You've seen the commercials from car insurance companies like Allstate, The General, and Liberty Mutual that promise the cheapest price. So drivers just need to pick the one with the catchiest commercial, right?
It's just not that simple, as there are a lot of unknown elements such as if you want full coverage, what deductibles to use for physical damage coverage, the number of miles you drive in a year, and what coverage limits you want, that all factor into the price you pay. We will try to teach you about these things and will hopefully give the reader some help in finding cheaper rates.
For high risk drivers, one of the big criteria that determine the annual cost of car insurance is where your residence is in Colorado. Areas with more people or more claims like Aurora, Denver, and Security-Widefield are more likely to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The table below sorts the highest-priced areas in Colorado for high risk drivers in which to purchase auto insurance.
|Rank||City||Premium Per Year|
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Rate information is comparative as the garaging address in Colorado can lower or raise premium rates noticeably.
Deciding which companies have the lowest-priced insurance rates for high risk drivers in Colorado calls for a bit more effort thank just comparing rates from one or two companies.
Every auto insurer uses their own calculation for determining rates in each state, so we will examine the insurance companies with the overall cheapest rates in Colorado.
Lowest Insurance Price Quotes for Risky Drivers
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,592|
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The Hartford has some of the cheapest car insurance rates in Colorado at around $850 a year. Grange, USAA, Nationwide, and GEICO would also be considered some of the more affordable Colorado insurance companies.
As the example above demonstrates, if you currently buy coverage from Nationwide and switched to Grange, you could earn savings of about $156. Drivers with GEICO may save as much as $189 a year, and Auto-Owners policyholders might lower prices by up to $205 a year.
To get a quick, customized rate comparison, click here or quote prices from the following companies.
Be aware that those policy rates are averaged across all ages of drivers and types of vehicles and are not factoring in a rate surcharge for high risk drivers. So the auto insurance company that fits your age and vehicle best may not even be in the top 21 companies shown above. That is why you need to get quotes using your own driver data and vehicle information.
The type of vehicle requiring coverage is one of the main factors in finding the cheapest insurance for high risk drivers. Vehicles with more horsepower, poor safety ratings, or an increased likelihood of liability claims will cost substantially more to insure than safer models. The information below presents insurance prices for a selection of the most budget-friendly automobiles to insure in Colorado.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$3,224|
|Ford Escape Limited 2WD||$3,229|
|Hyundai Elantra SE Touring Station Wagon||$3,298|
|Jeep Wrangler Sahara 4WD 2-Dr||$3,502|
|Dodge Grand Caravan SE||$3,510|
|Ford Explorer Eddie Bauer 2WD||$3,651|
|Ford Fusion S 4-Dr Sedan||$3,670|
|Toyota RAV4 4WD||$3,675|
|Volkswagen Jetta S 4-Dr Sedan||$3,670|
|Jeep Grand Cherokee Laredo 4WD||$3,817|
|Toyota Camry LE||$3,826|
|Chevrolet Equinox LS 2WD||$3,817|
|Chevrolet Malibu LS||$3,822|
|Chevrolet Impala LTZ||$3,838|
|Ford F-150 Lariat Super Cab 2WD||$3,859|
|Toyota Tacoma Double Cab 4WD||$3,865|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$3,874|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$3,883|
|Toyota Corolla LE||$3,956|
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Cost estimates assume single male driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, multi-policy, and multi-vehicle. Premium costs do not factor in specific location which can modify coverage rates substantially.
By looking at the data, you can conclude that models like the Honda CR-V, Ford Escape, Hyundai Elantra, Toyota Prius, and Jeep Wrangler are most likely to be the cheapest vehicles to insure for high risk drivers. Rates will be more expensive because there is more liability risk for high risk drivers, but overall those vehicles will have the cheapest car insurance rates possible.
The illustration below illustrates how choosing a deductible can impact premium costs when quoting cheap insurance for high risk drivers in Colorado. The rates are based on a married male driver, comp and collision included, and no discounts are factored in.
