Colorado Auto Insurance

The state of Colorado is a Tort state.  This means that if the state declares an individual as the cause of an accident, the named person will be required to pay all the damages which result from the accident they caused.  This will include all medical bills and vehicle repairs.  For this reason, insurance companies may encourage you to purchase more than the minimum auto liability insurance required by the state of Colorado.  There is not a statutory grace period for insurance premium payments in Colorado.  The payment must be received before or by the due date.  Your premiums may go up if it becomes evident that you have a problem paying your premiums on time and you may have a difficult time getting insurance if your policy is dropped. 

Canceling an insurance policy in the middle of a term of coverage is restricted to the following conditions:  non payment of the policy, suspended or revoked license, or the policy holder falsified information on intention while filing a claim or application.  If the insurance company cancels the policy, the premium will be prorated and there will not be a penalty as long as the reason falls under the rules of C.R.S. 10-4-602.  If you cancel the policy, you will receive a short rate penalty of 10-15% on the returned premium.

Insurance companies may decide to exclude household individuals from your policy for various reasons.  These exclusions are legal and will be addressed in the policy or by an endorsement attached to the policy.  If you continue to allow the excluded individual to drive your vehicles, they will not be covered.  Their insurance is invalid as long as they are excluded on the policy. 

In the state of Colorado, the insurance company is allowed to check out your personal credit history when offering you insurance and setting your premium rates.  They may also look at your credit standing, past policy coverage, premiums, and payment history.

The average insurance premium in Colorado was about $785.00 as of 2006.  Colorado was ranked as having the 23rd highest premium average in the United States.  There are 55 state approved insurance companies doing business in the state of Colorado.  The insurance policies for a 68 year old married female has the overall least expensive premiums for almost all 55 companies with the 35 year old married male coming in a close second.  The highest premiums are for the 21 year old male.  The least expensive insurance policy premiums across three categories are offered by Fidelity National Property and Casualty Insurance Company for the 21 year old female at $343.00 per year, the 21 year old male at $639.00 per year, and the 35 year old married man at $376.00 per year.  For the 68 year old married female, American Standard Insurance Company of Wisconsin and Mendakota Insurance Company tie with premiums of $428.00 per year.  The overall highest premiums go to Unitrin Auto and Home Insurance Company.  The premium of $4233.00 per year for 21 year old males is the highest.

The table below is based on annual premium estimates from October of 2007.  The quotes in the table reflect the minimum mandatory liability insurance and a $500.00 deductible on collision and comprehensive insurance coverage.

