Best Car Insurance For College Students In Colorado 2024

Colorado is in the top five most expensive states for car insurance, and this rate increases for college drivers, who can expect to pay higher premiums than those in their mid-twenties.

Colorado College drivers have contributed to a surge in fatalities of 53% year-over-year with the Colorado Department of Transportation urging teenagers to be safer, understand the risks and dangers of driving, and find ways to improve driver behavior, reduce risk, and save on car insurance.

Average Car Insurance Rates For College Students In Colorado – By City

Average Rates For 18 Year Old College Students In Colorado

Average Rates For 19 Year Old College Students In Colorado

Average Rates For 20 Year Old College Students In Colorado

Car Insurance Rates For 21 Year Old College Students In Colorado

Average Rates For 22 Year Old College Students In Colorado

Insurance Rates For 23 Year Old College Students In Colorado

Rates For 24 Year Old College Students In Colorado

Car Insurance Rates For 25 Year Old College Students In Colorado

Cheap Rates For College Student On Family Policy vs. Individual Policy

How Can College Students Save Money On Car Insurance In Colorado

For most college students, car insurance premiums in Colorado are significantly more expensive than any other age group and whether or not you remain on a parent policy or take out your own, you’ll need to be able to cut those costs. Thankfully there are several avenues available to you.

Affiliation Discounts

Depending on your auto insurance provider, belonging to a sorority, fraternity, honor society, or other club can result in lower premiums. Alumni associations can, too.

Used vs. New

Considering a new car is a gift for your college student? Think again. Car insurance providers set the policy based on vehicle risk, repair costs, and rates of car theft in the Colorado area. This means cheaper vehicles and older vehicles are less likely to be stolen and much cheaper to repair in the event of an accident.

Student Discounts

Some of the best potential discounts for college students, whether they are on a parent policy or an individual policy, apply to grades; those who stay on the honor roll or Dean’s list or keep a high GPA can get substantial discounts from various providers.

Other discounts can apply to college students who go to college more than 100 miles away from their permanent residence and don’t take their car with them or have a safe driving record.

Installing Security And Safety Improvements

In Colorado, some of the biggest causes of accidents involving college students involve distracted driving, drowsy driving, driving under the influence, speeding, and road conditions.

Research at the University of Colorado Boulder indicates that fatal car accidents for college-age drivers increase during daylight savings.

Why? Drivers miss out on sleep and end up driving while drowsy or in the dark when road conditions are not as favorable and visibility is limited.

Security and safety features can help reduce the risk of accidents because of these risk factors like better daytime running lights to increase visibility no matter the road conditions, airbags to reduce the risk of personal injury in the event of an accident, and anti-lock brakes to help when speeding results in quickly slamming on your brakes.

• Installing daytime running lights can earn discounts of 3% on average.
• Airbags can save up to 23% to 30% on the medical payments or personal injury portion of a plan.

These rates will vary depending on the insurance provider you have but can often be combined with other discounts for college students.

Do College Students Need Their Own Insurance, or Can They Stay On A Parent’s?

Colorado requires all drivers to maintain auto insurance and keep proof of that insurance when driving or parking on any public roadways. But does that mean that college students need their own policy?

Home

Where a college student calls “home” is generally the biggest factor in determining whether a student can stay on their parent’s insurance policy or need their own policy.

If a permanent residence is maintained at a parent’s home, college students in Colorado can remain on the insurance policy for a parent or a guardian. This applies to any students who go to college and are living in student housing or college dorms but still keep their permanent residents that of their parents. Utilizing this option can significantly reduce the cost of insurance.

However, once an individual moves out and they keep their car at their primary residence somewhere other than a parent’s home, then they have to get their own policy.

Common Auto Insurance Claims In Colorado

The four typical types of auto insurance claims in Colorado are generally:

• Comprehensive Claims (2.81 claims for every 100 vehicles per year)
• Collision Claims (5.8 claims for every 100 vehicles per year)
• Property Damage Claims (3.36 claims for every 100 vehicles per year)
• Bodily Injury Claims (0.95 claims for every 100 vehicles per year)

In Colorado, some of the most common auto insurance claims are bodily injury for those who get involved in accidents, as well as property damage from crashes at intersections and rear-end collisions.

Temporary Car Insurance

Although some car insurance providers don’t offer temporary coverage, it’s a good option for college students who won’t be driving often.

Typically, temporary auto insurance offers six months of coverage, with the ability to cancel once the term ends. This is ideal for college students who don’t need insurance while at school and for those planning to study abroad for a semester.

How To Buy Car Insurance As A College Student In Colorado

Platforms like Insuranceopedia simplify the process of purchasing your first insurance policy. With these sites you can compare costs, deductibles, and premiums from several companies at once.

It is recommended that you compare quotes from at least three providers before selecting your new insurance policy.

Note: You can use online platforms to compare policies and discounts and then purchase your policy either online or via an agent in person.

Follow these steps to make the process easier:

1. Make sure to have all important information ready, such as your vehicle info, license numbers, policyholder details, and driving history.
2. Identify the insurance coverage required to comply with Colorado law and whether you want additional coverage or higher coverage limits.
3. Make a personal budget so you know how much you can afford in premiums and deductibles, and whether you can take advantage of things like annual instead of monthly premiums at a discount.

If you are taking out a new policy, be sure to inform your old provider.

Telematics Car Insurance For College Students

College students need to get creative with car insurance savings, and telematics is one of the most efficient ways to reduce your monthly premium.

Telematics devices are employed by insurance companies to monitor your driving behavior. Safer driving results in better rates and increases your likelihood of receiving safe driver discounts.

How To Get Discounts

College students, especially those with any history of at-fault accidents or tickets, might not know how to find car insurance discounts. Thankfully, insurance companies make it relatively easy.

• If you already have an insurance provider and want to keep the policy you have, you can look online through your insurance portal and compare different discounts based on your circumstances. You can also call your insurance providers directly to ask what discounts they might have that could be applied toward your policy.
• If you are interested in applying discounts from things like affiliate groups, you can see what they might offer through their websites or through their points of contact and then apply those to your policy.
• If you are considering a new provider, you can check online or in person with different providers about the types of discounts they might offer for taking out a new policy.

Remember that there are several types of potential discounts depending on your carrier from things like discounts awarded to paying insurance premiums annually instead of monthly, discounts for military service, safe driver discounts, and discounts for driving a limited number of miles each year.

Try Usage-Based Car Insurance

Similar to telematics, usage-based car insurance monitors a driver’s actions on the road, but it also offers an added component that’s especially appealing to college students.

With usage-based car insurance, driving less each year can result in discounts and reduced premiums. These “Pay-Per-Mile” plans are a cost-effective way to get affordable coverage if your vehicle stays in the dorm lot or at home for the majority of the school year.

Colorado Car Insurance Laws

Colorado laws prohibit insurance companies from using external consumer data or information to discriminate against customers when approving policies or setting policy premiums.

Insurance coverage requires liability insurance with a minimum of $25,000 for bodily injury or death to any one person, $50,000 for bodily injury to all involved people, and $15,000 for property damage.

Conviction in Colorado of certain traffic offenses can result in driving privileges being suspended or revoked as well as a requirement to carry SR-22 insurance.

Collision coverage is not required in Colorado but if you purchased your car with a loan, it is very likely that your bank will require it as part of your lender agreement.

Failure to maintain the right insurance coverage or driving without proof of insurance can result in penalties of up to 40 hours in community service, license suspension until insurance is proven, a fine of at least $500, and four points added to your license.