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Cheap Car Insurance in Denver for 2024
In most states, car insurance is mandatory. The Rocky Mountain state of Colorado and its capital Denver are no exception. Of course, anyone that’s ever owned a car knows how expensive insurance can be, especially when you add it to maintenance and fuel costs.
That’s why we compiled a list of options for cheap car insurance in Denver. Keep yourself and everyone around you safe with these affordable policies.
Cheapest Car Insurance Options in Denver for November 2024
State Farm
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
For nearly a hundred years, State Farm has been providing customers with high-quality insurance policies at affordable prices. Thanks to this level of quality and numerous other benefits, the company emerged as a leading provider for both young and experienced drivers. Read more
GEICO
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
GEICO is among the most prominent companies on the market. The fact that it insures more than 28 million vehicles underscores its level of efficiency. Customers that value great customer service and an exceptional platform should definitely consider GEICO’s policy offers. Read more
Allstate
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
This company is perhaps best known for its accurate slogan: You’re In Good Hands with Allstate. In addition to standard auto coverage options, the company enables you to improve your insurance policy with various optional features such as accident forgiveness, roadside assistance, and rideshare insurance. Read more
USAA
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
USAA provides some of the cheapest rates to members of the military and their families. Based on its survey, customers that switched to USAA saved an average of $707 on their annual premiums. The only downside is that not everyone is eligible for these phenomenal services. Read more
Top Car Insurance Providers in Denver for 2024:
- State Farm - Best for a variety of coverage options
- GEICO - Best for low prices
- Allstate - Best for fast services
- USAA - Best for military members.
How We Evaluate Low-Cost Insurers in Denver
Picking the right car insurance policy can be challenging, especially when you’re not familiar with industry trends. But once you know what to look for, it really isn’t complicated. And since car insurance in Denver is mandatory, this is a subject you’ll need to get acquainted with.
To help steer you in the right direction and spare your budget any unnecessary strain, we’ve written down our criteria for evaluating insurance companies.
Reputation
Before all else, we examine the reputation of the companies. Our assessment has two dimensions.
The first one involves checking the ratings with multiple renowned agencies, including the Better Business Bureau, J.D. Power, AM Best and, of course, the Big Three – Fitch, Moody’s, and S&P. It goes without saying that auto insurance companies should have excellent or satisfactory scores.
The rating scale:
- BBB: from A+ to F
- J.D. Power: a 1,000-point scale
- AM Best: from A++ to S
- Fitch Ratings: from AA+ to CCC
- Moody’s: from Aaa to C
- S&P: from AAA to D
Second, we examined various online customer reviews. Although comments online aren’t always reliable, they often give you a good idea of what to expect.
Pricing and Discounts
In order to identify the most affordable offers, we compare the premiums of several top-tier companies and examine discounts, which can considerably reduce the insurance rates.
Keep in mind that the cost of your car insurance depends on many factors. Once you narrow down your search to three or four companies, check their quotes by inputting your own information. The prices in our reviews should only serve as guidelines.
Coverage Options
Finding the company that offers the lowest rates shouldn’t be your only objective. Every driver has a unique set of needs, which is why we look for insurers that provide a combination of low prices and plenty of coverage options.
Denver’s car owners are legally required to purchase liability auto insurance, which covers bodily injuries to other people and property damage if you are involved in an at-fault accident. The minimum mandatory insurance required by the state of Colorado is:
- $25,000 for accidents where you’ve caused bodily injury or death to one person
- $50,000 for accidents where you’ve caused bodily injury or death to multiple people
- $15,000 where you’ve caused property damage in a single accident
While it might be tempting to only fulfill the minimum Colorado auto insurance requirements, we recommend you consider additional protection. It pays off in the long run to have a slightly higher premium as accident bills can be very expensive.
The companies we’ve selected allow you to customize your policy, and their services won’t break your budget.
Ease of Use
The ease with which you can navigate a particular website and fill out the online forms may not be as important as our aforementioned criteria, but it’s still something you should consider while you’re researching insurance companies.
Customer Service
With a complicated subject like car insurance, quality customer support can be extremely valuable. That means support agents should be accessible, patient, and above all knowledgeable about all car insurance-related subjects.
Detailed Reviews of Denver Car Insurance Companies
State Farm
- • Young driver discounts
- • Three apps
- • Rideshare insurance
Founded in 1922 by George Jacob Mecherle, State Farm is the largest car insurer in the US.
Pricing and Discounts
An average driver will pay around $1,152/year for insurance at State Farm. Don’t let those four digits scare you away – with State Farm’s numerous discounts, odds are, you’ll be able to qualify for at least one of them and reduce your insurance rates significantly.
