Do you want to learn how to find cheaper auto insurance rates in Lakewood, CO? Nobody likes having to buy auto insurance, in particular when their premiums are too high.
Amazingly, nearly 70% of customers kept buying from the same company for a minimum of four years, and approximately 38% of consumers have never compared quotes from other companies. Many consumers in Colorado can save almost $600 each year by just shopping around, but most undervalue the large savings they would see if they switch to a new company.
Consumers have multiple auto insurance companies to purchase coverage from, and although it's a good thing to have multiple companies, too many choices makes it more difficult to get the best deal.
It's a good habit to do rate comparisons on a regular basis since rates are rarely the same from one policy term to another. Even if you got the best premium rates on auto insurance at your last renewal you will most likely find a better price today. There is lot of inaccurate information about auto insurance out there, but I'm going to show you some great ideas on how to lower your auto insurance rates in Lakewood.
Buying the cheapest auto insurance in Lakewood is much easier if you have a good place to start. In a nutshell, every person who requires lower cost auto insurance most likely will be able to cut their insurance bill. Although Colorado drivers can benefit by having an understanding of how the larger insurance companies determine prices and take advantage of how the system works.
The most recommended method to compare insurance rates from multiple companies is to know most larger insurance companies provide online access to quote your coverage. All you need to do is provide details such as marital status, your job, your education level, and if the vehicle is leased. That rating information is instantly sent to multiple companies and they respond with quotes immediately.
To compare rates for your car now, click here and enter the information requested.
The following companies are ready to provide price quotes in Lakewood, CO. If the list has multiple companies, we recommend you visit as many as you can to get a more complete price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Silverado Crew Cab Hybrid 4WD||$1,266||$633||$106|
|Dodge Ram Quad Cab Sport 4WD||$1,228||$614||$102|
|Ford Edge SE 2WD||$942||$471||$79|
|Ford Escape XLS 2WD||$818||$409||$68|
|Ford F-150 FX4 4WD||$1,114||$557||$93|
|Ford Focus SE 2-Dr Coupe||$1,692||$846||$141|
|Ford Fusion SEL 4-Dr Sedan||$1,270||$635||$106|
|Honda Accord LX-S 2-Dr Coupe||$920||$460||$77|
|Honda CR-V LX 4WD||$874||$437||$73|
|Honda Civic LX-S 4-Dr Sedan||$962||$481||$80|
|Mazda 3 I SV 4-Dr Sedan||$1,066||$533||$89|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,004||$502||$84|
|Toyota Camry SE||$1,422||$711||$119|
|Toyota Corolla LE||$1,296||$648||$108|
|Get Your Own Custom Quote Go|
Premium data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Table data does not factor in specific garaging location which can revise auto insurance rates substantially.
Responsible drivers pay cheaper car insurance rates
The illustration below illustrates how speeding tickets and at-fault accidents can affect Chevrolet Silverado auto insurance rates for different ages of insureds. The premium estimates are based on a single female driver, comp and collision included, $250 deductibles, and no discounts are taken into consideration.
Chevrolet Silverado rates are for example purposes only. To get rates for your specific vehicle, click here.
Should you buy full coverage?
The diagram below illustrates the comparison of Honda Pilot car insurance costs with full physical damage coverage compared to only buying liability only. The costs are based on no tickets, no at-fault accidents, $500 deductibles, married male driver, and no other discounts are factored in.
Honda Pilot rates are for example purposes only. To get rates for your specific vehicle, click here.
When to drop comprehensive and collision coverage
There is no exact rule that works best for making the decision to drop full coverage, but there is a broad guideline. If the yearly cost of full coverage is more than about 10% of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let's pretend your Honda Pilot replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $2,000 after the policy deductible has been paid. If you are currently paying more than $200 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some circumstances where eliminating full coverage is not advised. If you still owe money on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don't have enough money to buy a different vehicle in case of an accident, you should not eliminate full coverage.
Auto insurance policy discounts
Companies that sell car insurance don't always list the entire discount list very clearly, so the following list contains some of the best known and the more hidden discounts that you may qualify for.
- Discount for Home Ownership - Simply owning a home can save a few bucks since home ownership is proof that your finances are in order.
- Switch and Save Discount - A few insurance companies give discounts for switching companies before your current coverage expires. This can save 10% or more.
- Seat Belts Save more than Lives - Drivers who require all occupants to fasten their seat belts could cut 10% or more on the premium charged for medical payments and/or PIP.
- Theft Prevention System - Cars and trucks that have factory anti-theft systems prevent vehicle theft and earn discounts up to 10% off your Lakewood auto insurance quote.
- Safe Drivers - Insureds who avoid accidents may receive a discount up to 45% than less cautious drivers.
- Save over 55 - Drivers that qualify as senior citizens may qualify for a small discount on rates.
- Low Mileage Discounts - Driving less can earn discounted premium rates on garaged vehicles.
- Defensive Driver - Taking time to complete a class that teaches defensive driver techniques could earn you a small percentage discount and easily pay for the cost of the class.
- Passenger Safety Discount - Vehicles equipped with air bags or automatic seat belts can receive discounts of 20% or more.
- Braking Control Discount - Vehicles with ABS and/or traction control can reduce accidents so you can save 10 percent or more.
Discounts reduce rates, but you should keep in mind that most discounts do not apply to the overall cost of the policy. Most only apply to the cost of specific coverages such as liability and collision coverage. So even though you would think you would end up receiving a 100% discount, you're out of luck. But all discounts will cut the amount you pay for coverage.
To see companies that can offer you the previously mentioned discounts in Colorado, follow this link.
