Finding reliable, cheap auto insurance is not the easiest thing to accomplish, and deciding which company quotes the lowest-priced insurance rates for good students in Colorado will require additional perseverance. Each insurance company uses slightly different criteria for determining rates, so first we will examine the insurance companies that tend to be cheaper in Colorado.
Find the Cheapest Car Insurance for Students
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,592|
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The Hartford may have some of the cheapest car insurance rates in Colorado at around $859 a year. This is $719 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide also are some of the lowest-priced Colorado insurance companies.
In the above rates, if you currently have coverage with GEICO and switched to The Hartford, you may realize a yearly savings of in the neighborhood of $282. Colorado drivers with Nationwide may save as much as $296 a year, and Auto-Owners insureds might reduce prices by as much as $309 a year.
Remember that these rates are averages across all drivers and vehicles and do not take into consideration a rate discount for good students. So the company that can offer you the lowest price may not even be in the top 21 companies shown above. That points out the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
The vehicle model you are insuring is one of the biggest factors that determines whether or not you can buy the most economical car insurance for good students. Vehicles with limited speed and performance, excellent safety ratings, or a track record of few liability claims will cost quite a bit less to insure than fast, unsafe models.
The list below ranks coverage premiums for a selection of the most affordable automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$954|
|Honda CR-V LX 2WD||$962|
|Ford Explorer XLT 2WD||$973|
|Jeep Grand Cherokee Laredo 2WD||$1,028|
|Toyota Camry LE||$1,037|
|Chevrolet Malibu LS||$1,028|
|Ford Escape Limited 4WD||$1,036|
|Ford F-150 FX4 Super Cab 4WD||$1,047|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$1,059|
|Ford Focus SES 4-Dr Sedan||$1,066|
|Ford Edge Sport AWD||$1,085|
|Chevrolet Impala LTZ||$1,094|
|GMC Sierra SLT Crew Cab 2WD||$1,104|
|Toyota RAV4 4WD||$1,129|
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Prices based on 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, multi-vehicle, claim-free, homeowner, and safe-driver. Price information does not factor in zip code location which can influence premiums noticeably.
Based upon these rates, models like the Honda Accord, Honda CR-V, Ford Explorer, and Jeep Grand Cherokee are going to be some of the cheapest vehicles to insure for student drivers.
For student drivers, one of the more important criteria that aid in calculating car insurance rates is where you keep your car. Areas with more people or even just a higher incidence of claims like Denver, Pueblo, and Lakewood are more likely to pay higher prices, whereas areas that tend to be more rural get the luxury of paying less.
The following table shows the most expensive areas in Colorado for good students in which to buy car insurance.
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Rate information is estimated as the specific zip code location can change rates substantially.
The chart below illustrates how your deductible choice can increase or decrease insurance premiums when trying to find cheap insurance for good students in Colorado. The prices are based on a single female driver, full coverage, and no discounts are taken into consideration.
A 40-year-old driver could lower their policy premium by $280 a year by switching from a $100 deductible to a $500 deductible, or save $422 by changing to a $1,000 deductible. Younger drivers, like the 20-year-old category, could drop their prices as much as $706 or even more by choosing larger deductibles on their policy.
When raising deductibles, it's a good idea to have enough funds in savings to enable you to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Drive safe and save
The easiest way to enjoy good insurance prices for student drivers is to drive safely and avoid accidents and traffic violations. The information below highlights how traffic violations and accidents influence annual premium costs for different age categories. The rates are based on a married female driver, full physical damage coverage, $500 deductibles, and no discounts are taken into consideration.
The data charted above shows the average cost of car insurance in Colorado per year with no violations or accidents is $1,274. Receive one speeding ticket and the average cost swells to $1,486, an increase of $212 each year. Now throw in two accidents along with the one speeding ticket and the 12-month cost of insurance for good students in Colorado goes up to an average of $3,380. That's an increase of $2,106, or $176 per month, just for not keeping your driving record clean!
How to get discounts on Colorado car insurance
Car insurance companies that offer quotes for good students may also give you rate discounts that could potentially reduce rates by 35% or more if you meet specific eligibility requirements. Companies and a selection of discounts are shown below.
- State Farm policyholders can earn discounts including driver's education, good driver, accident-free, passive restraint, and multiple autos.
- Liberty Mutual includes discounts for hybrid vehicle, safety features, new move discount, teen driver discount, newly married, multi-car, and multi-policy.
- American Family has savings for mySafetyValet, multi-vehicle, accident-free, bundled insurance, early bird, good student, and defensive driver.
- Progressive may offer discounts for multi-vehicle, continuous coverage, multi-policy, good student, homeowner, and online quote discount.
- Farmers Insurance may include discounts for business and professional, youthful driver, mature driver, alternative fuel, and early shopping.
- Auto-Owners Insurance offers discounts for teen driver, safe driver, company car, multi-policy, student away at school, and mature driver.
- SAFECO offers discounts including homeowner, safe driver, accident prevention training, multi-car, teen safe driver, bundle discounts, and drive less.
The illustration below illustrates the comparison of auto insurance rates with and without discounts applied. The premiums are based on a female driver, no driving violations, no at-fault accidents, Colorado state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with claim-free, anti-theft, vehicle safety, homeowner, defensive driving course, and passive restraint discounts applied. In this example, the the average yearly reduction on insurance for good students is 28% or $653.
Your cheap policy may actually be overpriced
Colorado insurance rates are impacted by many things which can substantially change the price you have to pay. Turning one year older, moving across town, or getting caught speeding can produce rate changes that can cause some rates to be cheaper than others.
Not only may your risk profile change, but auto insurance companies change the rates they charge in Colorado without warning in order to offset underwriting gains or losses. A period of increased losses may cause more expensive premiums, while better underwriting may produce cheaper Colorado car insurance rates.
As an example, the data below shows the company with the cheapest car insurance in Colorado for a 45-year-old female driver with no accidents or violations, and good credit. When comparing rates based on her personal risk profile, The Hartford has the most affordable car insurance rates in Colorado at $859 each year. This is $719 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are also on the list of the cheapest Colorado auto insurance companies.
Now we will give the driver from above an accident claim, a little lower credit rating, and a blemish on her driving record. Because each insurer has their own guidelines for establishing rates, comparing insurance quotes could now result in a different list of companies as shown below.
Travelers now has the lowest price in Colorado with State Farm, American Family, Progressive, and Grange also being competitive. This example shows why drivers need to perform an extensive rate comparison when trying to get cheap car insurance quotes for good students.
Insurance rates can be altered by many risk factors and can change without notice, so the cheapest rate six months ago may now be one of the higher cost companies.