Finding reliable, budget auto insurance is not the easiest thing to do, and deciding which company has the most affordable car insurance rates for drivers over age 50 in Colorado will require even more diligence. Coverage rates may be moderately better than the average price in Colorado, with the lower cost attributed to the potentially lower risk associated with offering coverage for older drivers. Cost-effective coverage should be available from a lot of different insurance providers. Every car insurance company uses their own calculation for determining rates in each state, so to begin we'll rank the car insurance companies that tend to be cheaper in Colorado.
Find the Best Cheap Insurance for Age 50+
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,592|
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The Hartford quotes some of the lowest car insurance rates in Colorado at around $825 a year. Grange, USAA, Nationwide, and GEICO are also some of the best Colorado car insurance companies.
As the rates illustrate above, if you are insured with GEICO and switched to Grange, you could earn an annual savings of approxmiately $174. Policyholders with Auto-Owners could save as much as $214 a year, and State Farm customers might lower prices by up to $231 a year.
To find out how much you can save, click here to start your free quote or click several companies below for low rates.
Understand that those premium estimates are averages for all insureds and vehicles and do not factor in a price discount for drivers over age 50. So the auto insurance company that can offer you the best price may not even be in the list above. That points out the importance of why you need to get auto insurance quotes using your own driver and vehicle profiles.
The vehicle model on the policy is one of the primary factors that determines whether or not you find low-priced auto insurance for drivers over age 50. Vehicles with average performance, an excellent safety record, or a low likelihood of liability claims will cost substantially less to insure than high performance models. The next table shows car insurance rates for the most economical vehicles to insure in Colorado.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$872|
|Ford Escape Limited 2WD||$891|
|Honda Accord EX-L 4-Dr Sedan||$946|
|Dodge Grand Caravan CV||$973|
|Ford F-150 FX2 Super Cab 2WD||$983|
|Ford Edge SE AWD||$1,009|
|Honda Odyssey EX W/Rear Entertainment||$1,015|
|Volkswagen Jetta S 4-Dr Sedan||$1,028|
|Chevrolet Impala LT||$1,035|
|Toyota RAV4 Limited 4WD||$1,028|
|Chevrolet Equinox LT AWD||$1,038|
|Ford Explorer Eddie Bauer AWD||$1,047|
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Prices do not factor in vehicle garaging location which can affect insurance rates greatly.
By looking at the data, you can see that vehicles like the Honda CR-V, Ford Escape, and Honda Accord should be a few of the more affordable vehicles to insure for older drivers.
For older drivers, one of the more important criteria that are used to help calculate auto insurance rates is where your car is garaged. Regions with larger populations or more claims like Pueblo, Aurora, and Commerce City likely pay more, whereas areas with lower crime rates and fewer weather claims benefit from lower prices.
The following table sorts the highest-priced places in Colorado for drivers over age 50 to buy auto insurance in.
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Price information shown is approximated as specific Colorado zip code can impact price quotes significantly.
Liability-only versus full coverage
Paying less for car insurance is the goal of most people, and one of the fastest ways to find cheap insurance for drivers over age 50 in Colorado is to buy liability only. The information below illustrates the difference between insurance rates with liability coverage only compared to full coverage. The premium estimates are based on a clean driving record, no claims, $500 deductibles, single marital status, and no policy discounts are applied.
As an average, full coverage costs an extra $1,656 per year more than just buying liability only. That touches on the question when is the right time to remove full coverage. There is no definitive formula that works best for making the decision to drop physical damage coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is about 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let's say your vehicle's claim settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled, you would only receive $8,000 after paying the physical damage deductible. If you are paying more than $800 annually for physical damage coverage, then you might want to think about dropping full coverage.
There are a few cases where removing full coverage is not a good plan. If you still owe money on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not buy liability only.
How accidents and violations affect rates in Colorado
The best way to maintain the best car insurance rates in Colorado for older drivers is to drive carefully and avoid tickets and accidents. The diagram below illustrates how traffic citations and at-fault claims can impact insurance premiums for different age groups. The data assumes a single female driver, full coverage, $250 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of car insurance in Colorado per year with no accidents or violations is $1,754. Add in one speeding ticket and the average cost swells to $1,986, an increase of $233 each year. Next add one accident along with the one speeding ticket and the 12-month cost of car insurance for drivers over age 50 in Colorado jumps again to an average of $2,638. That's an increase of $884, or $74 per month, just for being a little careless behind the wheel!
What is the best car insurance company in Colorado?
Choosing a highly-rated auto insurance company can be rather challenging considering how many companies there are in Colorado. The rank data listed below can help you analyze which auto insurance companies to look at to insure your vehicles.
These rankings only include large insurance companies, so companies with more of a regional focus are not factored into this list. To compare prices from the insurers below and more, click this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Ideas to find economical auto insurance for drivers over age 50 in Colorado
Below you'll find some of the better money-saving ideas that can help drivers buy more affordable coverage.
- If possible, do not file small claims
- Buying your home and auto policies from the same company can earn a discount
- Do not get into accidents that are your fault
- Drive vehicles with five-star safety ratings
- Be a safe driver
- Compare prices as often as possible
The last idea is incredibly necessary, as was affirmed in this article. Car insurance rates can change considerably based on profitability, so don't be hesitant to buy from a different company if a more affordable rate is found.
Loyalty to a specific company is fine, but is isn't recommended if that loyalty ends up costing money that could be spent on other things. Now is a great time to compare rates and find cheaper auto insurance for drivers over age 50.