Female 21 Male 21 Male 35 Female 68
Company Single Single Married Married
Allstate Indemnity Company $1076.00 $1369.00 $696.00 $640.00
Alpha Prop. & Cas. Ins. Co $834.00 $1164.00 $567.00 $524.00
American International Pacific
Insurance Company $840.00 $910.00 $477.00 $428.00
Bristol West Ins. Co. $1521.00 $2039.00 $1072.00 $956.00
Buckeye State Mutual Ins. Co. $2491.00 $2703.00 $1078.00 $937.00
Colorado Farm Bureau
Mutual Insurance Company $1344.00 $1583.00 $1016.00 $949.00
Dairyland Insurance Co. $1649.00 $2358.00 $1018.00 $1049.00
Deerbrook Insurance Co. $1191.00 $1646.00 $820.00 $771.00
Electric Insurance Co. $1063.00 $1215.00 $589.00 $508.00
Equity Insurance Co. $1160.00 $1561.00 $887.00 $1003.00
Esurance Insurance Co. $1366.00 $1796.00 $854.00 $786.00
Farmers Alliance Mutual Ins. Co. $2270.00 $2786.00 $1239.00 $1174.00
Federal Insurance Company $3304.00 $3973.00 $1900.00 $1565.00
Fidelity National Property
And Casualty Insurance Co. $343.00 $639.00 $376.00 $481.00
Financial Indemnity Company $1001.00 $1210.00 $670.00 $720.00
Geico Casualty Company $1047.00 $1109.00 $801.00 $901.00
Geico Indemnity Company $924.00 $955.00 $653.00 $585.00
Great Northern Insurance Co. $3304.00 $3973.00 $1900.00 $1565.00
ICM Insurance Company $1834.00 $2395.00 $927.00 $821.00
Ids Property Casualty Ins. Co. $1118.00 $1261.00 $781.00 $745.00
Infinity Insurance Company $1148.00 $1599.00 $800.00 $709.00
Integon General Ins. Corp. $977.00 $1267.00 $583.00 $555.00
Integon Indemnity Ins. Corp. $977.00 $1267.00 $583.00 $555.00
Integon National Ins. Corp. $977.00 $1267.00 $583.00 $555.00
Liberty Mutual Fire Ins. Co. $1582.00 $2112.00 $933.00 $787.00
Loya Insurance Company $1388.00 $1665.00 $987.00 $955.00
Mendakota Insurance Co. $611.00 $846.00 $390.00 $428.00
Meraster Insurance Co. $1685.00 $2372.00 $999.00 $949.00
National Farmers Union
Property and Casualty Co. $1219.00 $1698.00 $842.00 $726.00
National General Ins. Co. $904.00 $1093.00 $668.00 $448.00
National Surety Corporation $2094.00 $1544.00 $1471.00 $1222.00
New Hampshire Indemnity
Company Inc. $1303.00 $1457.00 $772.00 $617.00
Northbrook Indemnity Co. $2488.00 $3305.00 $1711.00 $1710.00
Ohio Casualty Insurance
Co. Inc. , The $717.00 $837.00 $493.00 $450.00
Omni Insurance Company $1794.00 $2392.00 $1344.00 $1042.00
Pacific Indemnity Co. $3304.00 $3973.00 $1900.00 $1565.00
Permanent General Assurance $1338.00 $1838.00 $731.00 $687.00
Progressive Direct Ins. Co. $1140.00 $1611.00 $681.00 $671.00
Progressive Preferred Ins. Co. $1122.00 $1552.00 $648.00 $1112.00
Sagamore Insurance Co. $1461.00 $2035.00 $1029.00 $1112.00
Shelter General Insurance $996.00 $1384.00 $762.00 $565.00
Titan Indemnity Company $1288.00 $1655.00 $874.00 $814.00
Travelers Home and Marine
Insurance Company, The $945.00 $1302.00 $651.00 $742.00
Trumbull Insurance Co. $1993.00 $2658.00 $1494.00 $1158.00
Unitrin Auto and Home Ins. Co. $3865.00 $4233.00 $2261.00 $1958.00
Unitrin Direct Property
and Casualty Company $1293.00 $1845.00 $770.00 $715.00
Victoria Fire & Casualty Co. $1063.00 $1361.00 $719.00 $673.00
Vigilant Insurance Company $3304.00 $3973.00 $1900.00 $1565.00
Viking Insurance Company
of Wisconsin $1358.00 $1662.00 $866.00 $771.00
West American Insurance Co. $717.00 $837.00 $493.00 $450.00
Western Agricultural Ins. Co. $1143.00 $1384.00 $948.00 $842.00
Western United Insurance Co. $721.00 $1019.00 $500.00 $469.00
Young America Insurance Co. $1492.00 $1814.00 $1068.00 $1053.00

Things that can help you reduce the cost of your insurance premiums include a clean driving record, the type of vehicle you choose to drive as well as the number of miles you drive per year.  The fewer miles you put on your vehicle each year, the lower your chances are of being involved in an accident.  The reduction in accident risk can translate into a reduction in premiums.  Furthermore, a clean driving record reduces your risk of an accident.  It will be more expensive to insure a luxury car or a sports car.  You should also keep in mind that insurance premiums will be higher on vehicles which are a high priority for thieves.  The cars that made the top 10 stolen vehicles in Colorado are:

1. 1996 Honda Accord
2. 1989 Toyota Camry
3. 1996 Dodge Neon
4. 1995 Plymouth Neon
5. 1994 Jeep Cherokee/Grand Cherokee
6. 2000 Honda Civic
7. 1992 Chevrolet C/K 1500 Pickup (full size)
8. 1997 Ford F150
9. 1997 Dodge Ram Pickup
10. 1995 Acura Integra