The words "bargain" and "auto insurance" probably shouldn't be used together, especially when you are shopping around for the best car insurance rates for used cars. In an attempt to save some money, let's lead off by showing you some things that significantly impact auto insurance prices, and see if we can help you take the sting out of the next policy you buy.
For pre-owned vehicles, one of the more important factors that aid in calculating the cost of insurance is the neighborhood you call home in Colorado. Areas with high crime rates or more dense population like Pueblo, Lakewood, and Commerce City tend to pay more, whereas areas that tend to be more rural benefit from lower coverage costs.
The information below sorts the most expensive cities in Colorado for used cars to purchase car insurance in.
|Rank||City||Premium Per Year|
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Rate information is estimated as specific Colorado zip code can raise or lower premiums noticeably.
The type of vehicle driven is one of the largest factors that determines if you can find the most affordable insurance for used cars. Vehicles with reasonable performance levels, an excellent safety record, or a positive history of liability claims will cost less to insure than fast, unsafe models.
The next list features car insurance prices for a selection of the most budget-friendly vehicles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$860|
|Honda Odyssey LX||$942|
|Ford Explorer XLT 2WD||$961|
|Dodge Grand Caravan SE||$966|
|Volkswagen Jetta LE 4-Dr Sedan||$1,013|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$1,032|
|Hyundai Elantra Blue 4-Dr Sedan||$1,047|
|Honda CR-V LX 4WD||$1,051|
|Ford F-150 Lariat Crew Cab Harley 2WD||$1,085|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,091|
|GMC Sierra SLT Extended Cab 4WD||$1,085|
|Nissan Rogue SL 2WD||$1,087|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,104|
|Chevrolet Silverado Crew Cab Hybrid 2WD||$1,137|
|Kia Optima SX||$1,158|
|Ford Fusion SEL AWD 4-Dr Sedan||$1,165|
|Toyota Camry Hybrid||$1,158|
|Chevrolet Impala LT||$1,162|
|Honda Civic LX-S 4-Dr Sedan||$1,202|
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Prices do not factor in specific zip code location which can decrease or increase auto insurance rates greatly.
Based upon the table data, you can see that vehicles like the Ford Escape, Honda Odyssey, and Ford Explorer will definitely be some of the more affordable vehicles to insure for pre-owned vehicles.
The information below illustrates how choosing a deductible can influence annual premium costs when getting quotes for cheap insurance for used cars in Colorado. The premiums are based on a single male driver, full physical damage coverage, and no additional discounts are factored in.
A 50-year-old driver could save $290 a year by changing from a $100 deductible up to a $500 deductible, or save $436 by choosing a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, could potentially save $948 or even more by choosing a higher deductible. If you do raise deductibles, it will be important to have spare funds to enable you to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
How much more does full coverage cost in Colorado?
Paying less for insurance should be important to most drivers, and one of the best ways to pay lower rates for insurance for used cars in Colorado is to not pay for full coverage. The chart below visualizes the comparison of insurance prices with and without physical damage coverage. The premiums are based on a clean driving record, no at-fault accidents, $100 deductibles, single marital status, and no discounts are factored in.
If we average the cost for ages 20 through 70, physical damage coverage on your policy costs $2,013 per year over and above liability only. Lot's of drivers question when is it a good idea to stop buying full coverage. There is no clear-cut formula to exclude full coverage on your policy, but there is a broad guideline. If the annual cost of coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
Low rates today, overpriced tomorrow
Colorado insurance rates are calculated based on many things which can significantly increase or decrease the price you have to pay. Improving your credit score, becoming a homeowner, or getting a ticket for careless driving can trigger changes in premium that can make some companies more affordable than competitors. Not only may your situation change, but insurance companies modify rates every year or even multiple times each year in order to be able to pay unexpected claims. Heavy losses may result in additional price hikes, while a lower level of claims can result in more affordable Colorado car insurance rates.
For instance, the data below shows the companies that have the cheapest car insurance in Colorado for a 30-year-old male driver with no prior accidents, a clean driving record, and solid credit. If we look at prices based on his current rating profile, The Hartford quotes the lowest car insurance rates in Colorado at $834 a year. This is $744 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are the rest of the cheapest Colorado auto insurance companies.
In this example, we will give the driver from above an accident claim, poor credit, and a traffic citation. Due to the fact that every auto insurer has a proprietary method for setting rates, analyzing rate quotes may now show a new list of cheap Colorado auto insurance companies as shown below.
Travelers now has the cheapest rate in Colorado with State Farm, American Family, Grange, and Amica also being competitive. This example shows why it is so important to shop around with many companies when trying to get affordable insurance rates for used cars. Insurance rates are calculated by many things and can change substantially, so the best option the last time you shopped around may now cost much more than other companies.
How to find the cheapest insurance for used cars
The list below shows some of the recommended money-saving solutions that can help Colorado drivers quote cheaper coverage.
- Do not get into accidents
- Safe vehicles generally have lower rates
- Bundle car and home insurance and save money
- Do not pay for full coverage on older vehicles
- Increase your credit score
- Shop around for lower rates once a year
The last suggestion is especially crucial, as was pointed out in the prior article. Car insurance rates fluctuate considerably, so drivers shouldn't be reluctant to buy a different policy if a better deal can be had. We understand brand loyalty, but it's not recommended if that devotedness results in you overpaying hundreds of dollars a year. Take a few minutes and compare prices to find cheaper insurance for used cars.