It would sure make life easier if we could simply tell you the one best car insurance company that is cheapest for high mileage drivers in Colorado. It's not that easy, however, as there are a whole bunch of unknown factors such as if you want full coverage, what deductibles to use for physical damage coverage, and the number of miles you drive in a year. We will try to teach you about the types of situations that result in high rates and will give you some help in finding cheaper rates.
Deciding which company has the most affordable auto insurance rates for high mileage drivers in Colorado involves a bit more work in order to find the lowest price. Each auto insurer uses a different method for determining rates, so let's examine the auto insurance companies that tend to have lower prices in Colorado.
It's a good idea to be aware that Colorado auto insurance rates are influenced by many factors which can substantially change the cost of your policy. Turning one year older, filing a claim, or getting a speeding ticket can trigger changes in premium resulting in some companies being cheaper than competitors.
Best Insurance Companies in Colorado
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,592|
|Quote Your Rates Go|
The Hartford may have some of the lowest car insurance rates in Colorado at around $834 annually. This is $744 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO would also be considered some of the cheaper Colorado auto insurance companies.
As depicted above, if you currently have coverage with Nationwide and switched to The Hartford, you could see an annual savings of about $321. Colorado drivers with GEICO could save as much as $342 a year, and Travelers customers might realize rate reductions of up to $349 a year.
To compare your rates to other Colorado insurance companies, click here to begin a quote or quote prices from the following companies.
Bear in mind that those premiums are averages across all insureds and vehicles and and are not calculated with a rate decrease for high mileage drivers. So the auto insurance company that fits you best may not even be in the list above. That's why you need to compare rates from multiple companies using your own personal information and vehicle type.
For high mileage drivers, one of the big criteria that help determine the annual cost of car insurance is where your car is garaged. More populated areas like Pueblo, Aurora, and Lakewood tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims have the luxury of lower rates.
The table below ranks the most expensive areas in Colorado for high mileage drivers to buy an auto insurance policy in.
|Rank||City||Average Per Year|
|Find Cheaper Rates Go|
Premium costs are approximated as the specific geographic location can alter premium rates greatly.
Buying coverage from the best insurance company is hard considering how many companies sell insurance in Colorado. The rank data listed below may help you decide which coverage providers you want to consider comparing rates from. These ratings only include major nationwide insurance companies, so smaller regional companies are not included in this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|Compare Rates Now Go|
Data Source: Insure.com Best Car Insurance Companies
Do you need full coverage?
Saving money on auto insurance should be important to the majority of drivers, and one easy way to find cheap insurance for high mileage drivers in Colorado is to buy only liability coverage. The diagram below compares car insurance rates with liability coverage only compared to full coverage. The premiums are based on no accidents or driving violations, $100 deductibles, single status, and no additional discounts are factored in.
If we average the cost for ages 20 through 70, comp and collision coverage costs an extra $2,743 per year over having just liability coverage. That is a large expense and it proposes the question if you should buy full coverage at all. There is no exact rule for eliminating physical damage coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
There are a few situations where dropping physical damage coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
The diagram below illustrates how choosing a deductible can affect insurance costs when getting quotes for cheap insurance for high mileage drivers in Colorado. The data assumes a married male driver, full coverage, and no discounts are factored in.
In the chart above, a 50-year-old driver could cut expenses by $292 a year by switching from a $100 deductible up to a $500 deductible, or save $444 by using a $1,000 deductible. Young drivers, like the Age 20 chart data, could drop their prices $978 each year by using a higher deductible. When insureds make the decision to increase the deductibles on their policy, it is necessary to have enough savings set aside to allow you to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.