Colorado Division of Insurance announced early this month that the state was able to regain $12.5 million to insurance consumers of the state for the 2011-2012 fiscal year. This amount is higher than last fiscal year’s $11.7 million.

The state insurance regulator also reported that the annual report on auto insurance complaints that they have received has been decreasing from year to year, and that the complaints lodged against car insurers has one of the highest rates of complaint confirmation in the state.

For fiscal year 2011-2012, one in every four complaints has been accounted or confirmed for car insurance policies.

The vehicle-related insurance complaints yielded the most recovered funds among any other insurance policy type. Through auto insurance complaints, the state was able to recover around $3.4 million. It has been reported that the average recovered amount per confirmed complaints is $7,654.

Colorado Department of Insurance also reported that the top reasons for complaints for all types of policies is the denial of claims and the delay in claims payments. As for the vehicle-related complaints, most of it stemmed out from complaints in insurance underwriting and how insurers calculate the premiums they charge to their consumers.

Auto insurance complaints will take 46 days in average until such complain will have its closure. The period is the shortest among all types of policies – tied with homeowners-related complaints.

As for the top auto insurance companies servicing Colorado, Farmers was reported to have the most number of complaints, with 192 complaints. Farmers also have the most number of confirmed complaints, with 72.

Another top 20 Colorado auto insurance company, State Farm, holds the best track record as far as auto insurance complaint is concerned. This insurer which holds 18.46 percent of the state auto insurance market has the lowest number of filed complaints against them.