The words "low-cost" and "insurance" really don't belong together, especially when searching for the best coverage prices for a school permit. Because it's not cheap, let's open your eyes to some situations that have a considerable impact on auto insurance premiums, and come up with some ideas to reduce the price of your next policy.
Finding dependable, affordable car insurance is not the easiest thing to accomplish, and figuring out which companies quote the most affordable auto insurance rates for a school permit in Colorado will involve even more rate comparisons. Rates will be much more than the average price in Colorado, with the extra cost attributed to the potential for more claims that comes with selling insurance for a learners permit, but competitive insurance should be achievable if you thoroughly shop around. Each auto insurance company has their own process for filing rates in each state, so to begin we'll rank the auto insurance companies with the overall cheapest rates in Colorado.
It's important to know that Colorado auto insurance rates are based on many factors that can increase the policy price. Simply turning a year older, buying a different vehicle, or getting a ticket for running a stop sign can trigger rate changes that can now make some companies more affordable than others.
Find Cheaper Car Insurance for Students
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,592|
|Get Personalized Rates Go|
The Hartford generally has some of the best car insurance rates in Colorado at around $850 a year. Grange, USAA, Nationwide, and Travelers also make the cut as some of the more affordable Colorado insurance companies.
As illustrated above, if you buy coverage from USAA and switched to The Hartford, you may realize a yearly price reduction of in the vicinity of $179. Colorado drivers with Nationwide may save as much as $271 a year, and Travelers insureds might reduce rates by $321 a year.
To find out how your current rates compare, click here to start your free quote or quote rates from the companies below.
It's important to note that these premium estimates are averages across all insureds and vehicles and and are not figured with a price surcharge for a school permit. So the car insurance company that fits you best may not even be in the top 21 companies in the list above. That points out the importance of why you need to compare rates from multiple companies using your own individual information.
For a learners permit, one of the more important components that help determine the cost of insurance is where you normally keep your vehicle. More densly populated places like Pueblo, Lakewood, and Colorado Springs will most likely have higher rates, whereas less populated areas have the benefit of cheaper car insurance.
The information below sorts the priciest cities in Colorado for a school permit in which to buy car insurance.
|Rank||City||Average Per Year|
|Find the Best Rates Go|
Rate quotes are estimated as the specific geographic location can influence auto insurance rates greatly.
The make and model of vehicle needing coverage is a large factor when comparing low-priced car insurance for a school permit. Vehicles with average performance, an excellent safety record, or a low likelihood of having liability claims will cost quite a bit less to insure than adrenaline junky models.
The next table outlines coverage costs for a handful of the most affordable vehicles to buy coverage for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$3,166|
|Honda CR-V EX-L 2WD||$3,197|
|Ford Escape XLT 4WD||$3,202|
|Honda Odyssey LX||$3,525|
|Ford Edge SE 2WD||$3,534|
|Ford F-150 XL Super Cab 4WD||$3,557|
|Chevrolet Malibu Hybrid||$3,756|
|Toyota RAV4 Sport 2WD||$3,762|
|Ford Explorer Eddie Bauer AWD||$3,788|
|Toyota Tacoma Double Cab 4WD||$3,794|
|Dodge Grand Caravan SXT||$3,788|
|Ford F-350 XL Super Cab 2WD||$3,817|
|Ford Focus SEL 4-Dr Sedan||$3,924|
|Hyundai Elantra Blue 4-Dr Sedan||$3,933|
|Find Cheaper Rates Go|
Data based on single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in specific Colorado garaging location which can lower or raise auto insurance rates considerably.
Based upon the table data, you can figure that models like the Honda Accord, Honda CR-V, Ford Escape, and Toyota Prius are most likely to be some of the most budget-friendly vehicles to insure for a learners permit. The price for an auto insurance policy will tend to be more expensive anyway just due to the fact that there is more claim risk for a school permit, but generally speaking those vehicles will tend to have the best rates compared to all other vehicles.
Get discounts on Colorado car insurance rates
Insurers that offer coverage for a school permit could also offer rate discounts that can reduce rates by 35% or more if you are eligible for them. Large auto insurance companies and some of their more popular discounts can be found below.
- GEICO may have discounts that include anti-lock brakes, anti-theft, driver training, air bags, and daytime running lights.
- MetLife has discounts for good driver, defensive driver, multi-policy, good student, and accident-free.
- State Farm includes discounts for driver's education, good student, student away at school, good driver, and Steer Clear safe driver discount.
- Progressive offers premium reductions for multi-policy, continuous coverage, online quote discount, multi-vehicle, homeowner, good student, and online signing.
- Mercury Insurance offers discounts including low natural disaster claims, age of vehicle, multi-policy, good student, location of vehicle, and good driver.
- 21st Century has savings for student driver, theft prevention, early bird, defensive driver, anti-lock brakes, and 55 and older.
- Allstate may include discounts for FullPay discount, resident student, senior citizen, anti-lock brakes, utility vehicle, and auto/life discount.
The information below shows the comparison of annual premium costs with and without discounts being applied to the rates. The prices are based on a male driver, no claims or driving citations, Colorado state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with paperless filing, vehicle safety, paid-in-full, passive restraint, anti-theft, and continuous coverage discounts applied. When these discounts are applied, the the average yearly reduction on auto insurance for a school permit is 28% or $717.
Should you buy full coverage?
Buying cheaper auto insurance is the goal of most vehicle owners, and one of the fastest ways to find cheaper insurance for a school permit in Colorado is to only buy liability insurance. The information below shows the difference between insurance prices with full physical damage coverage compared to only buying liability only. Data assumes no claims or violations, $1,000 deductibles, single status, and no additional discounts are factored in.
Averaged for all ages 20 through 70, physical damage coverage on your policy costs an extra $1,967 per year over liability only. That touches on the question when is the right time to remove full coverage. There isn't a written rule that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then you might consider buying liability only.
Why you should be shopping around
Colorado auto insurance rates are influenced by many factors that control the cost of coverage. Improving your credit rating, getting married, or getting a driving violation may prompt premium changes resulting in some companies being cheaper than competitors. Not only that, but insurers file new rates without warning in order to maintain liquidity for claims. An unexpected high level of claims may result in a rate increase, while lower claims can result in cheaper Colorado car insurance rates.
To help illustrate this point, the graph below shows the cheapest car insurance in Colorado for a 40-year-old female driver with no accidents or violations, and great credit. If we look at prices based on her current situation, The Hartford offers the most affordable car insurance rates in Colorado at $825 each year. This is $753 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are also on the list of the top five cheapest Colorado auto insurance companies.
Let's now give the driver from the first set of rates a claim or two, a little lower credit rating, and a traffic citation. Since each auto insurer has a different process to set premium rates, comparing insurance quotes may now present a different list of the cheapest car insurance companies in Colorado as shown below.
Auto-Owners now has the cheapest rate in Colorado with State Farm, American Family, Amica, and Progressive also being competitive. This demonstrates why it is so important to compare lots of rates to get cheap car insurance rates for a school permit.
Insurance rates are calculated by many things and change substantially, so the most economical company when you last compared rates may now be costing you a lot of money.