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Colorado Auto Insurance

If you live in Colorado, you know the importance of having good Colorado Auto Insurance.  In a state once known for having the highest percentage of uninsured drivers, finding high-quality, affordable auto insurance can still be easier than you think.  With a lot of knowledge and a little bit of time, you’ll be able to shop and compare several Colorado auto insurance policies to determine which one is best suited to your needs without breaking your budget.

Colorado Auto Insurance Laws

In Colorado, legal and financial responsibility is based upon the law of negligence, which is also known as “tort” law.  This means that if you are responsible for an accident or property damage, you are responsible for the resulting expenses to repair the damage or pay for medical costs.  Consequently, the registered owner of a motor vehicle must have a Colorado insurance policy to operate the vehicle.  The state has established minimums for that liability coverage, including bodily injury liability of $25,000 per person and $50,000 per incident, plus $15,000 for property damage.  It is permissible to purchase a combined single limit policy of $65,000 as well.

Though comprehensive insurance, collision insurance, and uninsured/underinsured motorist insurance is not mandatory for drivers, Colorado auto insurance laws do require Colorado auto insurance companies to offer these types of coverage. 

Seniors seeking auto insurance in Colorado should be pleased that state law requires insurance providers to reduce rates for a three year period for people 55 or older if they complete a driving course approved by the Department of Motor Vehicles and Public Safety, such as 55-Alive or courses sponsored by the American Association of Retired Persons (AARP).

Make sure you pay your automobile insurance premium on time, because there is no grace period required by law.  Your policy may be cancelled during the coverage term for any of the following reasons:

  • Non-payment of premium
  • License suspension or revocation for any drivers included on the policy
  • Knowingly making a false statement on a claim
  • Knowingly making a false statement on the insurance application

If your Colorado insurance company cancels your policy, you will receive a prorated refund without any penalty.  However if you cancel your policy early, the car insurance company has the right to charge you a penalty, usually ranging from 10-15%.

Factors Affecting Colorado Automobile Insurance Quotes

Insurance companies use a process called underwriting to determine the rates at which they are willing to offer you auto insurance coverage.  While you can control some of the factors, others are out of your hands.  Some of the components include:
  • Gender – Colorado permits gender to be used in rating drivers.  Statistically men have more accidents than women, resulting in higher rates.
  • Age – Drivers under 25 will pay more for car insurance than drivers over that age.
  • Marital status – Married drivers historically file fewer auto insurance claims.
  • Make & Model of Covered Vehicles – Cars that damage easily or are expensive to repair will cost more to insure.
  • Safety Devices – Vehicles including features like side airbags and anti-lock brakes will garner lower auto insurance quotes.
  • Vehicle Usage – How far do you drive each day and on an annual basis?  Low annual mileage will save you money.
  • Prior Insurance Coverage – Never let your insurance expire or be cancelled.  If this happens, it will be much more difficult to find auto insurance coverage, and it will most likely cost more as a result.
  • Driving Record – A person with a clean driving record, especially within the last 3-5 years, will pay less.  This is the single greatest controllable factor affecting your insurance rates. 

Finding the Lowest Colorado Auto Insurance Quotes

Whether you’re looking for auto insurance in Denver, Colorado Springs, or Wray, the process is the same.  It begins by entering your zip code in the box below, which will immediately match you with Colorado auto insurance companies offering free quotes for coverage in your area.  Choose the 3 or 4 that sound best to you, and submit your information.  In no time you’ll receive rates for auto insurance coverage from each one, then simply choose the one offering the best policy at the lowest price.  Don’t waste another minute paying too much for your current policy.  Start shopping now.

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