You have surely seen all the catchy advertisements from car insurance companies like Progressive and Nationwide that guarantee the cheapest price, so you should just pick the company with the best ad, right?
It's just not that easy, however, as there are a ton of unknown elements such as the vehicle you drive, whether you are male or female, and your financial stability, that all influence how much you pay for auto insurance. The information below will cover the different scenarios that increase car insurance cost and educate you enough to have a good beginning to your quest for cheaper car insurance in Colorado.
Figuring out which company has the most affordable insurance rates for uninsured drivers in Colorado will take more time than just quoting one company's rates. Each insurer has a proprietary formula for filing rates in each state, so let's look at the rankings for the most budget-friendly insurance companies in Colorado.
It's important that readers know that Colorado insurance rates are calculated based on many things that may substantially change the price you pay for coverage. Simply having another birthday, buying another vehicle, or getting a ticket for running a stop sign may cause policy rate changes that may make certain companies more affordable than others.
Compare Cheap Insurance Quotes in Colorado
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,576|
|Find Cheaper Rates Go|
The Hartford quotes some of the lowest car insurance rates in Colorado at around $825 annually. Grange, USAA, GEICO, and Nationwide also qualify as some of the more affordable Colorado auto insurance companies.
As shown above, if you currently have a policy with GEICO and switched to Grange, you could see a yearly price reduction of in the neighborhood of $174. Insureds with Nationwide could save as much as $177 a year, and Auto-Owners customers might reduce prices by as much as $178 a year.
Understand that those estimates are averaged for all drivers and vehicles in Colorado and do not factor in a rate discount for uninsured drivers. So the car insurance company that has the cheapest rates for you may not even be in the top 21 companies shown above. That affirms the importance of why you need to get rate quotes from many companies using your own individual information.
The make and model of vehicle you are buying coverage for is a large consideration when quoting economical car insurance for uninsured drivers. Vehicles with lower acceleration and performance, excellent safety ratings, or a positive history of liability claims will cost less to insure than high performance models.
The next table shows auto insurance costs for a handful of the most economical automobiles to insure in Colorado.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$872|
|Honda Accord LX 4-Dr Sedan||$954|
|Ford Explorer XLT AWD||$973|
|Toyota Tacoma 4WD||$983|
|Ford Escape XLS 4WD||$984|
|Volkswagen Jetta S 2.5 Station Wagon||$1,036|
|Chevrolet Malibu LT||$1,047|
|Hyundai Elantra GLS 4-Dr Sedan||$1,085|
|Jeep Grand Cherokee SRT-8 4WD||$1,104|
|Honda Odyssey EX W/Rear Entertainment||$1,108|
|Chevrolet Impala LT||$1,129|
|Toyota RAV4 Limited 4WD||$1,137|
|Chevrolet Equinox LS 2WD||$1,129|
|Honda Civic DX 4-Dr Sedan||$1,135|
|Ford Edge Limited 2WD||$1,141|
|Dodge Grand Caravan SXT||$1,152|
|Start Your Quote Go|
Data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Premium amounts do not factor in zip code location which can raise or lower premium rates considerably.
Based upon the rates shown, we can expect makes and models like the Honda CR-V, Honda Accord, Toyota Prius, Ford Explorer, and Toyota Tacoma should be a few of the cheapest vehicles to insure for drivers with no prior coverage.
Difference between liability only and full coverage rates
Finding the cheapest insurance is probably important to most drivers, and one great way to pay lower rates for insurance for uninsured drivers in Colorado is to only buy liability coverage. The information below compares insurance costs when comparing full coverage to liability only. The rates are based on no driving violations, no at-fault accidents, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
If we average the cost for ages 20 through 70, physical damage coverage on your policy costs an additional $1,993 per year more than insuring for liability only. At some point, about every driver wonders if physical damage coverage is worth the money. There is no definitive rule to stop paying for full coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is more than 10% of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
There are some situations where dropping physical damage coverage is not advised. If you haven't satisfied your loan, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not drop full coverage.
Get discount Colorado auto insurance rates
Car insurance companies that offer cheap quotes for uninsured drivers may provide rate discounts that can reduce rates by 25% or more if you qualify for them. Large insurance companies and their offered discounts can be read below.
- Esurance includes discounts for paid-in-full, online quote, Pac-12 alumni, anti-lock brakes, and safety device.
- The Hartford discounts include anti-theft, defensive driver, air bag, bundle, good student, driver training, and vehicle fuel type.
- AAA may have discounts that include multi-policy, AAA membership discount, good driver, education and occupation, anti-theft, multi-car, and good student.
- GEICO policyholders can earn discounts including multi-policy, emergency military deployment, driver training, five-year accident-free, anti-theft, seat belt use, and good student.
- State Farm has discounts for good driver, accident-free, multiple autos, defensive driving training, and student away at school.
The information below compares premium costs with and without discounts applied to the policy rates. The premiums are based on a female driver, no violations or claims, Colorado state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with safe-driver, vehicle safety, passive restraint, marriage, homeowner, and multiple policy discounts applied. In this example, the average savings per year on insurance for uninsured drivers is 28% or $712.
The illustration below demonstrates how deductible levels can change annual premium costs when searching for cheap insurance for uninsured drivers in Colorado. The costs are based on a single female driver, full physical damage coverage, and no additional discounts are factored in.
In the chart above, a 30-year-old driver could lower rates by $444 a year by switching from a $100 deductible to a $500 deductible, or save $670 by switching to a $1,000 deductible. Younger drivers, like the age 20 example, can cut up to $990 or more just by choosing higher deductibles.
When increasing deductibles, it will be necessary to have enough spare savings to offset the extra out-of-pocket expense that is associated with using high deductibles.