The words "bargain" and "insurance" really should not be used together, especially when comparison shopping for the lowest insurance prices for homeowners. Because it's not cheap, let's start the ball rolling by going over some of the things that have an impact on car insurance premiums, and find some ways to reduce the price of the next policy you buy.
For people who own their homes, one of the big things that are looked at to determine car insurance rates is the neighborhood you call home. Regions with larger populations or more claims like Denver, Aurora, and Northglenn likely pay more, whereas areas with less congestion have the gratification of cheaper auto insurance rates.
The next table sorts the priciest cities in Colorado for homeowners in which to purchase auto insurance.
|Rank||City||Average Per Year|
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Rates are estimated as the specific zip code location can lower or raise insurance rates considerably.
The make and model of vehicle requiring coverage is probably the most important factor when quoting cheaper car insurance for homeowners. Vehicles with average performance, an excellent safety record, or a low likelihood of having liability claims will cost significantly less to insure than fast, unsafe models.
The next table presents insurance premiums for a number of the cheaper vehicles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$872|
|Ford Escape Limited 2WD||$975|
|Nissan Altima 2.5 4-Dr Sedan||$1,028|
|Hyundai Elantra SE Touring Station Wagon||$1,036|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,047|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$1,056|
|Toyota Camry SE||$1,085|
|Hyundai Sonata GLS 4-Dr Sedan||$1,101|
|Jeep Grand Cherokee Limited 4WD||$1,104|
|Chevrolet Equinox LS AWD||$1,129|
|Ford Edge SE AWD||$1,135|
|Ford F-350 XLT Crew Cab 2WD||$1,143|
|Ford Explorer Limited 2WD||$1,152|
|Chevrolet Silverado Crew Cab Hybrid 2WD||$1,158|
|Toyota RAV4 4WD||$1,162|
|GMC Sierra SLE Regular Cab 2WD||$1,171|
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Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Information does not factor in specific location which can raise or lower auto insurance rates significantly.
Looking at the rates, you can see that vehicles like the Honda CR-V, Toyota Prius, Ford Escape, and Nissan Altima will definitely be some of the most economical vehicles to insure for people who own their homes.
Insurance rates are higher with tickets and accidents
The best way to find the most affordable insurance premiums for people who own their homes is to be an attentive driver and avoid accidents and violations. The diagram below highlights how speeding tickets and accident claims can raise car insurance rates for different age categories. The rates are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied to the premium.
In the example above, the average cost of car insurance per year with a clean driving record and no accidents is $1,523. Get written up for one speeding ticket and the average cost rises to $1,726, an increase of $203 each year. Then throw in two accidents along with the one speeding ticket and the yearly cost of insurance for homeowners in Colorado goes up to an average of $3,591. That's an increase of $2,068, or $172 per month, just for not driving responsibly!
Insurance companies ranked
Insuring your vehicle with a highly-rated insurance provider can be rather challenging considering how many companies are available to choose from in Colorado. The company information shown below can help you pick which insurers to look at when comparing rate quotes. These ratings include companies who write in the majority of U.S. states, so companies that may only write in Colorado are not included in these rankings.
|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
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Colorado insurance rates are based on many factors which can significantly increase or decrease the price you have to pay for coverage. Getting older, having a teenage driver, or having a fender bender can trigger rate changes resulting in some rates now being much cheaper than others.
In addition, insurance companies file new Colorado auto insurance rates as often as every three months to adjust for gains or losses. An unexpected high level of claims can result in increased policy costs, while a better loss history can produce cheaper Colorado car insurance rates.
To help illustrate this point, the chart below demonstrates which company has the cheapest car insurance in Colorado for a 30-year-old female driver with a clear driving record, no claims, and good credit. When quoting prices based on her personal risk profile, The Hartford might quote the most affordable car insurance rates in Colorado at $859 per year. This is $719 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO round out the rest of the best Colorado auto insurance companies.
Now we will pretend the driver in the first chart a chargable claim, less-than-perfect credit, and an imperfect driving record. Since each insurance company has a unique approach for determining prices, analyzing rate quotes may now result in a completely different list of affordable Colorado car insurance companies as shown below.
Travelers now has the best insurance rate in Colorado with State Farm, American Family, Progressive, and Grange now rounding out the top five. This example illustrates why it is so important to spend some time comparing rates to get affordable auto insurance quotes for homeowners.
Auto insurance prices are calculated by many factors and can increase or decrease at any time, so the cheapest option when you bought your policy may now not even be in the top five.
Tips to find the cheapest insurance for homeowners
The list below summarizes a few thrifty solutions that can help you buy lower-cost car insurance.
- Buy vehicles with good safety ratings
- Bundle home and auto and save
- Speeding tickets and other violations increase rates
- Pay for small claims rather than turning them in to your insurance company
- Maintain a safe distance and avoid accidents
- Shop around for lower rates once a year
The last tip in the list is certainly vital, as we emphasized in this piece. Prices charged by car insurance companies can change in a short period of time, so drivers shouldn't hesitate to buy a policy from a new company if a better rate can be found. Staying with the same car insurance company is fine, but we do not recommend it if that devotedness results in you overpaying hundreds every year. It takes less than five minutes to compare rates and find cheaper car insurance for homeowners.