The average annual cost of full coverage car insurance in Colorado is $2,016, which is about $300 more than the national average of $1,738. The state-required minimum liability car insurance averages $518 per year in Colorado, putting it just slightly higher than the national minimum at $480.
There are many factors that can affect what you will pay for car insurance in Colorado.
For example, the average cost of insurance premiums can differ depending on where you live in Colorado. Drivers in Denver pay the highest car insurance rates in the state, with average costs at $2,424 per year for full coverage. Meanwhile, in Fort Collins, drivers pay an average cost of $1,716 per year for full coverage car insurance.
It has to do with how many claims are filed for things such as accidents, crime and personal injury lawsuits in an area. All drivers in a specific area may pay higher premiums based on the actions of others who live in that area.
What Is the Average Premium in Colorado for Cheap Full Coverage Car Insurance?
On average, Colorado drivers pay $168 per month for full coverage. Full coverage consists of liability, plus collision car insurance and comprehensive car insurance. If your car is financed, your lender will require you to carry full coverage insurance in order to protect its ownership stake until you pay off the vehicle.
Car insurance premium rates vary depending on the deductible amount, the amount of coverage included, age, driving history and much more.
How Much Is It for Cheap Liability Insurance or the Minimum Required Car Insurance in Colorado?
The average cost for the cheapest car insurance in Colorado is $43 per month. This is for people who are driving a car that is considered safe and cheap to repair, have an excellent driving history and are of an age that is considered more responsible, such as late 30s through 60s. Savvy drivers can lower this even further by adding car insurance discounts.
Keep in mind that the minimum liability coverage means that you have no financial protection for your own injuries and damages if you cause an accident. Your cheap liability insurance will go towards paying for the other involved parties’ costs. And with the cheapest level of car insurance possible, there may not be enough to cover everything after your insurance company has paid their share, leaving you with out-of-pocket costs.
How Do Rates Compare Across Major Cities in Colorado?
Most Colorado residents live in three main cities: Denver, Colorado Springs, and Aurora. Over 749,000 people live in and around Denver. Here is a look at the monthly cost of auto insurance in some Colorado cities.
Unless otherwise specified, we use the following methodology to arrive at our average cost: male, age 30, lowest possible legal coverage allowed by state. Your rates will be determined by several factors, including your age, your gender and the amount of coverage you want to purchase.