The car, truck, or SUV needing coverage is probably the largest consideration when comparing quotes for the best cheap coverage for electric cars. Vehicles with high performance engines, poor crash test ratings, or an increased likelihood of liability claims will cost substantially more to insure than more modest models. The table below presents auto insurance rates for some of the cheapest vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$954|
|Ford Edge SEL 2WD||$1,009|
|Honda CR-V EX 4WD||$1,011|
|Ford Escape Limited 4WD||$1,036|
|Ford Focus SEL 4-Dr Sedan||$1,066|
|Hyundai Elantra GLS 4-Dr Sedan||$1,085|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$1,104|
|Chevrolet Malibu LTZ||$1,112|
|Ford F-150 Lariat Crew Cab Platinum 2WD||$1,104|
|Honda Odyssey EX||$1,108|
|Dodge Grand Caravan SE||$1,118|
|Volkswagen Jetta 2.0T Station Wagon||$1,122|
|Ford Fusion S 4-Dr Sedan||$1,129|
|Toyota RAV4 Sport 4WD||$1,139|
|Chevrolet Impala LT||$1,129|
|Jeep Wrangler Unlimited Rubicon 4WD 4-Dr||$1,135|
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Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Estimates do not factor in vehicle location which can change insurance rates significantly.
Based upon the table data, we can expect cars like the Honda Accord, Toyota Prius, Ford Edge, and Honda CR-V are most likely going to be a few of the most affordable vehicles to insure for eco-friendly vehicles.
For eco-friendly vehicles, one of the big things that help determine the price you pay for insurance is where you normally keep your vehicle in Colorado. Cities with larger populations like Denver, Lakewood, and Northglenn tend to pay slightly more, whereas areas with less people or fewer weather incidents profit from lower rates.
The following table rates the most expensive cities in Colorado for electric cars to buy car insurance in.
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Prices are approximated as the specific geographic location can decrease or increase prices substantially.
Insurance companies ranked
Selecting the top car insurance company can be challenging considering how many companies are available to choose from in Colorado. The company ratings shown next can help you decide which coverage providers you want to consider when shopping insurance around for electric cars. These rankings are only comprised of large, nationwide insurance companies, so smaller companies that only insure vehicles in Colorado are not factored into this list.
Top 10 Large Auto Insurance Companies Overall in Colorado
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
Full coverage rates compared to liability-only
Reducing premiums for insurance is important to the majority of drivers, and one way to reduce the cost of insurance for electric cars in Colorado is to not buy full coverage. The chart below illustrates the difference between car insurance rates with full coverage and liability only. The premium estimates are based on a clean driving record, no claims, $500 deductibles, single status, and no discounts are applied to the premium.
As an overall average, physical damage insurance costs $1,656 per year more than insuring for liability only. That is a big expense that brings up the question if it's a good idea to buy full coverage. There isn't a steadfast formula that works best for making the decision to drop full coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is more than around 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
There are some circumstances where dropping full coverage is not in your best interest. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage in place.
Careless driving habits raise Colorado insurance rates
The common sense way to snag the cheapest insurance premiums for eco-friendly vehicles is to drive safely and avoid traffic citations and accidents. The illustration below shows how traffic citations and accident claims raise annual premium costs for each different age group. Data assumes a married male driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
The data above shows the average cost of auto insurance per year with no accidents or violations is $1,692. Factor in two speeding tickets and the average cost rises to $2,326, an increase of $634 each year. Then add in one accident along with the two speeding tickets and the 12-month cost of insurance for electric cars in Colorado increases to an average of $2,973. That's an increase of $1,281, or $107 per month, just for not being attentive to the road!
How to find economical auto insurance for electric cars in Colorado
It is possible to find better rates, and here are many money-saving solutions that can help Colorado drivers quote more affordable auto insurance.
- Do not pay for comprehensive and collision coverage on older vehicles
- Do not get traffic tickets
- Increase physical damage deductibles
- Do not get into accidents
- Drive a car with a high safety rating
- Pay lower rates with good credit
- Comparison shop at least every other year
That last piece of advice is certainly necessary, as we emphasized in this piece. Prices charged by car insurance companies can change significantly in a year, so don't hesitate to buy from a different company if a lower-cost policy is available. Many drivers prefer to stick with one company, but is isn't recommended if your bullheadedness ends up costing you a small fortune year after year. If you have a few minutes, compare rates to find cheaper car insurance for electric cars.