Jared Polis, Governor of Colorado, announced an action plan aimed at reducing car insurance premiums in the state by improving road safety and decreasing auto theft. This statement was made on Facebook.
“Colorado drivers are paying some of the highest car insurance rates in the country, which needs to change,” said Jared Schutz Polis, according to Facebook. “I’m taking action to help lower costs. Our major action plan to increase public safety and reduce auto insurance premium costs targets safer roads, fewer accidents, and less auto theft—so your costs can finally go down.”
Colorado has become one of the most expensive states for auto insurance, now ranking approximately fifth nationally due to factors such as hail, theft, and rising repair costs. According to Polis’s “Roadmap to Reduce Auto Insurance Premiums,” the plan includes measures like speed enforcement cameras, expanded sobriety checkpoints, aggressive auto-theft prevention, consumer education, and improved severe-weather alerts. Tort-reform advocates argue that while these steps may help reduce costs, Colorado’s legal environment and increasing damage caps could still lead to lawsuits that are factored into premiums. They emphasize the need for more comprehensive civil-justice reforms.
Independent estimates highlight Polis’s concerns about high insurance rates. Bankrate reports that full-coverage auto insurance in Colorado averages around $3,203 annually and minimum coverage about $579, which is roughly 20–30% above national averages. Local news sources note that drivers pay over $3,200 a year for full coverage—approximately 30% higher than the U.S. average—and that premiums have increased by more than 40% from 2022 to 2024. These figures contribute to Colorado’s high uninsured-motorist rate and underscore why policymakers and reformers are advocating for structural changes beyond minor regulatory adjustments.
While Polis emphasizes safety and theft reduction, significant changes to Colorado tort law are also affecting premium rates. House Bill 24-1472 will take effect on January 1, 2025, significantly raising caps on noneconomic damages and wrongful-death awards. Personal-injury caps will increase toward $1.5 million and wrongful-death caps to $2.125 million with automatic inflation adjustments every two years. Analysts warn that these increased caps could lead to higher settlements and verdicts unless offset by broader tort-reform measures that restore predictability and limit excessive awards.
Jared Polis is serving as the 43rd governor of Colorado after being first elected in 2018 following five terms in the U.S. House representing the state’s 2nd Congressional District. A former tech entrepreneur, he has prioritized “saving people money” through policies on tax relief, housing, and insurance costs, including his new auto-insurance Roadmap initiative. The State of Colorado’s executive branch regulates insurance markets through agencies like the Division of Insurance and the Department of Public Safety to implement initiatives aimed at reducing premiums and enhancing public safety for residents.
