The words "bargain" and "insurance" probably shouldn't be used in the same sentence, especially when shopping around for the lowest insurance rates for handicapped drivers. Because of the high cost, let's take a look at some of the factors that have a considerable impact on auto insurance premiums, and see if we can help you cut the cost of the next policy you buy.
The vehicle you are seeking coverage for is one of the primary factors that determines if you can find the best coverage for handicapped drivers. Vehicles with average performance, an excellent safety record, or a low likelihood of having liability claims will cost substantially less to insure than adrenaline junky models.
The data below illustrates coverage costs for a handful of the most affordable automobiles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$984|
|Ford Edge SE AWD||$1,009|
|Honda Odyssey EX||$1,017|
|Ford Escape Limited 4WD||$1,066|
|Ford Explorer XLT AWD||$1,068|
|Toyota Tacoma 4WD||$1,078|
|Ford F-150 XLT Regular Cab 2WD||$1,080|
|Toyota Camry SE||$1,085|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,091|
|Hyundai Sonata GLS 4-Dr Sedan||$1,101|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$1,104|
|GMC Sierra SLT Extended Cab 2WD||$1,109|
|Chevrolet Malibu LTZ||$1,104|
|Volkswagen Jetta 2.0T Station Wagon||$1,122|
|Chevrolet Equinox LS 2WD||$1,129|
|Toyota RAV4 2WD||$1,139|
|Ford Focus S 4-Dr Sedan||$1,135|
|Nissan Rogue SL AWD||$1,158|
|Honda Accord EX-L 2-Dr Coupe||$1,177|
|Dodge Grand Caravan Crew||$1,188|
|Toyota Corolla S||$1,192|
|Hyundai Elantra SE 4-Dr Sedan||$1,201|
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Rate information does not factor in zip code location which can change prices noticeably.
Based upon the table data, we can tell that vehicles like the Honda CR-V, Ford Edge, Honda Odyssey, and Toyota Prius will definitely be a few of the more affordable vehicles to insure for drivers with handicaps.
One of the more important criteria that determine auto insurance rates is where you keep your vehicle in Colorado. Regions with more people or even just more weather-related claims like Pueblo, Aurora, and Lakewood are more likely to pay higher prices, whereas more rural areas get the luxury of paying less.
The following table ranks the most expensive places in Colorado for handicapped drivers to purchase car insurance in.
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Price information shown is estimated as zip code location can impact coverage rates substantially.
Finding out which companies have the cheapest auto insurance rates for handicapped drivers in Colorado will take a little more work than just picking a company at random.
Each company has a different process to determine rates, so let's take a look at the auto insurance companies that tend to be cheaper in Colorado. It's a good idea to know that Colorado auto insurance rates are calculated based on many things which can substantially change the price of coverage. Simply turning a year older, getting divorced, or having an accident can trigger rate changes that can now make some companies cheaper than others.
Cheap Insurance Rates in Colorado
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,592|
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The Hartford may offer some of the best car insurance rates in Colorado at around $850 annually. This is $728 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide would also be considered some of the most economical Colorado insurance companies.
As the rates illustrate above, if you currently have coverage with USAA and switched to The Hartford, you may see a yearly price reduction of roughly $189. Drivers with GEICO could save as much as $291 a year, and Nationwide policyholders might realize rate reductions of up to $293 a year.
These prices are averaged for all insureds and vehicles and do not take into consideration a price discount for handicapped drivers. So the car insurance company that has the lowest price for you may not even be in the top 21 companies shown above. That point stresses why you need to compare rates from as many companies as possible using your own driver information and specific vehicle type.
Insuring your vehicle with a high-quality insurance provider can be a challenge considering how many companies are available to choose from in Colorado. The company information displayed below can help you select which auto insurers you want to consider when shopping your coverage around.
The ratings below are only made up of companies with a national presence, so companies that may only write in Colorado are not factored into these rankings. If you wish to compare prices from these and other companies in Colorado, follow this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
The diagram below illustrates how your deductible choice can increase or decrease insurance costs when getting quotes for cheap insurance for handicapped drivers in Colorado. The premiums assume a single female driver, full physical damage coverage, and no other discounts are factored in.
A 50-year-old driver could cut expenses by $388 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $586 by choosing a $1,000 deductible. Youthful drivers, like the Age 20 category, could drop their prices up to $990 each year just by choosing larger deductibles. When insureds make the decision to increase the deductibles on their policy, it is necessary to have enough spare savings to be able to cover the extra out-of-pocket expense, which deters some people from using high deductibles.
Full coverage rates vs. liability-only
Buying cheaper auto insurance should be important to the majority of drivers, and a good way to reduce the cost of insurance for handicapped drivers in Colorado is to only buy liability insurance. The illustration below shows the difference between auto insurance costs with and without physical damage coverage. The rate quotes are based on no accidents or driving violations, $1,000 deductibles, single marital status, and no discounts are taken into consideration.
If we average the cost for ages 20 through 70, full coverage on your policy costs an extra $1,967 per year more than just buying liability only. That is a significant amount which raises the question if you should buy full coverage. There is no definitive formula to drop comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
For example, let's say your vehicle's book value is $11,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $10,000 after paying your policy deductible. If you are paying over $1,000 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are some conditions where eliminating full coverage is not recommended. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should keep full coverage on your policy.
The benefit of shopping around
Colorado auto insurance rates are determined by lots of factors which can significantly increase or decrease the cost of a policy. Improving your credit score, buying another vehicle, or getting a DUI may prompt premium changes that can cause some rates to be more affordable than before. Additionally, companies modify pricing every year or even multiple times each year to help ensure profitability. A period of increased losses may result in a rate increase, while a profitable period can produce cheaper Colorado car insurance rates.
The bar chart below shows a variety of companies that have the cheapest car insurance in Colorado for a 35-year-old male driver with a clean driving record, no accidents, and solid credit. If we compare prices based on his personal profile, The Hartford may offer the cheapest car insurance rates in Colorado at $850 per year. This is $728 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Travelers also make the list of the cheapest Colorado auto insurance companies.
The next chart shows rates after we give the driver in the first example an accident claim, poor credit, and a blemish on his driving record. Since each auto insurance company uses a different method to establish rates, comparing quotes may now result in a different ranking of companies as shown below.
Auto-Owners now has the best price on car insurance in Colorado with State Farm, American Family, Progressive, and Amica now rounding out the top five. This illustrates why consumers need to shop around when trying to get the most affordable insurance rates for handicapped drivers. Prices are influenced by many different factors and can change substantially, so the cheapest option a year ago may now not even be in the top five.