You’ll receive a discount for not having any accidents on your record, your mileage, driving performance, taking driver education courses (there are two discounts for drivers over 55 and under 21), being a good student, insuring multiple vehicles with State Farm, combining policies, owning a passive restraint system, residing at a school that’s more than 100 miles from your home, and having a safe vehicle.
Coverage Options
State Farm is as generous with its coverage types as it is with discounts.
You can get collision, comprehensive, liability, car rental and travel expenses, uninsured motor vehicle, medical payments, emergency road service, and rideshare coverage. Other options include coverage for teen drivers, sports, as well as classic and antique cars.
Ease of Use
The website is very intuitive and offers a wealth of information on the company's services as well as useful tips and explanations. It’s available in both English and Spanish. However, getting the rates took quite a bit of time and required extensive personal information.
State Farm has three highly-rated mobile apps. The main one helps you manage your insurance policies, get roadside assistance, file claims, and get in touch with your agent. The other two are Steer Clear and Drive Safe & Save.
The Steer Clear app encourages young drivers to improve their driving skills in exchange for discounts and the Drive Safe & Save app collects data about your driving pertinent to the discount. All of them are available for both iOS and Android devices.
Customer Service
It makes sense that such a large company comes with superb customer service. State Farm offers you personalized assistance via phone, email, or through your mobile app.
GEICO
- • Driver affiliation discounts
- • Mechanical breakdown insurance
- • 24/7 customer service
GEICO is short for the Government Employees Insurance Company, but you no longer have to be a government employee to be a client. Although it opened its doors 84 years ago, it wasn’t until 1974 that GEICO began to insure the general public.
Pricing and Discounts
GEICO is without a doubt among the most affordable companies you’ll encounter. The average auto insurance coverage will only set you back $872/year.
GEICO’s discounts are grouped into several categories including vehicle equipment, driver’s education, driving history and habits, driver affiliation, and customer loyalty. Essentially, the more safety equipment your car has the less you’ll pay. Driving courses and a good academic record can reduce the price further.
Let’s not forget to mention that you can potentially save up to 26% if you haven’t been in an accident in the last five years.
The affiliation discounts are reserved for military personnel, federal employees, and members of GEICO’s partner companies, while the customer loyalty discounts are granted to clients that insure more than one car and hold more than one policy.
Coverage Options
You’ll find all the standard car insurance options at GEICO such as liability, medical, uninsured motorist, and vehicle coverage. The company also offers emergency road service, rental reimbursement, and mechanical breakdown insurance.
Ease of Use
You can dig up all of GEICO’s quotes in a matter of minutes. The website is easy to navigate and provides quick access to all the information you need.
The mobile app is user-friendly and includes a long list of features. You can download it from either the App Store or Google Play.
Customer Service
Whether you choose to contact GEICO’s customer support team via email, Twitter, live chat, or telephone, you’ll receive quick replies to your inquiries. There’s even a virtual assistant standing by at the bottom right corner of the website. The best part is that all of this insurance-related help is available to you 24/7.
Allstate
- • Mexico tourist car insurance
- • Drivewise feature
- • Claim satisfaction guarantee
In 1930, an insurance broker by the name of Carl L. Odell told General Robert E. Wood about an idea he had to sell insurance by mail. As the Sears Chairman, General Wood passed it onto the board of directors, and the idea came to life in 1931. Nowadays, the company is still going strong.
Pricing and Discounts
You should expect an average annual cost of $1,207 with this insurer. Compared to other names on our list, Allstate is a bit pricier, but it certainly makes up for it with an abundance of policy types and fast services.
Aside from the standard new car, anti-lock, anti-theft, multiple policies, good student, safe driving, and signing discounts, the company also offers the less common responsible payer, automatic withdrawal, eSmart (obtained by signing up for ePolicy), and full payment options.
Coverage Options
The company provides everything from comprehensive and collision to liability and uninsured/underinsured motorist coverage and any other option you can think of.
There are two policies that are especially noteworthy. One provides classic car insurance, and the other is for those traveling to Mexico by car. You can adjust the second policy to the length of your stay, up to a year.
Ease of Use
The well-organized website gives you a preview of how professional this insurer is. That’s something you can experience first-hand if you choose to get a quote by calling an agent instead of filling out an online form. Both options are fast and straightforward.
If you’re frequently away from your computer, you’ll appreciate Allstate’s application for iOS and Android phones and it’s unique features like Drivewise, which monitors your driving and rewards you with cashback for driving safely. There’s also the QuickFoto Claim, which enables you to snap and submit car damage photos via the Allstate app.