Local Lakewood car insurance agents
Some people still prefer to get advice from a local agent and often times that is recommended One of the best bonuses of comparing insurance prices online is that you can find the best rates but still work with a licensed agent.
To make it easy to find an agent, after completing this form (opens in new window), the quote information is transmitted to insurance agents in Lakewood who will give you quotes for your business. You won't need to do any legwork because quoted prices will be sent to you instantly. You'll get the best rates and work with a local agent. If for some reason you want to get a price quote from one company in particular, feel free to jump over to their website and complete a quote there.
Choosing an insurance company needs to be determined by more than just the price. The following questions are important to ask.
- How long have they been in business?
- Which family members are covered?
- How is replacement cost determined on your vehicle?
- Are you getting all the discounts the company offers?
- Will they give you a referral list?
- When do they do a full risk review?
- What insurance companies do they recommend if they are an independent agent?
- Are they able to influence company decisions when a claim is filed?
Different types of Lakewood auto insurance agents
If you want to buy auto insurance from an insurance agent, it can be helpful to understand the different agency structures that you can choose from. Auto insurance policy providers can be classified as either exclusive or independent (non-exclusive).
Exclusive Insurance Agents
These agents can only quote rates from one company such as Farmers Insurance or State Farm. Exclusive agencies are unable to give you multiple price quotes so they have no alternatives for high prices. Exclusive agents are usually well trained on sales techniques and that enables them to sell even at higher rates.
Independent Insurance Agents
Agents in the independent channel do not write with just one company and that is an advantage because they can write policies with many different companies and find the cheapest rate. If you are not satisfied with one company, they simply move your policy to a different company and you don't have to switch agencies. When comparing rate quotes, you need to get some free quotes from several independent insurance agents for the best price selection.
Informed consumers know how to buy car insurance for less
Multiple criteria are used in the calculation when pricing auto insurance. Some factors are common sense such as your driving record, although some other factors are more obscure such as whether you are married or how financially stable you are. When buying car insurance it's important to understand some of the elements that aid in calculating your policy premiums. If you know what positively or negatively impacts your premiums, this enables you to make decisions that may reward you with better car insurance rates.
Discounts for multiple policies - Some companies allow a discount to customers who carry more than one policy in the form of a multi-policy discount. Even if you qualify for this discount already, it's still a good idea to compare rates to help ensure you have the lowest rates.
Responsible drivers pay the best prices - Even a single chargable violation may cause rates to rise substantially. Attentive drivers tend to pay less for car insurance compared to bad drivers. Drivers who have gotten careless citations such as DUI or willful reckless driving might be required by their state to prove financial responsibility with their state's licensing department in order to legally drive.
Safer cars save money - Cars with high safety ratings can get you lower premiums. Safe vehicles reduce the chance of injuries and lower injury rates translates directly to fewer claims which can result in lower premiums.
Be proud to be claim-free - If you're an insured who likes to file claims you should expect increased rates or even have your policy non-renewed. Auto insurance companies in Colorado award lower rates to insureds who only file infrequent claims. Auto insurance is designed for major claims that would cause financial hardship.
Costs also based on gender - Statistics have proven that females take fewer risks when driving. It does not mean men are worse drivers. Women and men are in auto accidents at a similar rate, but men get into accidents with more damage. Men also statistically receive more costly citations like DWI (DUI) or reckless driving.
Your address can push rates up or down - Being located in a rural area may provide you with better prices when talking about car insurance. Less people means fewer accidents. Drivers in populated Colorado areas have much more traffic and more time behind the wheel. More time commuting means higher likelihood of an accident.
Buying the right vehicle insurance in Colorado is an important decision
Despite the high insurance cost in Lakewood, buying car insurance serves several important purposes.
- Just about all states have mandatory insurance requirements which means state laws require a specific level of liability if you drive a vehicle. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a lien on your vehicle, most lenders will make it a condition of the loan that you have comprehensive coverage to guarantee loan repayment. If you default on your policy, the bank or lender will purchase a policy for your vehicle at a much higher premium rate and require you to reimburse them for the much more expensive policy.
- Car insurance preserves both your car and your personal assets. It will also reimburse you for most medical and hospital costs for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance will also pay to defend you in the event you are sued. If your car is damaged in a storm or accident, comprehensive and collision coverage will pay to repair the damage minus the deductible amount.
The benefits of carrying adequate insurance definitely exceed the price paid, particularly when you have a large claim. But the average driver in Colorado is overpaying more than $700 annually so it's recommended you shop around once a year at a minimum to be sure current rates are still competitive.
Cheap rates are available
When shopping online for car insurance, never reduce needed coverages to save money. There are a lot of situations where someone dropped collision coverage only to regret that their decision to reduce coverage ended up costing them more. Your aim should be to purchase a proper amount of coverage for the lowest cost, but do not skimp to save money.
We just presented quite a bit of information on how to save on car insurance in Lakewood. The key thing to remember is the more providers you compare, the better your comparison will be. Drivers may even discover the lowest priced car insurance comes from the least-expected company. Regional companies can often insure niche markets at a lower cost than their larger competitors like Allstate or State Farm.
Much more information about car insurance in Colorado can be read at these links:
- Airbag FAQ (iihs.org)
- Who Has Cheap Car Insurance Quotes for Unemployed Drivers in Colorado? (FAQ)
- Who Has Cheap Colorado Auto Insurance for Welfare Recipients? (FAQ)
- Can I Drive Legally without Insurance? (Insurance Information Institute)
- Should I Buy a New or Used Car? (Allstate)
- Teen Driver Licensing Information (iihs.org)