The vehicle you are insuring is a significant factor when shopping around for affordable insurance for college students. Vehicles with high performance features, poor safety features, or high incidents of liability claims will cost significantly more to insure than safer models. The information below features coverage prices for the most affordable vehicles to insure in Colorado.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$2,255|
|Ford Escape XLT 2WD||$2,264|
|Honda Accord LX-P 4-Dr Sedan||$2,255|
|Chevrolet Silverado LS Regular Cab 4WD||$2,474|
|Ford Edge SE 2WD||$2,483|
|Honda Civic DX 4-Dr Sedan||$2,640|
|Volkswagen Jetta 2.0T Station Wagon||$2,657|
|Chevrolet Impala LT||$2,674|
|Toyota RAV4 4WD||$2,682|
|Dodge Grand Caravan Hero||$2,674|
|Chevrolet Equinox LS AWD||$2,680|
|Chevrolet Malibu LS||$2,674|
|Find Cheaper Rates Go|
Prices based on single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in specific location information which can influence premiums significantly.
Looking at the data, we can conclude that models like the Honda CR-V, Ford Escape, Honda Accord, and Chevrolet Silverado are some of the cheaper vehicles to insure for students in college. Rates will trend higher because of the fact that there is more inherent risk for college students, but overall those makes and models will tend to have the cheapest rates compared to all other vehicles.
For students in college, one of the more important factors that are used to help calculate the price you pay for insurance is where you live in Colorado. Areas with increased crime or more people like Denver, Commerce City, and Security-Widefield are more likely to have higher rates, whereas areas with less crime or weather claims benefit from lower prices.
The next table shows the priciest cities in Colorado for college students in which to buy car insurance.
|Rank||City||Average Per Year|
|Get a Custom Quote Go|
Table data uses approximated as specific location information can decrease or increase insurance rates substantially.
Finding dependable, reasonably-priced auto insurance is hard enough, and finding out which company offers the lowest-priced car insurance rates for college students in Colorado requires even more diligence. Coverage prices may be somewhat more than the average policy in Colorado because of the posibility of more claims that comes with offering coverage for students in college, but affordable coverage should be achievable if you shop around. Each auto insurance company uses their own calculation for determining rates in each state, so let's begin by taking a look at the most budget-friendly car insurance companies in Colorado.
Best Insurance Companies for College Students
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,576|
|View More Rates Go|
The Hartford may have some of the best car insurance rates in Colorado at around $834 per year. Grange, USAA, GEICO, and Nationwide also are some of the best Colorado insurance companies.
As the rates illustrate above, if you have coverage with GEICO and switched to Grange, you may realize a yearly savings of in the neighborhood of $183. Customers with Nationwide might save as much as $185 a year, and Auto-Owners customers might lower prices by up to $210 a year.
It's important to note that these premium estimates are averaged for all types of insureds and vehicles and do not take into consideration a rate surcharge for college students. So the insurer that is most affordable for your situation may not even be in the top 21 companies in the list above. That is why you need to get car insurance quotes using your own personalized driver profile and vehicle information.
The chart below highlights how deductible selection can change insurance costs when searching for cheap insurance for college students in Colorado. The prices are based on a married male driver, full coverage, and no discounts are applied.
As shown above, a 40-year-old driver could save $244 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $370 by changing to a $1,000 deductible. Young drivers, like the age 20 example, could shave as much as $814 each year by using a higher deductible. When increasing deductibles, it will be necessary to have plenty of money set aside to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Rate comparison of full coverage and liability-only
Finding cheaper car insurance is probably important to the majority of vehicle owners, and one of the best ways to find cheaper insurance for college students in Colorado is to not pay for full coverage. The diagram below shows the comparison of insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The costs are based on no tickets, no at-fault accidents, $1,000 deductibles, single status, and no discounts are applied to the premium.
If all age groups are averaged, comp and collision coverage costs an extra $1,476 per year more than insuring for liability only. That is a big expense that brings up the question if you should buy full coverage at all. There is no definitive rule for eliminating full coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost minus the deductible, then it's probably a good time to buy liability coverage only.
How to get discounts on Colorado insurance rates
Auto insurance companies that provide policies for college students could also offer premium discounts that may potentially lower prices by 25% or more if you qualify for them. Companies and a partial list of their discounts can be read below.
- State Farm may include discounts for Steer Clear safe driver discount, accident-free, driver's education, defensive driving training, passive restraint, and multiple autos.
- American Family has discounts for air bags, early bird, good driver, good student, defensive driver, and bundled insurance.
- GEICO offers premium reductions for seat belt use, anti-lock brakes, military active duty, daytime running lights, and driver training.
- 21st Century policyholders can earn discounts including air bags, driver training, student driver, early bird, homeowners, 55 and older, and good student.
- Progressive offers discounts including multi-policy, online signing, online quote discount, good student, and multi-vehicle.
The chart below compares insurance costs with and without discounts applied. Data assumes a male driver, no claims or driving violations, Colorado state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with paid-in-full, paperless filing, vehicle safety, passive restraint, anti-theft, and continuous coverage discounts applied. When these discounts are applied, the the amount saved on car insurance for college students is 19% or $458.