The words "cheap" and "insurance" really shouldn't be used together, in particular when looking for the cheapest auto insurance for a company car. To save some money, let's teach you some of the things that can significantly affect car insurance rates, and find a few ways to cut the cost of your next policy.
For your employer's vehicle, one of the more important criteria that are looked at to help calculate the price you pay for insurance is where your residence is in Colorado. Areas with more people or even just a higher incidence of claims like Pueblo, Aurora, and Security-Widefield will most likely pay more, whereas areas with less people or fewer weather incidents get the luxury of paying less.
The following table lists the most expensive cities in Colorado for a company car in which to buy car insurance.
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Price information shown is approximated as the specific Colorado residence address can change auto insurance rates considerably.
Trying to find cost effective car insurance is not always easy, and deciding which company has the cheapest car insurance rates for a company car in Colorado will involve additional perseverance. Each auto insurer has a different formula for setting prices, so let's rank the most competitive car insurance companies in Colorado.
It's important to understand that Colorado car insurance rates are determined by lots of factors which can significantly increase or decrease the policy premium. Turning one year older, filing a claim, or getting caught speeding can trigger rate changes that can now make some companies cheaper in comparison to the competition.
Lowest Insurance Price Quotes in Colorado
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,624|
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The Hartford normally has some of the most affordable car insurance rates in Colorado at around $859 each year. This is $719 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Travelers also are some of the cheapest Colorado car insurance companies.
As the example above demonstrates, if you are insured with Grange and switched to The Hartford, you might realize a yearly price reduction of approxmiately $128. Drivers with USAA might save as much as $150 a year, and Nationwide insureds might see rate reductions of $250 a year.
To discover how much you can save, click here to get a free quote or visit any of the low-priced companies below.
Bear in mind that those policy prices are averaged for all ages of drivers and types of vehicles and and are not figured with a rate decrease for a company car. So the auto insurance company that can offer you the lowest price may not even be in the top 21 companies shown above. That emphasizes why you need to get quotes using your own driver data and vehicle information.
The type of vehicle to be insured is one of the largest considerations in finding the most affordable coverage for a company car. Vehicles with lower acceleration and performance, good safety features, or a positive history of liability claims will cost much less to insure than high performance models.
The next list ranks car insurance rates for a handful of the most economical vehicles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$872|
|Honda CR-V EX 4WD||$891|
|Ford Edge SE 2WD||$954|
|Volkswagen Jetta 2.0T Station Wagon||$1,022|
|Chevrolet Malibu Hybrid||$1,028|
|Dodge Grand Caravan Crew||$1,047|
|Toyota Camry SE||$1,085|
|Hyundai Sonata GLS 4-Dr Sedan||$1,101|
|Nissan Rogue S 2WD||$1,109|
|GMC Sierra SLE Crew Cab 4WD||$1,104|
|Toyota RAV4 Sport 4WD||$1,129|
|Jeep Grand Cherokee Laredo 4WD||$1,136|
|Ford F-150 XLT Crew Cab 4WD||$1,152|
|GMC Sierra 2500HD SLT Extended Cab 4WD||$1,158|
|Chevrolet Silverado LS Extended Cab 4WD||$1,162|
|Ford Focus SES 4-Dr Sedan||$1,171|
|Ford Fusion Sport AWD 4-Dr Sedan||$1,179|
|Chevrolet Silverado 2500HD LTZ Crew Cab Diesel 4WD||$1,184|
|Ford Explorer Eddie Bauer AWD||$1,188|
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Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Estimates do not factor in Colorado location which can affect auto insurance rates noticeably.
Looking at the rates, we can assume that cars like the Ford Escape, Honda CR-V, Ford Edge, Toyota Prius, and Volkswagen Jetta are likely to be a few of the more affordable vehicles to insure for your employer's vehicle.
Price comparison of only insuring for liability
Paying a lower price for car insurance is important to most drivers, and one good way to reduce the cost of insurance for a company car in Colorado is to not buy full coverage. The illustration below illustrates the comparison of auto insurance costs when comparing full coverage to liability only. The costs are based on no claims, a clean driving record, $1,000 deductibles, marital status is single, and no policy discounts are applied.
Averaged for all ages 20 through 70, full coverage costs $1,476 per year more than just buying liability only. Many people question if you should buy full coverage at all. There is no exact formula for dropping full coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost minus the deductible, then you might consider buying liability only.
There are some situations where removing full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.
Finding a high-quality auto insurance company can be a challenge considering how many different companies sell coverage in Colorado. The ranking data in the lists below could help you analyze which car insurance providers you want to consider shopping prices with.
These rankings are only made up of companies that write coverage in many states, so companies that have a smaller presence will not be included in the list. If you wish to compare prices from many more Colorado auto insurance companies, click this link.
Top 10 Large Auto Insurers in Colorado Ranked by Claims Service
- State Farm
- AAA Insurance
- Liberty Mutual
- Titan Insurance
- The Hartford
- The General
Low rates today, overpriced tomorrow
Colorado car insurance rates are impacted by many factors which can substantially decrease or increase the cost of coverage. Improving your credit score, getting married, or getting a few speeding tickets may prompt premium changes resulting in some rates now being more affordable than before.
Not only may things change on your end, but car insurance companies change premium rates every year to help ensure profitability. Larger than normal claims may cause higher rates, while a better claims history may cause lower-priced Colorado car insurance rates.
For example, the bar chart below demonstrates which company has the cheapest car insurance in Colorado for a 35-year-old female driver with no accidents, a clean driving record, and good financial standing. If we estimate rates based on her personal profile, The Hartford might quote the best 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 Travelers are also on the list of the cheapest Colorado auto insurance companies.
In this next rate comparison, we will give the driver from the first set of rates an at-fault accident, a lower credit rating, and a few blemishes on her driving record. Because each insurer uses their own calculation to set their prices, comparing quotes will most likely result in a substantially altered list of the cheapest companies as shown below.
Auto-Owners now has the cheapest rate in Colorado with State Farm, Grange, American Family, and Amica also having competitive pricing. This demonstrates why it is critical to compare lots of rates when trying to get the most economical auto insurance quotes for a company car.
Insurance prices are influenced by many factors and can increase or decrease at any time, so the best price a year ago may now be quite expensive.