One of the many criteria that determine car insurance rates is where you call home. Areas with a lot of weather claims or more people like Pueblo, Commerce City, and Security-Widefield likely pay more, whereas areas with lower crime rates and fewer weather claims have the gratification of cheaper auto insurance rates.
The table below rates the most expensive areas in Colorado for a company car to purchase car insurance in.
|Rank||City||Premium Per Year|
|Find the Best Rates Go|
Table data uses approximated as the specific area where the vehicle is garaged can lower or raise prices considerably.
Finding low-cost insurance is not the easiest thing to accomplish, and figuring out which company has the most affordable insurance rates for a company car in Colorado will take even more perseverance. Every auto insurer has their own unique process to set their prices, so we'll go over the insurance companies that tend to have lower prices in Colorado.
It's a good idea to know that Colorado insurance rates are based on many factors that will increase or decrease the cost of a policy. Improving your credit score, adding a teenager to your policy, or getting a DUI can trigger rate changes resulting in some companies being more expensive than before.
Find the Cheapest Auto Insurance in Colorado
The Hartford quotes some of the cheapest car insurance rates in Colorado at around $825 each year. This is $753 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also rank well as some of the lowest-priced Colorado auto insurance companies.
In the above example, if you currently buy coverage from Grange and switched to The Hartford, you may see annual savings of roughly $153. Drivers with USAA might save as much as $184 a year, and Nationwide policyholders might reduce rates by $284 a year.
Bear in mind that those premium estimates are averages for all insureds and vehicles and are not factoring in a price discount for a company car. So the insurer that can offer you the lowest price may not even be in the top 21 companies shown above. That is why you need to get rate quotes from many companies using your own specific driver and vehicle information.
The type of vehicle that is being insured is a large consideration in finding the most economical insurance for a company car. Vehicles with higher performance characteristics, a lack of safety features, or a track record of large liability claims will cost significantly more to insure than more modest models.
The information below presents insurance premiums for a number of the cheaper automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$872|
|Honda CR-V LX 4WD||$984|
|Ford Escape XLS 2WD||$993|
|Ford Edge SEL AWD||$1,009|
|Chevrolet Equinox LT 2WD||$1,028|
|GMC Sierra SL Extended Cab 2WD||$1,037|
|Ford Explorer Eddie Bauer AWD||$1,047|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,068|
|Ford F-150 XLT Regular Cab 4WD||$1,075|
|Toyota Corolla S||$1,085|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$1,104|
|Ford Fusion SEL 4-Dr Sedan||$1,110|
|Volkswagen Jetta LE 4-Dr Sedan||$1,129|
|Dodge Grand Caravan Hero||$1,138|
|Ford Focus S 4-Dr Sedan||$1,135|
|Chevrolet Malibu Hybrid||$1,162|
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Prices above based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Prices do not factor in specific garaging location which can affect insurance rates greatly.
Based upon the rates shown, we can infer that cars like the Honda Accord, Honda CR-V, Ford Escape, Ford Edge, and Chevrolet Equinox should be some of the most economical vehicles to insure for your employer's vehicle.
Discounts on Colorado car insurance
Insurers that sell policies for a company car may also offer rate discounts that could lower prices by 30% or more if you meet certain criteria. A list of insurance companies and some of the premium reductions they offer can be found below.
- Farm Bureau has discounts for driver training, youthful driver, multi-policy, safe driver, 55 and retired, and good student.
- Liberty Mutual offers discounts for multi-policy, newly retired, safety features, hybrid vehicle, new vehicle discount, and multi-car.
- State Farm may have discounts that include Steer Clear safe driver discount, anti-theft, driver's education, passive restraint, and accident-free.
- Auto-Owners Insurance policyholders can earn discounts including safe vehicle, mature driver, paid in full, multiple vehicles, teen driver, good student, and anti-lock brakes.
- GEICO discounts include multi-vehicle, emergency military deployment, five-year accident-free, driver training, defensive driver, multi-policy, and seat belt use.
- SAFECO includes discounts for bundle discounts, teen safety rewards, anti-theft, homeowner, accident prevention training, drive less, and teen safe driver.
The example below compares insurance rates with and without discounts being applied to the rates. The premiums assume a female driver, no violations or accidents, Colorado state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with accident-free, safe-driver, multiple vehicle, passive restraint, multiple policy, and anti-theft discounts applied. When these discounts are applied, the average amount saved each year on insurance for a company car is 28% or $712.
Insurance company ratings
Selecting the highest-rated auto insurance provider can be difficult considering how many choices you have in Colorado. The ranking data in the next section may help you analyze which providers you want to consider shopping your coverage with. The rankings below are for companies that write coverage in many states, so companies without a large exposure are not included in these rankings.
Top 10 Large Auto Insurance Companies Overall in Colorado
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
Top 10 Large Auto Insurance Companies in Colorado Ranked by Customer Service
- State Farm
- The Hartford
- The General
- AAA Insurance
- American Family
The information below highlights how deductible choice can change insurance premiums when getting quotes for cheap insurance for a company car in Colorado. The premiums are based on a married female driver, full coverage, and no discounts are applied.
As shown above, a 40-year-old driver could save $240 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $362 by choosing a $1,000 deductible. Youthful drivers, like the Age 20 chart data, could lower their rates up to $594 each year just by choosing larger deductibles.
If you make the decision to raise deductibles, it will be required to have spare funds to enable you to pay the extra out-of-pocket expense that is associated with using high deductibles.
How to find cheaper insurance for a company car
Lowering your rates is not difficult, and here are many thrifty solutions that can help Colorado drivers quote cheaper car insurance.
- If your vehicles are older, consider dropping full coverage
- Being accident-free can lower rates significantly
- Be a safe driver
- Buying home and auto together can help save money
- The safer your car, the less it costs to insure
- Avoid filing excessive claims
- Shop your coverage around for the best deal
The last suggestion is remarkably vital, as we stressed in this write-up. Auto insurance rates go up and down frequently, so don't be unwilling to switch carriers if a better deal can be had. Many drivers have brand loyalty and that's fine, but it's not a good idea if it's costing you several hundred dollars every year. It only takes a couple minutes to shop around and find cheaper auto insurance for a company car.