For drivers in Parker, one of the big components that are looked at to determine car insurance rates is where you live in Parker. Areas with more people or even just a higher incidence of claims tend to have more expensive car insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims get the luxury of paying less.
The table below rates the most expensive places in Colorado to buy an auto insurance policy in. Parker is listed at #17 with the yearly price of $1,233 for coverage, which is approximately $103 per month.
|Rank||City||Premium Per Year|
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Rates are comparative as the specific geographic location can decrease or increase rates noticeably.
Having seen where Parker ranks price-wise, finding out which companies offer the cheapest insurance rates in Parker takes a bit more work than just comparing a company or two. Every auto insurer has a proprietary method to establish rates, so to begin we'll rank the insurance companies that tend to have lower prices in Parker, CO.
It's a good idea to know that Parker, CO insurance rates are based on many factors which can substantially decrease or increase the cost of having a policy. Turning one year older, buying a different home, or getting a couple of tickets can produce rate changes that can make some companies more affordable than before.
Best Cheap Insurance Rates in Parker
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,640|
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The Hartford generally has some of the most affordable car insurance rates in Parker at around $825 per year. This is $753 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also qualify as some of the most economical Parker, CO auto insurance companies.
As shown in the rates above, if you are insured with GEICO and switched to Grange, you could earn a yearly price reduction of in the vicinity of $163. Customers with Auto-Owners might save as much as $178 a year, and Travelers customers might cut rates by $205 a year.
It's important to note that these policy prices are averaged across all ages of drivers and types of vehicles and do not factor in an exact vehicle garaging location in Parker. So the car insurance company that can offer you the best price may not even be in the list above. That point stresses why you need to compare as many prices as possible using your own specific driver information and vehicle.
The vehicle model that is being insured is a large consideration that determines if you can find cheap auto insurance in Parker. Vehicles with high performance features, poor crash test ratings, or a history of substantial liability claims will cost quite a bit more to insure than safer models.
The data below ranks car insurance prices for a number of the cheaper vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,195|
|Hyundai Elantra GLS Touring Station Wagon||$1,200|
|Ford Escape Limited 2WD||$1,223|
|Toyota Camry LE||$1,239|
|Toyota RAV4 Sport 2WD||$1,249|
|Honda CR-V LX 4WD||$1,278|
|Honda Odyssey EX-L W/Rear Entertainment||$1,301|
|Chevrolet Malibu LTZ||$1,325|
|Ford Fusion SEL 4-Dr Sedan||$1,331|
|GMC Sierra SLE Regular Cab 4WD||$1,325|
|Dodge Grand Caravan CV||$1,341|
|Dodge Ram Crew Cab TRX 2WD||$1,352|
|Chevrolet Silverado Crew Cab Hybrid 2WD||$1,390|
|Toyota Tacoma 4WD||$1,434|
|Ford Explorer XLT 2WD||$1,442|
|Dodge Ram 2500 Mega Cab Laramie 4WD||$1,438|
|Chevrolet Impala LTZ||$1,489|
|Chevrolet Silverado 2500HD LT Extended Cab Diesel 2WD||$1,503|
|Toyota Corolla XRS||$1,515|
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Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Premium costs do not factor in specific garaging location which can increase or decrease prices significantly.
Based on these rates, you can see that makes and models like the Toyota Prius, Honda Accord, Hyundai Elantra, Ford Escape, and Toyota Camry are the less-costly vehicles to insure for drivers in Parker.
Rate difference between full and liability-only coverage
Buying cheaper car insurance is important to the majority of vehicle owners, and an effective way to find cheap insurance in Parker is to buy liability only. The illustration below shows the comparison of premium costs with liability coverage only compared to full coverage. The premium estimates are based on no accidents or driving violations, $250 deductibles, drivers are not married, and no discounts are applied.
As an average, comprehensive and collision coverage on your policy costs $2,040 per year more than just buying liability only. That is a large expense which might make you wonder if buying full coverage is worth the money. There is no specific rule to exclude physical damage coverage, but there is a broad guideline. If the annual cost of having full coverage is about 10% or more of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let's pretend your vehicle's replacement cost is $11,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $10,000 after paying your deductible. If premiums are more than $1,000 annually for your policy with full coverage, then you might consider buying liability only.
There are some scenarios where buying only liability insurance is not a good plan. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan requirements. Also, if you don't have enough money to buy a different vehicle if your current one is totaled, you should keep full coverage on your policy.
How to get discounts on Parker insurance
Car insurance companies that provide policies in Parker may also give you policy discounts that may potentially lower prices by as much as 25% or more if you are eligible. Larger car insurance companies and a partial list of their discounts are detailed below.
- Mercury Insurance policyholders can earn discounts including ease of repair, professional/association, good driver, age of vehicle, accident-free, and location of vehicle.
- Farmers Insurance may offer discounts for homeowner, switch companies, mature driver, good student, and distant student.
- Farm Bureau offers premium reductions for multi-vehicle, renewal discount, youthful driver, good student, safe driver, driver training, and 55 and retired.
- State Farm has savings for good driver, multiple autos, accident-free, Steer Clear safe driver discount, passive restraint, and student away at school.
- Allstate offers discounts for utility vehicle, FullPay discount, passive restraint, new car, economy car, and farm vehicle.
- GEICO discounts include military active duty, anti-theft, emergency military deployment, good student, federal employee, and five-year accident-free.
The diagram below shows the comparison of insurance premiums with and without discounts. The price estimates are based on a female driver, no claims or violations, Colorado state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with defensive driving course, safe-driver, vehicle safety, multiple vehicle, claim-free, and homeowner discounts applied. When taking advantage of discounts, the average savings per year on car insurance in Parker is 28% or $484.
The illustration below demonstrates how choosing different deductibles can change insurance costs when quoting cheap insurance in Parker. The premium estimates are based on a married female driver, full coverage, and no additional discounts are factored in.
The data above shows that a 30-year-old driver could pocket $280 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $422 by selecting a $1,000 deductible. Younger drivers, like the age 20 example, could drop their prices $594 annually by selecting a higher deductible.
If you do raise deductibles, it is necessary to have emergency funds available to allow you to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.