The words "economical" and "insurance" probably shouldn't be used together, specifically when searching for the best price on coverage for seniors. Because of the high cost, let's get started by showing you a few of the things that have an impact on car insurance premiums, and find out if we can help you lower the price of the next policy you buy.
For senior citizens, one of the big components that determine the price you pay for insurance is where you keep your car in Colorado. Regions with more people or even just more weather-related claims like Pueblo, Lakewood, and Security-Widefield will most likely have higher rates, whereas areas that tend to be more rural tend to receive cheaper rates.
The illustration below rates the most expensive cities in Colorado for seniors in which to buy car insurance.
|Get a Custom Quote Go|
Rate information is comparative as specific Colorado zip code can alter coverage prices significantly.
Buying low-cost insurance is difficult, and finding out which company quotes the cheapest car insurance rates for seniors in Colorado takes even more perseverance. Insurance premiums will probably be somewhat cheaper than the average rate in Colorado attributed to the potentially lower risk associated with offering coverage for senior citizens. Reasonable insurance should be achievable from a lot of different insurance providers.
Every insurance company uses a different method to determine rates, so to begin we'll rank the car insurance companies that tend to be cheaper in Colorado. It's important that readers know that Colorado car insurance rates are calculated based on many things which can substantially decrease or increase the cost of having a policy. Things like having a birthday, filing a claim, or getting a speeding ticket may generate price changes that may make certain companies more expensive than competitors.
Compare Cheap Insurance Quotes for Mature Drivers
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,640|
|Find Cheaper Rates Go|
The Hartford may offer some of the cheapest car insurance rates in Colorado at around $850 a year. This is $728 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also are some of the cheaper Colorado insurance companies.
As illustrated above, if you currently buy coverage from USAA and switched to The Hartford, you could earn an annual savings of roughly $179. Customers with Nationwide could save as much as $271 a year, and GEICO insureds might lower prices by $302 a year.
Remember that these policy prices are averaged for all ages of drivers and types of vehicles and do not factor in a price decrease for seniors. So the insurer that is best for you may not even be in the list above. That illustrates why you need to get quotes using your own personal information and vehicle type.
The diagram below demonstrates how deductible levels can impact premium costs when trying to find cheap insurance for seniors in Colorado. The premiums are based on a single female driver, full coverage, and no discounts are applied to the premium.
A 30-year-old driver could pocket $318 a year by switching from a $100 deductible to a $500 deductible, or save $482 by switching to a $1,000 deductible. Younger drivers, such as the Age 20 example, could potentially save as much as $706 annually just by choosing higher deductibles. If you do raise deductibles, it will be important to have plenty of discretionary funds to allow you to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Drive safe and save
The ideal way to obtain low car insurance premiums in Colorado for senior citizens is to be a cautious driver and have a clean driving record. The diagram below illustrates how speeding tickets and accident claims can drive up insurance rates for different age groups. Data assumes a single male driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.
In the previous chart, the average cost of auto insurance in Colorado per year with no accidents or violations is $1,967. Add in one speeding ticket and the average cost increases to $2,221, an increase of $254 each year. Now throw in one accident along with the one speeding ticket and the annual cost of car insurance for seniors in Colorado increases to an average of $2,928. That's an increase of $961, or $80 per month, just for not driving carefully!
Get discounts on Colorado auto insurance
Auto insurance companies that provide coverage for seniors may additionally offer discounts that can lower rates by 30% or more if you are eligible to receive them. Larger car insurance companies and a summarized list of policyholder discounts include:
- Farm Bureau may include discounts for safe driver, driver training, 55 and retired, multi-policy, youthful driver, and good student.
- Liberty Mutual policyholders can earn discounts including multi-policy, safety features, good student, hybrid vehicle, new move discount, and new vehicle discount.
- State Farm discounts include Steer Clear safe driver discount, safe vehicle, multiple policy, student away at school, good driver, multiple autos, and accident-free.
- Auto-Owners Insurance includes discounts for anti-theft, multi-policy, safe vehicle, student away at school, paperless, company car, and anti-lock brakes.
- GEICO offers premium reductions for military active duty, federal employee, anti-lock brakes, emergency military deployment, driver training, and anti-theft.
- SAFECO has savings for anti-theft, teen safety rewards, multi-car, teen safe driver, safe driver, accident prevention training, and bundle discounts.
The example below shows the difference between car insurance costs with and without policy discounts. The data assumes a female driver, no violations or claims, Colorado state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with accident-free, homeowner, passive restraint, defensive driving course, vehicle safety, and safe-driver discounts applied. When discounts are factored in, the the average yearly reduction on car insurance for seniors is 30% or $623.