To find the best car insurance in Colorado, Bankrate’s editorial team reviewed several facets of each carrier, including 2023 average quoted premiums provided by Quadrant Information Services, coverage offerings and available discounts. We also examined third-party rankings from sources such as overall customer satisfaction from the J.D. Power 2022 U.S. Auto Insurance Study and financial strength ratings from AM Best, Standard and Poor’s and Moody’s. After analyzing how each company stacks up along these scales, we calculated a Bankrate Score on a 5.0 point scale, indicating a provider’s overall competitiveness relative to other top insurers.
If you are looking for the best auto insurance in Colorado, you may want to consider a quote from the following five major auto insurance carriers, which include Geico, State Farm, Progressive, American Family and Allstate. Some of them offer average rates below the Colorado average, which is $2,121 for full and $500 for minimum coverage.
Geico car insurance
Geico auto insurance received a Bankrate Score of 4.4 out of 5 points. To determine this Score, our insurance editorial team reviewed Geico’s average premiums, coverage options, discounts, customer satisfaction, financial strength and digital insurance features. The better a company performed in each of these categories, the higher its overall Bankrate Score.
Along with its high Bankrate Score, Geico was also named one of this year’s best car insurance companies overall, as well as the best budget car insurance company in the 2023 Bankrate Awards. Thanks in part to its overall lower-than-average premiums and plentiful discount opportunities, Geico may be a good choice for drivers looking for a cheap premium. Average Geico car insurance rates are also significantly cheaper than the national average when adding a young driver to the policy.
Geico car insurance is available in all 50 states and Washington, D.C. Its coverage options are generally standard and it does not have as many optional add-ons as some other car insurance carriers. The only additional options listed on Geico’s website are emergency roadside service, rental reimbursement and mechanical breakdown insurance.
State Farm car insurance
State Farm car insurance received a high Bankrate Score of 4.2 out of 5.0. To assign this Score, our insurance team conducted a State Farm insurance review that analyzed discount availability, customer satisfaction scores and financial strength ratings. The company ranked above the industry average in the J.D. Power 2023 U.S. Auto Insurance Study in all regions and boasts a financial strength rating of A++ (Superior), the highest rating possible from AM Best.
Founded in 1922, State Farm is a full-lines insurer that writes new auto and home policies in all states except Massachusetts and Rhode Island. As of May 2023, State Farm also no longer writes new home insurance policies in California. The company could be a good choice for drivers looking for the personal touch of a local agent, lower-than-average premiums and top-notch customer service. It may also be a good choice for those seeking to improve their driving habits with its Drive Safe and Save telematics program.
State Farm offers all the coverage types required in various states, including bodily injury liability, property damage liability, uninsured motorist, underinsured motorist, medical payments and personal injury protection. You can also find optional coverage for comprehensive, collision, emergency road service, ridesharing, and car rental and travel expenses.
Progressive car insurance
Our Progressive Insurance review found that the company could be a good choice for drivers looking for customizable policies and strong digital policy management options. Progressive may be one of the best car insurance companies due to its robust digital tools, coverage options, numerous discounts, low average premiums and high financial strength ratings. These features were all factored into our Bankrate Score model, and Progressive’s relatively high score shows that it is a robust car insurance carrier.
Progressive car insurance is available in all 50 states and Washington, D.C. You can buy standard coverage options like liability, comprehensive and collision, and you may also be able to personalize your policy with a few optional add-ons like rental car reimbursement, loan/lease payoff, custom parts and equipment coverage, and ridesharing coverage. Endorsement options may vary by state, so be sure to talk to an agent to know which add-ons are available for you. Additionally, Progressive may have coverage options for high-risk drivers who might struggle to find a policy elsewhere.
American Family car insurance
Based on our comprehensive assessment of coverage offerings, average premiums, online tools and more, American Family car insurance earned a Bankrate Score of 3.8 out of 5, partly due to the company’s lower-than-average full and minimum coverage premiums and high third-party customer satisfaction ratings. Still, its score may have been better if it offered car insurance nationwide. Additionally, the company has a financial strength rating of A (Excellent) from AM Best. While American Family’s insurance rating is still solid, it is lower than some other carriers.
American Family car insurance offers standard auto coverage types like liability, comprehensive, collision, medical payments and uninsured and underinsured motorist coverage. Safe drivers may utilize optional tools like KnowYourDrive, a usage-based telematics program that allows drivers to earn up to 20 percent off their car insurance based on how safely they drive, with a 10 percent discount earned automatically just for signing up. AmFam also allows policyholders to purchase Diminishing Deductibles, which credits drivers with a 12-month policy $100 off their collision and comprehensive deductible for every year of safe driving, up to the full deductible amount.
Allstate car insurance
In our Allstate insurance review, Allstate car insurance received a Bankrate Score of 3.8 out of 5.0 possible points. To find the best car insurance companies, our editorial team evaluated how well the auto insurance companies performed in a variety of categories, including policy options, discounts and third-party ratings from Standard & Poor’s, AM Best and J.D. Power, as well as mobile app accessibility and other attributes.
To complement standard coverage and provide greater financial protection, drivers could consider adding rental reimbursement. Drivers may even consider classic car insurance or rideshare insurance if they drive a vehicle that requires more tailored coverage.
Allstate’s Deductible Rewards program awards $100 off the collision deductible for every year of safe driving, up to $500. Allstate’s Safe Driving Bonus also allows drivers to earn cash back or credit to their car insurance policy for every six months without an accident. For those who want to be rewarded further for safe driving, Allstate offers Drivewise, a usage-based telematics program that provides savings for good driving habits and awards points for passing safe driving challenges
