It's hard to avoid all the ads from auto insurance companies like Progressive, GEICO, and The General that promise the cheapest price. So drivers should just choose the one with the best commercial, right?
It's just not that simple, as there are many unknown elements such as how far you drive each year, if you have a spouse, and how high your deductibles should be, that all impact the cost of your policy. This article will cover the things that influence insurance rates and will give you a solid foundation to find cheaper car insurance for age 60+.
Figuring out which companies have the lowest-priced auto insurance rates for drivers over age 60 in Colorado may require a little more sweat in order to find the best price. Every auto insurer uses a little different formula for determining prices, so we'll take a look at the auto insurance companies with the overall best prices in Colorado.
Find Cheaper Car Insurance for Age 60+
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,624|
|Get a Custom Quote Go|
The Hartford offers some of the lowest car insurance rates in Colorado at around $834 annually. This is $744 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners also make the cut as some of the more affordable Colorado car insurance companies.
As the example above demonstrates, if you are a customer of Auto-Owners and switched to Grange, you may see an annual premium reduction of upwards of $169. Customers with GEICO might save as much as $189 a year, and Travelers insureds might cut rates by $220 a year.
It's important to note that these premium estimates are averaged for all types of drivers and the different vehicles they drive and and are not figured with a price decrease for drivers over age 60. So the insurer that can offer you the lowest price may not even be in the list above. That is why you need to get rate quotes using your own specific driver information and vehicle.
For older drivers, one of the big factors that determine car insurance rates is your zip code in Colorado. Regions with larger populations or more claims like Pueblo, Denver, and Commerce City tend to have higher auto insurance costs, whereas areas with less crime or weather claims profit from lower rates.
The table below lists the most costly cities in Colorado for drivers over age 60 to purchase car insurance in.
|Rank||City||Average Per Year|
|Compare Rates Now Go|
Information shown are estimated as the specific Colorado residence address can change rates noticeably.
Colorado auto insurance companies
Choosing the right auto insurance provider is hard considering how many choices drivers have in Colorado. The company ratings below may help you pick which companies to look at buying from. The ratings below only include companies who write in the majority of U.S. states, so companies that may only write in Colorado are not taken into consideration for 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
The example below shows how choosing a deductible can influence insurance costs when trying to find cheap insurance for drivers over age 60 in Colorado. Data assumes a married male driver, comp and collision included, and no additional discounts are factored in.
As shown above, a 40-year-old driver could pocket $292 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $444 by choosing a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could shave up to $978 annually by selecting a higher deductible. If you do make the decision to raise your deductibles, it will be important to have enough in a savings account to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Liability rates compared to full coverage
Buying cheaper auto insurance is the goal of most people, and an effective way to find cheap insurance for drivers over age 60 in Colorado is to only buy liability coverage. The information below compares car insurance costs with full phyical damage coverage and with liability coverage only. The premiums are based on a clean driving record, no at-fault accidents, $250 deductibles, single status, and no policy discounts are applied.
If all age groups are averaged, comprehensive and collision coverage on your policy costs an additional $1,845 per year more than carrying just liability coverage. That touches on the question when is the right time to remove full coverage. There is no clear-cut formula to drop comp and collision coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let's assume your vehicle's book value is $7,500 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $6,500 after the policy deductible has been paid. If you are currently paying more than $650 annually for physical damage coverage, then it might be time to buy liability only.
How to find cheaper insurance for drivers over age 60 in Colorado
Below you'll find some thrifty suggestions that can help Colorado drivers quote cheap car insurance.
- Better credit rating means better rates
- Save money by observing traffic laws and speed limits
- Try to not file small claims
- Higher physical damage deductibles lower rates
- Buy your homeowners policy from the same company as your auto insurance
- Having at-fault accidents will increase rates
- Comparison shop at least every other year
The last item on the list is particularly necessary, as we noted in this piece. Insurance rates go up and down frequently, so don't be tentative to buy a policy from a new company if you find a better deal. Brand loyalty is great, but it isn't a good idea if it's costing you lots of money. In less than five minutes you could compare prices and find cheaper auto insurance for drivers over age 60.