Car Insurance Prices Have Skyrocketed in Colorado, Will Rise More

Has your car insurance rate gone up? You are not the only one in Colorado. It feels like prices for every good and service are rising and car insurance has risen for most Coloradans.

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My car insurance has gone up. I experienced a major jump despite a nearly perfect driving record. Why are insurance rates climbing? Is there anything we can do to prevent the climb?

Colorado Insurance Premiums Rise Over 10%

Market Watch dug into the analytics and found incredibly shocking results. Last year, the average car insurance premium went up 16.8%. Coloradans are seeing an average premium increase of $313 in the last year.

Yes, you read that correctly. We are paying $313 more.

Why Car Insurance Went Up in Colorado

Market Watch says there are four main factors why our car insurance has gone up. Cost of maintenance and repairs, auto theft rates, health insurance costs, and the increase in prices of vehicles are the reasons why our car insurance rates continue to soar.

Auto theft is a huge problem in Colorado. Colorado has had the most auto thefts for the past two years out of all 50 states. Denver and Pueblo are where the most auto theft occurs.

Related: Colorado Ranked #1 State for Auto Thefts Second Year in a Row

Will Car Insurance Continue to Rise?

That is the question we all want an answer to. Auto insurance rates will not go down until all of these other factors go down as well. So we just have to hope that crime and costs go down.

Unfortunately, it is out of our hands. Hopefully, a resolution is coming soon because insurance prices are through the roof.