Auto Insurance in Colorado (CO)
What Affects Auto Insurance Rates in Colorado?
Auto insurance rates in Colorado (CO) are affected by several factors. As a mountainous area with winding roads, most fatalities resulting from traffic accidents occur in the months of July and August: 121 in 2005. The state is also prone to extreme weather conditions, like hail and winter storms, as well as wildfires. However, insurance rates have generally fallen significantly since the state reformed its auto insurance laws in 2003 to require drivers to carry liability insurance, ending the need for expensive personal injury protection coverage. Colorado drivers are finding that car insurance is more affordable than ever.
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How much auto insurance coverage do I need in CO?
Like most states, Colorado requires drivers to carry minimum amounts of bodily injury and property damage liability coverage. The minimum required amounts are:
- $25,000 per person and at least $50,000 per accident of bodily injury coverage
- $15,000 in coverage for property damage
Coverage for losses caused by uninsured or underinsured motorists is not required by law, but your rejection of this type of coverage must be in writing. Most insurers, however, suggest that drivers buy more than the minimum types and levels of coverage to protect themselves financially in the case of an accident. You will want to carefully consider your family’s assets when you determine how much insurance to buy.
Can I get any auto insurance discounts in Colorado?
As a Colorado resident, you may qualify for discounts on your car insurance premiums. Drivers over the age of 55 are eligible to receive discounts on their car insurance if they pass a state-approved safe-driving course. Discounts may also be available to drivers with antitheft devices or, for younger drivers with good grades. Ask your insurance agent for more information regarding discounts on your auto insurance rates and premiums.
Insurance companies licensed to offer auto insurance and auto insurance discounts in Colorado include AAA, AIG, Allstate, American Family Insurance, Amica, Chubb, Comparison Market, Eastwood Insurance, Electric Insurance, Esurance, Farmers, GMAC Insurance Online, Horace Mann, Insurance.com, Prudential, Safeco, State Farm, Travelers Insurance, and Unitrin.
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More Information on Auto Insurance in Colorado
For more information on Colorado auto insurance requirements and minimum coverage amounts, contact the department of vehicles at:
Colorado Department of Revenue
Executive Director’s Office
1375 Sherman St., Room 409
Denver, CO 80261
www.revenue.state.co.us
*Auto Insurance Options is a free information resource that provides content on auto insurance products and policies for informational purposes only, but is not an agency or insurer. Products and policies may not be available in all states.
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