Roadmap to Reduce Auto Insurance Premiums
Our strategies to make driving more affordable
Auto insurance affordability is a growing challenge, with the average annual cost of insurance in the U.S. increasing by more than 40% between June of 2022 to June of 2024. The Roadmap to Reduce Auto Insurance Premiums outlines Colorado’s plan to reduce the state’s average cost of comprehensive coverage from the 5th to 10th most expensive State in the nation within the next two years.
This initiative is built on five key strategies to make Colorado a safe and affordable place to live, work, and play. Check out the strategies below or read the roadmap to learn more.
- Improving Road Safety
- Investing in infrastructure, including speed safety cameras
- Implementing recently passed road safety legislation
- Targeting enforcement and conducting DUI checkpoints
- Improving access to safe and affordable electric vehicles
- Cracking Down on Auto Theft
- Building an effective auto-theft enforcement and prevention network
- Enforcing enhanced auto-theft statutes to ensure a strong deterrent against criminal activity
- Providing education for the public on how to protect themselves from auto theft
- Decreasing the Uninsured Rate
- Launching an auto insurance toolkit to help people understand and find the right coverage
- Equipping Colorado’s law enforcement with better information about who is insured - and who isn’t
- Reducing Auto Repair Costs
- Increasing supply of skilled trade workers and repair services
- Advising insurance companies about repair facilities that may be abusing auto insurance, raising costs for everyone
- Taking legal action to address Trump’s Tariffs
- Dampening Weather Impacts
- Issuing guidance on how to prepare yourself and your property for emergencies
- Supporting advanced weather notifications
Your Role In This Work
In addition to the work we are doing at the State level, we also need you to do your part. Please drive safely and make sure your insurance coverage is up to date. Not only is driving without insurance irresponsible, but it is also illegal. Driving without insurance coverage in Colorado can result in a $500 fine, 4 points on your license, and even potential jail time.
- Where can get help understanding my auto insurance?
The Division of Insurance launched a public media campaign to improve consumer understanding of auto insurance coverage, reduce uninsured drivers, and increase access to reliable resources for Colorado drivers. This includes an updated Auto Insurance Toolkit with resources for consumers to compare options, find savings, and understand their coverage. Consumers can also find information about auto resources on DOI’s Instagram and Facebook pages.
- Where can I learn more and follow this work?
We are committed to being transparent about the results we achieve for you. Please visit the Governor’s Dashboard to follow our performance in lowering your auto insurance rates. In the immediate term, our goal is to reduce our average auto insurance prices from the fifth most expensive in the nation to the tenth most in the next year (but we will not stop there).