Finding dependable, affordable car insurance is challenging, and deciding which company quotes the most affordable auto insurance rates in Boulder calls for even more shopping around.
Each auto insurer has their own unique process for setting prices, so first let's look at the rankings for the most competitive auto insurance companies in Colorado.
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,592|
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The Hartford may have some of the best car insurance rates in Boulder at around $825 each year. This is $753 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also make the cut as some of the cheapest Boulder, CO auto insurance companies.
In the rate table above, if you are currently insured with USAA and switched to The Hartford, you might see yearly savings of roughly $174. Colorado drivers with Nationwide may save as much as $284 a year, and GEICO customers might reduce prices by as much as $316 a year.
Be aware that those policy rates are averaged across all types of insureds and vehicles and and are not figured with an exact zip code location in Boulder. So the insurer that can offer the best rates for your situation may not even be in the list above. That helps illustrate why you need to get quotes using your own driver and vehicle profiles.
For drivers in Boulder, one of the big factors that are used to help calculate the amount you pay for auto insurance is where you choose to live in Boulder. More densly populated places are more likely to have higher rates, whereas less populated areas tend to receive slightly lower rates.
The illustration below shows the most expensive cities in Colorado to buy auto insurance in. Boulder is ranked #19 with a yearly cost of $1,195 for the average insurance policy, which is around $100 monthly.
|Rank||City||Premium Per Year|
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Table data uses estimated as the specific zip code location can change price quotes substantially.
Your low-price policy may be costing you money
Colorado auto insurance rates are impacted by many factors which can significantly increase or decrease the price you pay for coverage. Simply turning a year older, buying higher coverage limits, or having a fender bender can trigger changes in premium that can make some companies cheaper than before. Also, car insurance companies amend premium rates multiple times each year to reflect underwriting profits or losses. Unexpectedly high claims may cause higher priced premiums, while a better loss history can produce lower-cost Boulder car insurance rates.
For example, the bar chart below compares the cheapest car insurance in Boulder, CO for a 45-year-old female driver with a clear driving record, no claims, and a good credit rating. If we compare prices based on her current risk profile, The Hartford quotes the lowest car insurance rates in Boulder at $896 each year. This is $682 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are the remainder of the top five cheapest Boulder, CO auto insurance companies.
In the next rate comparison, we'll give the driver in the first example a claim surcharge, a lower credit rating, and a few blemishes on her driving record. Due to the fact that every insurance company has a different process for establishing rates, analyzing rate quotes may result in a different ranking of the cheapest car insurance companies in Boulder as shown below.
Travelers now has the cheapest rate in Boulder with State Farm, American Family, Progressive, and USAA also having competitive pricing. This example illustrates why consumers need to compare lots of rates to get the most affordable auto insurance rates in Boulder.
Car insurance prices are made up of many things and change frequently, so the most economical company when you last compared rates may now cost much more than other companies.
The type of vehicle that is being insured is probably the biggest factor when shopping around for affordable car insurance in Boulder. Vehicles with lots of horsepower, a lack of advanced safety features, or an increased likelihood of liability claims will cost more to insure than more economical and safe models.
The data below illustrates car insurance prices for a handful of the most affordable automobiles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$928|
|Ford F-150 STX Super Cab 2WD||$1,019|
|Honda Accord EX 4-Dr Sedan||$1,025|
|Dodge Grand Caravan SE||$1,041|
|Ford Focus S 4-Dr Sedan||$1,078|
|Toyota RAV4 Limited 4WD||$1,099|
|Chevrolet Impala LT||$1,107|
|Ford Escape Limited 4WD||$1,108|
|Toyota Corolla XLE||$1,158|
|Hyundai Elantra GLS 4-Dr Sedan||$1,167|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$1,177|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,185|
|Chevrolet Equinox LTZ AWD||$1,177|
|Nissan Rogue S AWD||$1,180|
|Ford Edge SEL AWD||$1,182|
|Chevrolet Silverado LT Extended Cab 4WD||$1,206|
|Volkswagen Jetta 2.0T Station Wagon||$1,221|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$1,230|
|Chevrolet Malibu LT||$1,240|
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Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Premium amounts do not factor in specific garaging location which can decrease or increase coverage rates greatly.
Based on these rates, vehicles like the Honda CR-V, Ford F-150, and Honda Accord are most likely to be some of the less-costly vehicles to insure for drivers in Boulder.
Difference between liability only and full coverage rates
Paying less for auto insurance should be important to the majority of vehicle owners, and an easy way to find cheap insurance in Boulder is to buy only liability coverage. The information below compares annual premium costs with full physical damage coverage compared to only buying liability only. The premiums assume no driving violations, no at-fault accidents, $100 deductibles, marital status is single, and no discounts are applied.
Averaged for all ages 20 through 70, full coverage costs $2,696 per year more than just buying liability insurance. That raises the question if buying full coverage is worth the money. There isn't a steadfast formula of when to stop paying for comp and collision coverage, but there is a general guideline. If the yearly cost of full coverage is more than 10% of any settlement you would receive from your insurance company, then it's probably a good time to buy liability coverage only.
For example, let's say your vehicle's replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, you would only receive $7,000 after you pay the deductible. If premiums are more than $700 annually for your policy with full coverage, then you might want to think about dropping full coverage.
The information below illustrates how choosing a deductible can increase or decrease yearly insurance costs when getting quotes for cheap insurance in Boulder. Data assumes a married male driver, full coverage, and no discounts are applied to the premium.
The chart above illustrates that a 40-year-old driver could save $244 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $370 by selecting a $1,000 deductible. Young drivers, such as the 20-year-old chart data, can cut up to $814 annually just by choosing higher deductibles. When raising deductibles, it's a good idea to have spare funds to enable you to cover the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Insurance rate increases from tickets or accidents
In a perfect world, the best way to receive good auto insurance rates for drivers in Boulder is to be a safe driver and not receive tickets or have accidents. The example below highlights how speeding tickets and accident claims influence yearly insurance costs for each different age group. The rates are based on a married male driver, full physical damage coverage, $100 deductibles, and no discounts are factored in.
The chart shows that the average cost of car insurance in Boulder per year with a clean driving record and no accidents is $1,720. Factor in two speeding tickets and the average cost surges to $2,379, an increase of $660 each year. Next add two accidents along with the two speeding tickets and the 12-month cost of auto insurance in Boulder jumps again to an average of $4,713. That's an increase of $2,994, or $249 per month, just for not driving responsibly!