Car insurance rates in Colorado have increased since 2011 a whopping 52%. Aurora is the most expensive town and Fort Collins is the least expensive town to insure a vehicle. In Colorado, the average person is paying $1427.
Things that affect your rates are; credit, age, marital status, residence, education, gender and whether or not you’re employed. Also, your driving record has a huge impact on your rates. From driving without lights to speeding tickets to driving under the influence, each infraction will cause more premium pain.
According to The State of Auto Insurance 2018 Study, “Causing an accident will cost you a 30-50% increase in your car insurance rates – penalties vary based on the cost of damages you incur. In all but 5 states, you’ll also see an increase in your rates even if you’re not at fault in an accident because the insurance company still has to pay your claim.” The article goes on to give the average annual premium increase:
- Not-at-Fault 7%
- At-Fault Accident (Damages under $1000) 29%
- At-Fault Accident (Damages $1000-$2000) 43%
- At-Fault Accident (Damages over $2000) 48%
If you’re at fault for an accident it takes 3 years from the date of the ticket before your premium will decrease.
If you’re in the market for car insurance here’s a link to the JD Powers 2018 US Auto Industry Study rating insurance companies for overall customer satisfaction. https://www.jdpower.com/business/press-releases/jd-power-2018-us-auto-insurance-study
Please consider attaching rental car coverage to your policy if you do not have another vehicle to drive if you’re in an accident. Adding rental car coverage is fairly inexpensive and paying out-of-pocket for a rental car can add up.
Safe motoring!
