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This page outlines the latest statistics pertaining to car insurance in the state of Colorado. Here's how to customize the cheapest auto insurance policy for your individual needs.
Minimum Liability Coverage
For drivers in Colorado, state law requires a minimum auto insurance coverage of 25/50/15 per vehicle.
This means $25,000 in Personal Injury Protection for the driver, $50,000 to cover the cost of death or injury to others, and $15,000 against property damage.
In Colorado, drivers must also purchase $5,000 in MedPay coverage, to ensure access to medical treatment in the event of an accident.
Nonetheless, researchers at the Insurance Information Institute point out that state minimum payouts are not always enough to cover the actual cost of an accident.
This is why they recommend at least 100/300 coverage for each car owned in America.
Penalties Uninsured Drivers
Driving an uninsured vehicle in Colorado results in a $500 fine and four points on the driving record for a first offense.
Penalties escalate with each repeat violation. Fines can be as high as a thousand dollars, and are often accompanied by license suspension and community service.
The Average Annual Auto Insurance Premium in Colorado was $1,271 last year, quite far below the national average, which was $1,510 at the time.
In general, car insurance premiums are affected by site-specific factors like local weather, topography, economy, percentage of uninsured vehicles on the road, population density and crime statistics, to name only a few.
Other factors influencing annual premiums are personal demographics like the age, gender, driving record, criminal record, lifestyle and vehicle owned by the policy holder.
Lowering the Cost of Car Insurance
Colorado car insurance carriers are known to offer various discounts to encourage good driving practices.
The Accident-Free Discount is for drivers who avoid accidents for three years.
The Good Driver Discount is for avoiding moving violations for three years.
The Good Student Discount rewards high grades.
Other cost-reducing car insurance programs include the Multiple Auto Discount, the Multiple Policy discount, the Defensive Driving Course discount, the Passive Restraint discount, and the Vehicle Safety Discount.
Ask your local car insurance agent for full details on discount car insurance in Colorado.
According to recent consumer reports, Colorado car owners generally prefer AIG, Allstate, Auto Owners Insurance, Farmers Insurance, Geico, Liberty Mutual, The Hartford, State Farm and 21st Century, although many Colorado drivers opt for smaller, regional carriers.
Colorado has many insurance companies, all offering locally competitive rates.
Just get a few free online quotes.
Then call a few agents and ask about their discounts.
Then simply compare quotes and choose the cheapest premium package. There's no need to pay more than you have to for car insurance.
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