Why is Colorado Auto Insurance Getting so Expensive? | Colorado has recently become a very popular place to live in.
Why is everyone moving to Colorado? It could be the gorgeous weather, the stunning landscape, and the robust economy.
(The 2012 legalization of pot might be a factor, too.) Regardless of the reasons, population growth has spurred 15 percent and higher increases in insurance premiums.
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More people means more cars on the road, which means more crashes and claims. Other reasons Colorado car insurance is expensive: the high cost of repairing hail damage and the increasing costs of fixing cars equipped with hi-tech features.
How Do I Find the Cheapest Auto Insurance in Colorado?
Don’t despair! Even when rates are going up, you can still get a good deal on your insurance. Because so many factors can affect the cost of car insurance, there’s no single company that offers the cheapest Colorado auto insurance. The best way to find a policy you can afford is to compare auto insurance quotes for Colorado side by side.
To comparison-shop on Compare.com, begin by entering some basic information, such as your address, your occupation, and your vehicle. Then, we’ll ask you to select the level of coverage you want: state minimum, Basic, Plus, or Premium.
If you really want the absolute cheapest Colorado car insurance, choose state minimum coverage. We’ll show you quotes for a no-frills policy that meets Colorado’s state minimum requirements (25/50/15 plus MedPay). Then, you can compare quotes and pick the lowest one.
I Can’t Afford Colorado Car Insurance. What Happens if I Drive Without Insurance?
Driving without insurance in Colorado results in serious penalties, including:
- Four points on your driver license
- For a first offense: a minimum $500 fine and the suspension of your license until you can show proof that you are insured
- For a second offense: a minimum $1,000 fine and license suspension for four months
- For a third or subsequent offense: a minimum $1,000 fine and license suspension for eight months
- Up to 40 hours of community service, if ordered by the court
Should I Carry More Than the Colorado State Minimum Insurance?
The state minimum might be enough if you have few assets to protect and you drive an old car that doesn’t need collision/comprehensive coverage. However, it’s a good idea to add more protection, if you can afford it. With the minimum coverage, you could be in trouble if you cause an accident that results in more than $25,000 in injuries to the other driver because they can sue you. And if an uninsured driver hits and hurts you, you could end up with big medical bills.
But we understand that you don’t want to spend more than you have to on insurance! Compare.com can help you find the perfect policy. Once you’ve checked your super-cheap Colorado auto insurance quotes for state minimum coverage, try upgrading to the Basic level, which adds uninsured/underinsured motorist coverage, comprehensive and collision. Look at the quotes you get to see how much more you’ll pay. We ran the numbers for a 27-year-old Colorado driver with a good driving record. His cheapest quote for state minimum coverage was $33 per month. For basic coverage, it was $85 per month. Is paying $52 more per month for added protection worth it? That’s up to you.
You can also click “Customize coverage” to create a personalized insurance plan: Adjust your deductibles, add or delete towing and rental car coverage, and choose specific limits for different aspects of your coverage.
information source by Compare.com