Finding the best cheap insurance for a Ford Explorer in Colorado is pretty simple, but it relies on a complicated rating formula that uses factors such as your financial responsibility, your credit status, and citations or violations on your driving record. Drivers in Colorado will pay around $1,191 each year for Explorer insurance, but that figure is calculated based on a 30-year-old single female driver with both comprehensive and collision coverage and $500 deductibles.
Most likely you're not a 30-year-old female, you might be married instead of single, or maybe you live in a different area as the quoted rates. Just a minor difference in rating variables could end up with a large change in policy price.
Everyone has unique insurance needs, and this illustrates why the only real way to find the cheapest rates for your Ford is to compare as many rates as possible. It only takes a couple of minutes and you will get price quotes from some of the cheapest companies that offer coverage in Colorado.
Your vehicle's trim level tends to have a direct effect on the insurance rate, so the price to insure a Explorer XLT 2WD trim level will be $114 less expensive the insurance cost for the fancier Explorer Limited AWD version, as shown below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Explorer XLT 2WD||$244||$372||$474||$28||$142||$1,260||$105|
|Explorer Eddie Bauer 2WD||$244||$372||$474||$28||$142||$1,260||$105|
|Explorer XLT 4WD||$244||$372||$474||$28||$142||$1,260||$105|
|Explorer XLT AWD||$244||$372||$474||$28||$142||$1,260||$105|
|Explorer Eddie Bauer 4WD||$276||$454||$474||$28||$142||$1,374||$115|
|Explorer Eddie Bauer AWD||$276||$454||$474||$28||$142||$1,374||$115|
|Explorer Limited 2WD||$276||$454||$474||$28||$142||$1,374||$115|
|Explorer Limited 4WD||$276||$454||$474||$28||$142||$1,374||$115|
|Explorer Limited AWD||$276||$454||$474||$28||$142||$1,374||$115|
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Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Premium costs do not factor in garaging location in Colorado which can change rates substantially.
Determining which company has the cheapest auto insurance rates for a Ford Explorer in Colorado will require a bit more effort thank just comparing rates from one or two companies. Each insurance company uses a little different formula to set their prices, so let's examine the auto insurance companies that tend to be cheaper in Colorado.
It's important to understand that Colorado auto insurance rates are determined by lots of factors that can increase the policy price. Simply having another birthday, buying another vehicle, or getting a speeding ticket can cause premium changes that may make certain companies cheaper than before.
Best Insurance Companies for Your Explorer
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,576|
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The Hartford has some of the lowest car insurance rates in Colorado at around $850 per year. This is $728 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide would also make the list of some of the best Colorado auto insurance companies.
As depicted above, if you are currently insured with Grange and switched to The Hartford, you may realize an annual savings of approxmiately $137. Colorado drivers with USAA could save as much as $149 a year, and GEICO insureds might cut rates by $291 a year.
Remember that these estimates are averages for all types of insureds and vehicles and do not take into consideration a specific rating modification for a Ford Explorer. So the company that has the cheapest rates for you may not even be in the top 21 companies in the list above. That affirms the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.
Full coverage rates compared to liability-only
Saving money when shopping for auto insurance is the goal of most people, and one easy way to find cheap insurance for a Ford Explorer in Colorado is to buy only liability coverage. The illustration below shows the difference between insurance costs with and without physical damage coverage. The costs are based on no violations or accidents, $100 deductibles, drivers are not married, and no policy discounts are applied.
Averaged out for all age groups, comprehensive and collision coverage on your policy costs $2,436 per year over liability only. That proposes the question when is it a good idea to stop buying full coverage. There is no exact rule for dropping full coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is about 10% or more of the vehicle's replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let's pretend your vehicle's replacement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would receive is $4,500 after paying your policy deductible. If premiums are more than $450 a year to have full coverage, then you might consider buying liability only.
Low rates today, overpriced tomorrow
Colorado auto insurance rates are calculated based on many things that may substantially change your annual premium. Simply having a birthday, increasing liability limits, or having an at-fault accident may generate price changes resulting in some rates now being cheaper than competitors.
In addition to those changes, companies modify pricing as needed in order to offset underwriting gains or losses. Unexpectedly high claims may cause additional premium costs, while a profitable period can result in lower-priced Explorer insurance rates.
To illustrate this example, the graph below demonstrates which company has the cheapest car insurance in Colorado for a 40-year-old female driver with no prior claims, no tickets, and a high credit rating. If we estimate prices based on her personal risk profile, The Hartford quotes the most affordable car insurance rates in Colorado at $834 a year. This is $744 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Travelers are the rest of the cheapest Colorado auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison some claims, bad credit, and a few traffic violations. Due to the fact that every auto insurer has a different formula to set premium rates, comparing quotes could now result in a new list of affordable companies as shown below.
Auto-Owners now has the lowest price on auto insurance in Colorado with State Farm, American Family, Grange, and Progressive also having competitive pricing. This example illustrates why it is so important to perform a complete rate comparison when trying to find affordable car insurance quotes for a Ford Explorer. Insurance prices are impacted by many factors and change dramatically, so the best option the last time you compared rates may now cost much more than other companies.
How to find cheaper insurance for a Ford Explorer in Colorado
The list below shows many money-saving suggestions that can help Colorado drivers locate cheap car insurance.
- Frequent claims may make car insurance unaffordable
- Increase your policy deductibles
- Home or renters coverage can save on auto insurance
- Avoid accidents and claims
- Better credit rating means better rates
- Be a cautious driver
- Look for cheaper rates once a year by shopping around
The final tip is notably critical, as we emphasized in the article above. Auto insurance prices change frequently, so drivers shouldn't hesitate to buy from a different company if you can find a cheaper rate. Having a favorite company is great, but it's not a great idea if that dedication is costing potentially thousands of dollars a year. Spend a few minutes and compare rates to find cheaper auto insurance for a Ford Explorer.