One of the more important things that aid in calculating the cost of insurance is where you live in Colorado. Areas with more people or more claims like Pueblo, Lakewood, and Commerce City tend to pay more, whereas more rural areas get the luxury of paying less.
The table below sorts the most costly cities in Colorado for postal workers to buy an auto insurance policy in.
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Premium costs are estimated as vehicle location can decrease or increase price quotes significantly.
Finding out which companies have the cheapest insurance rates for postal workers in Colorado will involve a tad more effort thank just comparing rates from one or two companies. Each company uses a slightly different approach for determining rates, so let's take a look at the insurance companies with the overall best prices in Colorado.
It's important that readers know that Colorado insurance rates are based on many factors that can increase your annual premium. Simply having another birthday, marrying your spouse, or getting a ticket for careless driving can trigger rate changes resulting in some companies being cheaper than before.
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The Hartford has some of the most affordable car insurance rates in Colorado at around $859 annually. This is $719 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also are some of the cheaper Colorado insurance companies.
In the above rates, if you are a customer of Nationwide and switched to Grange, you could see an annual premium reduction of around $143. Insureds with GEICO could save as much as $163 a year, and Travelers customers might lower prices by up to $193 a year.
Bear in mind that those premium estimates are averages across all drivers and vehicles in Colorado and do not take into consideration a price decrease for postal workers. So the insurer that is most affordable for your situation may not even be in the list above. That helps illustrate why you need to compare prices as often as possible using your own personal information and vehicle type.
Full coverage rates compared to liability-only
Buying cheaper insurance is probably important to most people, and one good way to find cheap insurance for postal workers in Colorado is to not buy full coverage. The chart below illustrates the comparison of car insurance rates with full phyical damage coverage and with liability coverage only. The data assumes no claims, a clean driving record, $500 deductibles, drivers are not married, and no policy discounts are applied.
If the expense is averaged for all age categories, physical damage coverage costs $2,245 per year more than insuring for liability only. Many drivers may wonder if buying full coverage is a good investment. There is no set rule to delete comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than about 10% of the settlement you would receive from your company, then it's probably a good time to buy liability coverage only.
For example, let's pretend your vehicle's claim settlement value is $10,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $9,500 after you pay the deductible. If you are paying more than $950 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.
The illustration below demonstrates how deductibles can change annual premium costs when quoting cheap insurance for postal workers in Colorado. The premium estimates are based on a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.
The chart above illustrates that a 30-year-old driver could cut expenses by $326 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $490 by using a $1,000 deductible. Younger drivers, like the Age 20 chart data, could save up to $948 or more just by choosing higher deductibles. If you make the decision to raise deductibles, it's a good idea to have plenty of discretionary funds to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Who has the cheapest Colorado car insurance?
Colorado insurance rates are impacted by many factors that will increase or decrease the price of coverage. Improving your credit score, becoming a homeowner, or getting caught speeding can cause premium changes that may make certain companies affordable when they were higher priced.
Not only may things change on your end, but insurers change prices every year to ensure their profitability. Higher than usual claims can result in price increases, while a better claims history can result in lower-cost Colorado car insurance rates.
To illustrate this example, the data below shows which company has the cheapest car insurance in Colorado for a 45-year-old female driver with a good driving record, no prior claims, and good financial standing. If we compare prices based on her current rating profile, The Hartford might quote the most affordable car insurance rates in Colorado at $825 per year. This is $753 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are the remainder of the most affordable Colorado auto insurance companies.
Now let's give the driver from the first example an accident claim, a little lower credit rating, and a traffic ticket or two. Since each auto insurer has a proprietary formula for filing rates in each state, analyzing rate quotes could now result in a different list of affordable companies as shown below.
Travelers now has the lowest price in Colorado with State Farm, American Family, Progressive, and Amica also having competitive pricing. This shows why it is critical to compare many different companies to get the most affordable auto insurance rates for postal workers. Rates are influenced by many factors and can decrease or increase without notice, so the best price six months ago may now be quite expensive.
How to find more affordable insurance for postal workers in Colorado
The list below details many penny-pinching ideas that can help Colorado drivers quote lower-cost coverage.
- Multi-policy discounts save money
- Drop full coverage on older vehicles
- Drive vehicles with five-star safety ratings
- Increase the comprehensive and collision deductibles on your policy
- Pay cheaper rates with good credit scores
- Discounts for being claim-free can be substantial
- Comparison shop at least once a year
That last idea is incredibly crucial, as was discussed in this article. Insurance rates vary considerably, so don't be afraid to buy from a new company if you find a better deal. Having a favorite company is great, but it's not a good idea if that inflexibility results in costing you a small fortune. In less than five minutes you could compare prices to find cheaper insurance for postal workers.