Customer Service
Allstate’s dedication to customer care is reflected in its claim satisfaction guarantee and 24/7 phone support. To request the guarantee, you just have to make sure to send a letter within 180 days of the accident. But since insightful and fast car insurance is the company’s specialty, we doubt you’ll want your money back.
USAA
- • Inexpensive insurance rates
- • Extended benefits coverage
- • Highly secure mobile app
USAA is short for the United Services Automobile Association, which was founded 98 years ago by US army officers. 25 people came together and came up with the idea of establishing a company that would secure them the most affordable car insurance coverage. They wanted a company that would insure a high-risk group of people.
Pricing and Discounts
USAA proffers many auto insurance discounts, which are based on either your driving, vehicle, or membership. In the first category, the types of discounts you can get include safe driver, defensive driving, driver training for those under 21 who completed a basic course, and a good student discount.
In the second category, you can get a discount based on how long you’ve had a car or how often you drive it (miles per year), or even if you own more than one vehicle.
We should also mention that this year USAA had the most affordable insurance option on the market, with an average cost of just $686.
Coverage Options
Coverage options are one of the most important things to pay attention to when you’re shopping for insurance. USAA has five standard coverage options: comprehensive, collision, liability, uninsured and underinsured, as well as full coverage, which is actually a combination of comprehensive, collision, and liability.
Aside from the listed types, it also offers accident forgiveness add-on coverage, roadside assistance, rental reimbursement, and extended benefits coverage (death, disability, and wage-earned benefits). Rideshare drivers will also be happy to know that USAA has them covered too.
Ease of Use
The company’s dedication to helping you find the answers to any concerns you may have is apparent on its visually-appealing website with neatly arranged content.
If you wish to access the website on your phone, you can download the mobile app. Although it’s basic, it gives you another way to access your information safely by allowing you to add your fingerprint or the face/voice recognition function.
Customer Service
You can get in touch with USAA by phone 24/7, by sending a message, filling out a form on the website, or sending mail. Customers that have a Twitter account can reach customer support at @USAA_Help.
Factors That Influence Car Insurance Cost
The cost of your insurance is a composite of a number of factors such as your driving record, car usage, place of residence, gender, experience, the make and model of your car, your credit score, the type and amount of coverage, and your deductible. We’ll go through them one by one so that you know exactly where you stand when you’re getting an insurance policy.
Driving Record
The cleaner your driving record is the better. A spotless one won’t have a single DUI, speeding ticket, or accident.
Car Usage
It may sound unfair, but car insurance rates go up if you use your car a lot. The more time you spend on the road, the greater the odds of you getting into an accident.
Place of Residence
The price of car insurance in Denver is not only higher than the average annual cost in the rest of Colorado but in the entire country. It’s around $533/year for the minimum required coverage and $1,948/year for full coverage.
The main reasons behind this are hazardous weather conditions (hailstorms, tornados, flooding, and landslides) and a significant increase in the number of accidents over the past couple of years.
Gender
It may sound odd, but gender can also play a role in determining whether you get expensive or cheap car insurance. Women will often pay less as they are statistically safer drivers and tend to have fewer DUIs and accidents.
Experience
People who have been driving for at least three to five years are typically considered experienced drivers. If you fall into this category, you’ll be rewarded with lower car insurance rates.
The Make and Model of Your Car
It makes sense that the safety of your car is also of considerable relevance when it comes to calculating the cost of your insurance. But you should know that other factors like its price and engine size are considered as well.
Credit-Based Insurance Score
To get the lowest car insurance rates, you’ll need a good credit-based insurance score. Essentially, this score tells the insurance providers the probability of you filing an insurance claim.
The Type and Amount of Your Coverage
Naturally, different types of car insurance are accompanied by different prices. The most common options you’ll encounter are: liability, comprehensive, collision, medical payments, personal injury protection, and uninsured/underinsured motorist coverage.
Keep in mind that the extent of your coverage is another vital part that determines your payments.
Deductible
The last part of our guide is the deductible – the amount of money you have to pay out of pocket before your insurance company takes care of the rest. A higher deductible reduces the cost of your insurance premium, which may sound convenient, but you have to be careful not to overestimate your financial capabilities. As is the case with most things in life, moderation is key.
FAQ
Why is car insurance in Colorado so expensive?
There are a couple of reasons why car insurance costs in Colorado have gone up in the past couple of years, including weather conditions and fluctuating gasoline prices. The legalization of recreational marijuana also affected car insurance due to the impaired attention of those under the influence.
How much does car insurance in Denver cost?
The average price of car insurance in Denver is around $533 per year for the minimum required coverage, but it can be as high as $1,948 per year if you’d prefer full coverage.