There are approximately four million licensed drivers in Colorado, and they spend hours navigating thousands of miles of roadways in the state. As there are so many people on the road daily, traffic accidents are quite frequent. This leads to great importance in having the right car insurance coverage.
When you start looking for cheap car insurance Colorado, you’ll need the perfect policy that covers you over every mile. Much like any other state, there are minimum requirements for insurance. There are also laws and regulations for drivers to know to drive safely and protect their legal and financial responsibilities.
The Average Premiums for Colorado Car Insurance
The average car insurance premiums in Colorado are higher than you would expect by approximately 0.6% of the national average. Drivers pay approximately $1,435 per year for their policies.
There are a number of components that contribute to the cost of your insurance, including your gender, age, driving record, and your credit score.
Drivers between the ages of 16 and 18 pay the most for insurance, as their annual costs range between $6,995.50 and $5,272.83. Drivers between 19 and 49 could expect to pay premiums between $3,190 and 1,363.40. Once you reach the age of 50, your premiums will experience a sharp decline.
Most drivers between 50 and 59 pay approximately $1,289 per year for insurance. As you can tell, age holds a significant factor in the amount of money you’ll have to put into your insurance, though there are many other factors to consider as well.
Cheap Car Insurance Colorado: How to Choose One
When looking for cheap car insurance Colorado, several factors can influence your monthly and annual costs. It’s always best to find the most comprehensive coverage for an affordable price.
You’ll find that your gender won’t have as large of an impact on your insurance as age. However, there is still a difference in price between men and women. The average yearly premium for men is approximately $1,420.90, and for women, it is $1,447.58.
Once married, you will surely experience a decrease in insurance premiums. This is because most couples will sign with the same insurance provider. The more customers a company receives, the less they will have to charge their clients.
Married couples in Colorado will be able to save up to $86 each year on their insurance. This also applies to widowed drivers, though if you are divorced, your rates will increase back to what they were prior to your marriage.
One of the most influential factors all insurance providers consider is credit score. This is because companies use your credit score to assess your reliability. The more reliable a client is, the less of a risk they are, which means they are less likely to cost an insurance company money.
With impeccable credit, some insurance providers can help you to save over $1,500 per year on your car insurance. It’s also important to note that with poor credit, you may not be eligible to sign with certain providers. This will force you to sign with insurance providers meant for at-risk drivers, which include vastly higher premiums.
Drivers with credit scores between 300 and 579 will have an approximate premium of $2,797.45. With a credit score between 580 and 669, your premiums will drop to $2,321.78. With an exceptional credit score between 800 and 850, you’ll have an approximate premium of $1,240.57.
Important Colorado Auto Insurance Requirements and Laws
The laws and requirements of drivers in Colorado are important to note. This is because if you are caught without insurance, you will face strict legal penalties.
Similar to other states, Colorado is a fault state. This means that you are responsible for medical costs, property damage, economic damage, emotional pain, and physical pain if you are found at fault.
The minimums for drivers in the state include:
- $25,000 for bodily injury per person for each accident
- $50,000 for bodily injury for all people in an accident
- $15,000 for property damage liability
Not only are you responsible for having insurance, but you are also legally required to carry your insurance while driving. If you are pulled over and an officer asks to see your insurance, you will need to have it on you. Otherwise, you could receive up to a $500-fine as well as a license suspension.
Each time that you fail to provide proof of insurance, your fines increase. For the second offense, you face $1000 worth of fines and up to a four-month license suspension. Subsequent offenses have a minimum of a $1000 fine as well as community service and longer license suspensions.
Other Colorado Driving Laws
Apart from the laws pertaining to insurance, these are equally as important driving laws to know.
As in most states, teen drivers face the most restrictions when driving. The most important restrictions include:
- No passengers under 21 for the first six months of driving alone
- Cell phone use under the age of 18 while driving is prohibited
- Inability to drive between 12 AM and 5 AM unless accompanied by a parent, legal guardian, or instructor. Exceptions apply to driving to or from school and work with a signed statement.
- Zero tolerance for driving while inebriated
Individuals convicted with a first-time DUI will face anywhere from five days to one year in jail as well as a fine as high as $1,000. The penalties also include up to 96 hours of community service, a nine-month license revocation, and alcohol education classes.
Also known as Driving While Ability Impaired, DWAI laws are slightly less than DUI laws. These apply to drivers who have a blood alcohol level less than 0.08% or who appear to be inebriated without chemical test results.
When charged with a DWAI, you are facing up to 180 days in jail, a maximum fine of $500, eight points taken from your license, and up to 48 hours of community service.
Cheap car insurance in Colorado is slightly more difficult to find than in other states. This is mostly because there are many drivers and plenty of accidents. By paying close attention to your credit score, your age, your marital status, and other important factors, you can reduce your premiums by the hundreds.
As always, it is best to look for the best rates from different providers. This can help you to get the best possible deal and the most comprehensive coverage to meet state laws and your needs.