The words "affordable" and "insurance" really don't belong together, in particular when comparison shopping for the best car insurance for veterans. Because it's so expensive, let's take a look at some things that have a considerable impact on car insurance prices, and figure out some ways to cut the cost of your next policy.
The vehicle model you are seeking coverage for is one of the largest factors when shopping for the most affordable car insurance for veterans. Vehicles with lots of horsepower, poor safety features, or a history of substantial liability claims will cost substantially more to insure than more modest models.
The information below estimates insurance premiums for a selection of the most economical automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$954|
|Dodge Grand Caravan CV||$973|
|Honda CR-V LX 2WD||$984|
|Jeep Grand Cherokee Laredo 2WD||$1,028|
|Chevrolet Silverado LS Regular Cab 2WD||$1,036|
|Chevrolet Equinox LS 2WD||$1,028|
|Honda Accord EX-L 4-Dr Sedan||$1,036|
|Ford Focus SES 4-Dr Sedan||$1,066|
|Ford Explorer XLT 2WD||$1,068|
|Ford Edge SE 2WD||$1,080|
|Chevrolet Impala LTZ||$1,085|
|Hyundai Sonata GLS 4-Dr Sedan||$1,101|
|Kia Optima LX||$1,109|
|Toyota Corolla XRS||$1,104|
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Premium data assumes 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, homeowner, safe-driver, multi-policy, and multi-vehicle. Premium amounts do not factor in specific garaging location which can alter premiums greatly.
Looking at the data, we can tell that makes and models like the Ford Escape, Toyota Prius, and Dodge Grand Caravan will definitely be a few of the most economical vehicles to insure for veterans.
One of the more important things that determine the price you pay for insurance is where you normally keep your vehicle in Colorado. Regions with larger populations or more claims like Pueblo, Lakewood, and Security-Widefield tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims have the enjoyment of a little cheaper coverage.
The information below ranks the priciest cities in Colorado for veterans to buy an auto insurance policy in.
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Rates are approximated as the specific geographic location can decrease or increase premiums greatly.
Shopping around for budget car insurance is tough enough, and finding out which companies offer the most affordable car insurance rates for veterans in Colorado may require a little more work. Every car insurance company has a different formula for filing rates in each state, so we'll go over the most affordable car insurance companies in Colorado.
It's a good idea to know that Colorado car insurance rates are impacted by many factors that will increase or decrease the price you pay for coverage. This price variability is why it is critical to do a thorough rate comparison to find the cheapest car insurance rates for veterans. Car insurance prices are calculated by many things and can increase or decrease at any time, so the cheapest option six months ago may now be costing you a lot of money.
Best Car Insurance Prices for Vets
The Hartford generally has some of the lowest car insurance rates in Colorado at around $859 each year. Grange, USAA, GEICO, and Nationwide would also be considered some of the lowest-priced Colorado car insurance companies.
In the above example, if you have coverage with USAA and switched to The Hartford, you could see an annual savings of about $170. Insureds with GEICO could save as much as $282 a year, and Nationwide policyholders might lower prices by $296 a year.
If you want to find out if you're overpaying, click here to start a quote or quote prices from the following companies.
Be aware that those prices are averaged across all types of drivers and the different vehicles they drive and and are not calculated with a rate decrease for veterans. So the auto insurance company that can offer the best rates for your situation may not even be in the top 21 companies shown above. That point stresses why you need to compare as many prices as possible using your own specific driver and vehicle information.
What is the best car insurance company in Colorado?
Finding the best insurance provider can be rather challenging considering how many different companies there are to choose from in Colorado. The company information in the lists below may help you choose which car insurance providers you want to consider when trying find the best insurance for veterans.
These rankings include the companies with a significant amount of written premium nationwide, so companies that have a smaller presence will not be included in the list. To check rates from these and other top-rated companies, click 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 example below shows how different deductible levels can impact insurance costs when quoting cheap insurance for veterans in Colorado. The costs are based on a married male driver, comp and collision included, and no additional discounts are factored in.
The chart above illustrates that a 30-year-old driver could lower their car insurance rates by $324 a year by switching from a $100 deductible to a $500 deductible, or save $490 by choosing a $1,000 deductible. Even younger drivers, like the age 20 example, could possibly save up to $978 or even more by using 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, which deters some drivers from choosing higher deductibles.
Liability only or full coverage
Saving money on car insurance is important to most people, and one of the best ways to find cheap insurance for veterans in Colorado is to buy only liability coverage. The example below shows the difference between car insurance costs with full phyical damage coverage and with liability coverage only. The rate quotes are based on no driving violations, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are applied.
Averaged out for all age groups, physical damage insurance costs $1,476 per year over having just liability coverage. That touches on the question if it's worth it to buy full coverage. There is no clear-cut formula that works best for making the decision to drop physical damage insurance, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.