How much is car insurance in Colorado?

For auto insurance, Colorado drivers pay an average annual premium of $500 for minimum coverage and $2,121 per year for full coverage, according to 2023 rate data from Quadrant Information Services.

Compared to the 2023 nationwide average annual premium of $2,014 for full coverage, Colorado’s average rates are just slightly higher. However, minimum coverage in Colorado costs about 13 percent less than the national average of $622 per year.

Although many factors contribute to Colorado’s higher average for full coverage rates, one may be the general increasing trend of fatal accidents in the Centennial State. Since 2011, the number of fatal collisions in Colorado has increased steadily, up to 681 incidents in 2022  from about 400 in 2011.

As a result of this and other factors, the average cost of car insurance in Colorado is more expensive than in some neighboring states. For example, the average full coverage premium in Utah is $1,510 per year and the average rate in Wyoming is $1,582  per year.

Colorado has a relatively high number of uninsured drivers (more than 16 percent) and certain weather-related risks, including an increasing prevalence of wildfires, which also likely contribute to the high cost of auto insurance in the state.

By Aban

Leave a Reply

Your email address will not be published. Required fields are marked *