Car insurance Denver Colorado rates can be expensive. Drivers can find ways to save by shopping around and knowing what factors go into calculating insurance rates in the area.
Denver, Colorado, Insurance Requirements
Drivers in Denver, Colorado, must have auto insurance to drive. The state requires the following insurance minimums:
- $25000 bodily injury liability per person
- $50000 bodily injury liability per accident
- $15000 property damage liability per accident
This is the state’s minimum requirement. However, many drivers may choose to carry additional insurance. While you can adjust your full coverage policy to the coverage levels you want, a typical policy might include:
- $100000 bodily injury liability per person
- $300000 bodily injury liability per accident
- $100000 property damage liability per accident
Full coverage also often includes comprehensive and collision insurance. If you’re in an accident and it is your fault, bodily injury liability coverage will only cover the other driver’s injuries or lost wages. Full coverage covers your medical bills and lost wages. Some drivers also choose to add on other coverages like roadside or vehicle replacement insurances for even more protection.
How Much is Car Insurance in Denver, Colorado?
Car insurance in Denver, Colorado, is usually costlier than when compared to the state and national averages. According to ValuePenguin, the average cost of car insurance in Denver, Colorado, is $1949 per year. This is in comparison to the state’s average of $1757 per year, and the national average, which is $1548 per year.
Car insurance rates in Denver, Colorado, are usually higher because the city has high theft rates. Denver has the second-highest theft rate in the state.
Best Insurance Providers in Denver, Colorado
Drivers have a lot of options available for insurance in Denver, Colorado. Here are a few insurance providers to consider:
- USAA: Average annual rate of $1510
- GEICO: Average annual rate of $1241
- State Farm: Average annual rate of $1540
- Allstate: Average annual rate of $2031
- Progressive: Average annual rate of $2451
These rates come from The Zebra. However, the best insurance provider and rates will vary from driver to driver. This is because insurance companies calculate their rates differently, taking things like driving records and age into account differently. It is important to get price quotes from multiple providers to find the best insurance provider.
How Location Affects Your Insurance Rates
Even your location within Denver, Colorado, can have an effect on your insurance rates. Some zip codes in the Denver area have less traffic and lower theft rates, which leads to a cheaper rate. Here are some of the most expensive neighborhoods in Denver, Colorado:
- Five Points
- LoDo
- East Colfax
- Uptown
- Stapleton
- Capitol Hill
- RiNo
- South Pearl
- Cherry Creek
- South Broadway
Insurance companies usually consider zip codes when calculating rates. The most expensive zip codes in the Denver, Colorado, area include 80239, 80205, 80204, 80223, 80219. The cheapest zip codes in the Denver, Colorado, area include 80234, 80241, 80127, 80123, and 80233.
The population in each area also makes a difference in rates. Cities that have more people will usually also have more traffic, which can mean more claims.
How Age Affects Your Insurance Rates in Denver, Colorado
Your age has a big effect on how much you pay for car insurance. Drivers who are in their 50s usually pay the cheapest rates in Denver, Colorado. Teen drivers usually pay the highest insurance rates. Because of the high rates, it is important to avoid tickets or auto accidents as a teen, which can make your rates even higher. By the time a teen driver turns 20, as long as they avoid things like traffic violations and at-fault car accidents, they can usually expect a decrease in insurance rates.
The Zebra says that moving from teen insurance rates to a driver in their 20s can save drivers as much as $4539 per year. Some teen drivers may choose to stay on their parent’s policy until they turn 20.
How Gender and Marital Status Affect Insurance Rates in Denver, Colorado
Even your marital status and gender can affect your insurance rates in Denver, Colorado. Females pay slightly more for insurance, usually around $12 more per year. Married drivers save, on average, $135 per year on insurance than single drivers. Married drivers may also qualify for discounts like multi-policy or multi-driver, which can make your insurance rates even more affordable.
How an Accident Affects Your Insurance Rates in Denver, Colorado
An accident on your record leads to an increase in insurance rates. You can expect an even higher increase if you are at fault for the accident. Other things that can lead to an increase in rates include a DUI, reckless driving, and a speeding ticket. A DUI can lead to an increase in rates of as much as $681 per year. Even a speeding ticket can increase your insurance rates by, on average, $346 per year. Avoiding traffic violations and accidents is one of the best ways to keep your insurance rates affordable.
How Credit Affects Your Insurance Rates
Even your credit score may have an effect on your insurance rates in Denver, Colorado. Paying off debt and improving your credit score can usually save you a lot. Even moving your credit score from the Very Poor range to the Fair range can save you as much as $1381 in insurance each year. Drivers with an exceptional credit score will usually enjoy the best rates. This is because insurance companies consider drivers with good credit scores to be less risk.
Car insurance in Denver, Colorado, can be pricey and some drivers, especially those who are teens, or who have an at-fault accident on their record, can expect even higher rates. Knowing what factors go into your rates can help you choose the right insurance provider and find a policy that is affordable.
Check this out if you need additional information, resources, or guidance on car insurance.
Source:
Who Has The Best Car Insurance Rates in Denver? I valuepenguin.com
Denver, CO, Car Insurance I thezebra.com
Multi-Car Discounts: Everything You Need to Know I caranddriver.com
Does Credit Score Affect Car Insurance I caranddriver.com
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