in Colorado must have bodily injury, property damage, uninsured motorist bodily injury, and medical payments insurance.Check below the minimum amount of automobile insurance that Colorado drivers must have in order to be considered fully covered.
All vehicles driven on Colorado roads must have the following minimum coverage limits on their insurance policies:
- Physical harm: $28,000 per person and $51,000 per accident.
- $25,000 for property damage per accident.
- Coverage for uninsured motorists: $40,000 per accident and $35,000 per person.
- Accidental medical costs: $6,000
Which Colorado Vehicles Require Insurance?
Before registering a vehicle with the Colorado Department of Motor Vehicles, drivers must have insurance for all vehicles, including low-powered scooters (DMV).In Colorado, when should I purchase auto insurance?
Drivers must purchase the minimum amount of auto insurance required by the state before registering their vehicles with the Colorado DMV. Current state residents must register their vehicles within sixty days of purchase Colorado allows new residents 90 days to register their vehicles.What If I Don't Have Auto Insurance?
Driving without insurance is strictly prohibited in Colorado. If you are caught driving without proper insurance, you will face the following penalties, according to McdivittLaw:- You will receive four points on your driver's license.
- You must complete up to 40 hours of community service.
- If this is your first offense, you will face a minimum $500 fine and have your license suspended until you provide proof of insurance.
- A second offense will result in a minimum $1000 fine and a four-month license suspension.
- After your third infraction, you will face an eight-month license suspension and a minimum $1000 fine.
- Making false injury claims
- falsifying official government documents
- failing to disclose critical information; 4. making fictitious damage claims
- Making a slanderous claim
- Intentionally causing an accident
- Purchasing insurance from unlicensed brokers
Among the penalties for insurance fraud in Colorado are:
- A felony charge of class 5
- Penalties of up to $100,000
- A two-year parole period
What Factors Influence My Colorado Auto Insurance Rates?
The average cost of full coverage auto insurance in Colorado is $2004; the average cost of a minimum coverage plan is $466. Colorado's average auto insurance cost is higher than the national average, which is $1738 for a full coverage policy.The CDI, or Colorado Division of Insurance, regulates auto insurance rates, according to Einsurance. Insurance companies may change premiums or offer discounts based on a variety of factors, including:
- Vehicle make, model, and year Your insurance history.
- Your intended travel distance.
- A history of infractions and accidents.
- Tell us about your marital status, age, and gender.
- Your driving record. if you are driving a commercial vehicle
To lower your monthly premiums, follow these instructions:
- Apply for any discounts your insurance company may be offering. Discounts for good or safe driving, anti-theft devices, paperless billing or online payments, and hybrid or electric vehicle models are all common. Additionally, you may be able to save money by combining your renters' and homeowners' insurance policies.
- Shop around for lower premiums. Before purchasing a new insurance policy, you should compare prices from at least three different insurance providers.
- Cancel any coverage you no longer require or intend to use.
- Check with your local DMV to see if your state has any affordable insurance coverage programs.
Is it illegal to drive without auto insurance in Colorado?
Driving without adequate auto insurance is a Class 1 misdemeanor in Colorado. If you are caught, you could face fines of at least $500 and up to $1,000, 40 hours of community service, and a year in jail. If you are caught again, the penalties become more severe.Driving without insurance in Colorado will result in the addition of four points to your license. Furthermore, your driver's license may be revoked. If this is the case, you may be required to submit an SR-22 certificate.
Three of Colorado's cheapest auto insurance companies
1. State Farm
According to the National Association of Insurance Commissioners, State Farm is the largest auto insurer in the country (NAIC). The company is well-known for its low prices and high levels of customer satisfaction. State Farm offers a variety of discounts to students and other young drivers.
Teen drivers and other high-risk drivers can also benefit from initiatives such as Drive Safe & SaveTM and the Steer Clear programs, which can help them save money on insurance.
2. Progressive
You can tailor your auto insurance rates using the company's Snapshot program based on the amount and quality of your driving. At renewal, the majority of participants receive an automatic insurance discount and a customized rate.
In addition to these popular extra coverage options, Progressive provides a deductible savings account and loan/lease payoff coverage, which is essentially gap insurance.
Our team contacted Progressive for comment on its poor customer service ratings, but we received no response.
3. Nationwide
Nationwide is frequently one of the least expensive providers in Colorado, especially for those with low credit scores or recent traffic violations on their record. SmartMiles, the company's usage-based insurance, distinguishes it in the auto insurance industry. Each month, you pay a base rate and a mileage rate under the program. It may be a good option for those who do not commute or drive frequently.
