The car, truck, or SUV that is being insured is one of the primary factors when shopping for affordable car insurance in Colorado. Vehicles with limited speed and performance, good crash test ratings, or a low likelihood of having liability claims will cost less to insure than adrenaline junky models. The table below illustrates coverage rates for a selection of the most affordable vehicles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$872|
|Chevrolet Silverado LS Regular Cab 4WD||$954|
|Honda Accord LX-P 4-Dr Sedan||$964|
|Ford Escape XLT 4WD||$1,011|
|Jeep Grand Cherokee Laredo 2WD||$1,028|
|Hyundai Elantra SE Touring Station Wagon||$1,036|
|Chevrolet Equinox LTZ AWD||$1,104|
|Honda Civic DX 4-Dr Sedan||$1,108|
|Ford Focus SE 4-Dr Sedan||$1,114|
|Ford F-150 FX2 Super Cab 2WD||$1,108|
|Ford Edge Limited 2WD||$1,117|
|Chevrolet Malibu LS||$1,129|
|Chevrolet Impala LS||$1,135|
|Toyota Tacoma Double Cab 4WD||$1,152|
|Toyota RAV4 Sport 4WD||$1,162|
|Dodge Grand Caravan Hero||$1,171|
|Toyota Camry LE||$1,162|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD||$1,179|
|Ford Explorer Limited 2WD||$1,188|
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Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Rate information does not factor in specific Colorado garaging location which can influence prices greatly.
Based upon the table data, you can figure that models like the Honda CR-V, Chevrolet Silverado, and Honda Accord will definitely be a few of the most affordable vehicles to insure for drivers in Colorado.
Establishing which insurers offer the best auto insurance rates in Colorado involves more time than just getting one or two price quotes. Each auto insurer uses a different method to establish rates, so let's take a look at the lowest cost auto insurance companies in Colorado.
It's a good idea to be aware that Colorado auto insurance rates are determined by lots of factors which can substantially change the price you have to pay for coverage. Improving your credit score, becoming a homeowner, or getting into an accident may prompt premium changes that may make certain companies more affordable than competitors.
Find the Best Cheap Insurance in Colorado
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,592|
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The Hartford may have some of the lowest car insurance rates in Colorado at around $834 per year. Grange, USAA, Nationwide, and Auto-Owners are also some of the lowest-priced Colorado auto insurance companies.
As the example above demonstrates, if you currently have a policy with Auto-Owners and switched to Grange, you may see a yearly price reduction of in the vicinity of $198. Colorado drivers with Travelers could save as much as $213 a year, and GEICO insureds might lower prices by $218 a year.
Understand that those premium estimates are averages across all insureds and vehicles and do not take into consideration a rate discount in Colorado. So the company that is best suited for you may not even be in the top 21 companies in the list above. That illustrates why you need to compare rates from as many companies as possible using your own specific driver and vehicle information.
One of the more important things that are looked at to help calculate the price you pay for insurance is where you choose to live. Regions with larger populations or more claims like Denver, Pueblo, and Commerce City will most likely pay more, whereas more rural areas receive better rates.
The following table rates the most costly cities in Colorado to purchase car insurance in.
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Information shown are comparative as the specific garaging location can influence coverage prices noticeably.
Liability rates compared to full coverage
Paying a lower price for auto insurance should be important to the majority of drivers, and one good way to buy cheaper insurance in Colorado is to not buy full coverage. The illustration below shows the difference between insurance rates with full physical damage coverage compared to only buying liability only. The premiums assume no claims or driving violations, $100 deductibles, drivers are single, and no additional discounts are factored in.
As an average for all age groups, full coverage costs an additional $2,013 per year more than just insuring for liability. Many drivers will wonder if you should buy full coverage. There is no clear-cut rule to delete full coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than about 10% of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let's pretend your vehicle's replacement cost is $4,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $3,500 after paying your deductible. If premiums are more than $350 a year for comprehensive and collision coverage, then it might be time to consider dropping full coverage.
There are a few situations where eliminating full coverage is not financially feasible. If you haven't paid off your loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not opt for liability only.
Selecting the best car insurance provider can be rather challenging considering how many companies sell coverage in Colorado. The ranking information below may help you select which car insurance providers you want to consider when comparing rate quotes. The ratings below only include companies that insure vehicles across America, so companies without a large exposure are not included in this list.
|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
How to find economical insurance in Colorado
Below you'll find a few thrifty solutions that can help you find low-cost auto insurance.
- Avoid accidents and claims
- Maintain a clean driving record
- Buy vehicles with five-star safety ratings
- Better credit rating means better rates
- Earn a discount by not filing claims
- Compare price quotes at least once a year
The last suggestion is remarkably vital, as was emphasized in this piece. Insurance rates fluctuate constantly, so don't be tentative to buy a policy from a new company if you find a cheaper price.
Many consumers stick with the same company and that's fine, but it's not a great idea if that faithfulness ends up costing you lots of money. Now is a great time to compare prices to find cheaper insurance in Colorado.