The cheapest liability insurance in Colorado is from American National, which charges an average of $24 per month ($290 annually). In Colorado, having liability insurance from American National can help you save hundreds of dollars each year on your car insurance premiums.
*Premiums are representative of a 45-year-old good driver with minimum coverage; individual premiums will vary.
Liability insurance in Colorado costs an average of $60 per month, so finding the cheapest insurers can help you save. The easiest way to find the cheapest car insurance for your needs is to compare quotes from several insurers and take advantage of all available discounts.
The cheapest full coverage insurance in Colorado is from American National, which charges $169 per month, on average. In comparison, the average cost of full coverage in Colorado is $418 per month.
In general, the easiest way to make sure you’re getting the cheapest full coverage car insurance possible is to compare quotes from several companies and take advantage of all the discounts you qualify for.… read full answer
Note: Premiums are for a good driver in Colorado; individual premiums will vary.
Full coverage car insurance in Colorado costs an average of 257% more than minimum coverage policies because full coverage policies typically consist of comprehensive and collision insurance as well as any coverage required by state law.
You can get car insurance in Colorado by comparing quotes from both national and local insurance companies to find the best deal, then purchasing coverage online, by phone or in person. In Colorado, only liability car insurance is required for all drivers.
You’ll need to have information about yourself and any other drivers you want on your policy, including driver names, addresses, and driver’s license numbers. You will also need details about the vehicles you’d like to insure, such as vehicle makes and models, VINs, and mileage.
2. Decide how you want to purchase insurance
Most insurance companies allow you to purchase car insurance online. You can also purchase it over the phone or in person through a company’s dedicated agent or through an independent insurance broker. Purchasing through an agent or broker instead of online may be better for people who are less tech-savvy and want to have a person walk them through the available options.
3. Look into the required types of insurance in Colorado
In Colorado, drivers must have at least a minimum amount of bodily injury liability and property damage liability insurance.
Type of Coverage
Bodily injury liability
$25,000 per person ($50,000 per accident)
Property damage liability
4. Consider additional types of coverage
You should look into optional types of coverage, like collision and comprehensive. While they aren’t required by state law, lenders and lessors will often require financed vehicles to carry collision and comprehensive insurance, and these types of coverage can help protect your finances.
5. Compare quotes
Comparing prices from several different companies is the best way to make sure you’re getting the best deal.
Always make sure you’re taking advantage of every discount available.
7. Pay for your policy
You’ll need to figure out whether you’d rather pay monthly or pay in full up front. Most companies offer a slight discount for paying up front. When choosing a specific policy, you’ll also need to pick deductibles for certain types of coverage, like comprehensive and collision.
You need enough liability insurance to cover your net worth. Having coverage equal to the value of the assets you own and all the money you have, minus your debt, protects you financially in case of a serious car accident.
When to Carry Only the Minimum Liability Coverage
Although almost every state requires drivers to carry liability insurance, the minimum coverage is not always enough to cover the cost of an accident. It’s always best to carry as much liability coverage as you can afford, especially if you have a high net worth. You can generally get away with a lower property damage liability limit if you want to save, however, since property damage liability claims are usually less expensive than bodily injury liability claims.… read full answer
If you don’t have many assets or think the risk is worth it, you might be comfortable with carrying only the minimum coverage. But no matter what, make sure you’re carrying enough insurance to comply with state law and avoid paying fines for driving uninsured.
Liability Limits on Auto Insurance
Liability limits on auto insurance are the maximum amount that your insurance company will pay for injuries and property damage in accidents that you cause. Liability limits are typically written as three numbers divided by slashes.
For example, Arizona’s liability coverage requirements are 50/30/10. That means drivers need to carry $50,000 in bodily injury liability coverage per person, $30,000 in bodily injury liability coverage per accident, and $10,000 in property damage liability coverage overall.
Why You Need More Liability Insurance Than the State Minimum
Your insurance company will never pay for anything beyond the limits of your policy. Using the Arizona example, if you cause an accident that leads to $70,000 in medical bills for the other driver, you will have to pay for $40,000 if you are only carrying the minimum insurance required. And if you can’t afford to pay the full amount, the other driver can sue, and you can have your assets seized or wages garnished to cover the remainder.
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