Who has the best cheap car insurance in Colorado?

Liz Knueven

Oct 9, 2019, 01:16 IST

Who has the best cheap car insurance in Colorado?

USAA and GEICO offer the best cheap car insurance in Colorado, according to Consumer Reports data.

In Colorado, USAA and GEICO generally offer the best cheap car insurance. USAA has the edge in price for drivers with good or better credit.
There are several factors that can influence the amount you'll pay to maintain coverage, including your driving history and credit score.
For the best auto insurance rates in Colorado, it's important to shop around to see which company will offer you the most coverage for your money.
Read more personal finance coverage.

According to the Insurance Information Institute, the average driver in Colorado will pay $935 for coverage each year. That's exactly the national average for car insurance premiums, putting Colorado right in the middle when it comes to insurance costs.

However, every driver will see a different premium according to a variety of factors, including their age, gender, the type of vehicle they drive. Every insurance company will price a driver differently, and that's why it's so important to shop around for auto insurance.

Here are a few companies offering the most affordable car insurance in Colorado.

Who has the best cheap car insurance in Colorado?

Consumer Reports compiled information on car insurance pricing formulas by each company and for each state, and then calculated the premium for a single adult driver according to three credit levels. Here are the three best companies for a Colorado driver in three different credit levels.

Colorado drivers with good credit (or scores between 670 to 739, according to FICO) will see these three companies offer the best rate. Here's the average premium for a single adult driver:

USAA car insurance: $857 per year
GEICO car insurance: $939 per year
Farmers car insurance: $1,193 per year

Drivers with excellent credit (or scores of 800-plus) will see the lowest costs of coverage from these three companies. Here's what the average adult driver will pay through each:

USAA car insurance: $641 per year
GEICO car insurance: $800 per year
Farmers car insurance: $987 per year

Drivers with poor credit (with scores between 300 and 579 according to FICO) will pay the most for their coverage. Here's what each company would charge the average adult driver with poor credit:

GEICO car insurance: $1,365 per year
American Family car insurance: $2,169 per year
State Farm Mutual car insurance: $2,277 per year

Who gets the best cheap car insurance in Colorado?

Generally, those who have the best credit scores are going to get the cheapest prices. Checking your credit score before you start searching for a new insurance policy and working to increase your credit score could save you money. But, there are many other factors that go into what you'll pay to maintain coverage, also called a premium. You might find that your driving record, gender, and even where you live within Colorado will influence your premium.

That said, the person who gets the best rate for their car insurance is going to be the person who shops around. Every insurance company will look at those factors differently, and will price your premium accordingly. It's worth checking with several companies to make sure you're getting the best rate possible.

When you're shopping for insurance, make sure to look past the premium, too. You'll want to compare your quotes, looking for the policy that gives you the most coverage and the highest limits for your money. And, consider the deductible, or the amount you'll pay out of pocket if you get into an accident. Generally, lower-cost policies have higher deductibles, meaning you'll pay more if you get into an accident.

Colorado drivers who shop around are the most likely to find the insurance policy with the best price for them, no matter their driving history or credit score.