As shown above, a 30-year-old driver could lower their policy premium by $272 a year by changing from a $100 deductible up to a $500 deductible, or save $412 by changing to a $1,000 deductible. Even younger drivers, like the 20-year-old example, could lower their rates $814 every year by using a higher deductible. When insureds make the decision to increase the deductibles on their policy, it is essential to have enough savings set aside to offset the extra out-of-pocket expense that is associated with using high deductibles.
Discount Colorado auto insurance
Car insurance companies that provide coverage for high risk drivers could also offer discounts that could lower prices by as much as 30% if you are eligible for them. A few of the larger companies and some of the discounts are detailed below.
- Farm Bureau offers premium reductions for driver training, 55 and retired, multi-policy, youthful driver, and good student.
- MetLife offers discounts including multi-policy, defensive driver, claim-free, good driver, good student, accident-free
- Progressive discounts include online quote discount, homeowner, online signing, multi-policy, good student, and multi-vehicle.
- AAA includes discounts for AAA membership discount, good student, anti-theft, pay-in-full, good driver, and education and occupation.
- American Family offers discounts for good driver, accident-free, mySafetyValet, early bird, and multi-vehicle.
- GEICO may offer discounts for good student, emergency military deployment, federal employee, driver training, and multi-policy.
- State Farm has discounts for good driver, defensive driving training, driver's education, passive restraint, and multiple policy.
The diagram below illustrates the difference between auto insurance costs with and without discounts applied to the policy rates. The price estimates are based on a male driver, two traffic citations and one accident, Colorado state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with passive restraint, paperless filing, multiple policy, vehicle safety, continuous coverage, and multiple vehicle discounts applied. When taking advantage of discounts, the average savings per year on insurance for high risk drivers is 28% or $924.
The importance of shopping around
Colorado insurance rates are calculated based on many things which can substantially change the cost of a policy. Simply having another birthday, buying a home instead of renting, or getting into an accident may prompt premium changes that can make some companies more affordable than before.
In addition, insurance companies file new rates every year or even multiple times each year in order to be able to pay unexpected claims. An unexpected high level of claims can cause rate hikes, while a lower level of claims can produce lower-priced Colorado car insurance rates.
As an example, the graph below shows the cheapest car insurance in Colorado for a 35-year-old female driver with a clear driving record, no claims, and a good credit rating. When quoting prices based on her personal profile, The Hartford may have the best car insurance rates in Colorado at $825 a year. This is $753 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also make the list of the most affordable Colorado auto insurance companies.
In this example, we will give the driver in the first example a chargable claim, a little lower credit rating, and a few blemishes on her driving record. Due to the fact that each insurance company has their own process to set policy rates, comparing quotes may now result in a different set of the cheapest car insurance companies in Colorado as shown below.
Travelers now has the best price on car insurance in Colorado with State Farm, American Family, Progressive, and Amica now rounding out the top five. This shows why Colorado drivers need to take the time to shop around to find the best insurance rates for high risk drivers.
Insurance prices are made up of many different factors and can change without notice, so the most economical company the last time you shopped your coverage around may now be quite expensive.
How to find the cheapest auto insurance for high risk drivers in Colorado
It is possible to find better rates, and here are some penny-pinching ideas that can help Colorado drivers buy lower-cost coverage.
- Higher credit scores can equal lower rates
- Maintain a safe distance and avoid accidents
- Raise your physical damage coverage deductibles
- Drive safely
- Buy vehicles with good safety ratings
- Compare prices as often as possible
That last tip is particularly vital, as was emphasized in this article. Coverage prices change a lot, so don't be tentative to switch to a new company if you can save money. Many consumers stick with the same company and that's fine, but it's not recommended if that inflexibility results in costing you hundreds every year. It takes less than five minutes to compare rates to find cheaper auto insurance for high risk drivers.