You have surely seen all the catchy advertisements from auto insurance companies like Progressive and State Farm promising big savings, so you should just choose the one with the best commercial, right?
It's just not that simple, as there are a lot of unknown factors like the number of miles you drive in a year, what level of deductibles you need, if you have a coverage lapse, and your credit score. We will try to cover the best ways to avoid overpriced car insurance and will give you a good start in finding the cheapest insurance for accident prone drivers.
Finding cost effective insurance is not most people's favorite thing to do, and figuring out which companies quote the best insurance rates for drivers with accidents in Colorado will involve more quotes for comparison. Insurance prices should be moderately greater than the average policy in Colorado because of the higher likelihood of claims that goes along with offering insurance for drivers with at-fault accidents, but reasonably-priced coverage should be attainable if you compare enough companies. Each auto insurer uses a slightly different approach for setting prices, so first we will examine the insurance companies with the most affordable rates in Colorado.
It's important that readers know that Colorado insurance rates are based on many factors which can substantially decrease or increase the price you pay. This price fluctuation is why it is critical to compare lots of rates to find affordable insurance quotes for drivers with accidents. Insurance rates are influenced by many risk factors and change substantially, so the best price three years ago may now be wasting a lot of money.
Find Cheaper Auto Insurance for Accident Prone Drivers
The Hartford offers some of the best car insurance rates in Colorado at around $834 a year. This is $744 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO would also be considered some of the lowest-priced Colorado auto insurance companies.
As shown in the table above, if you are insured with USAA and switched to The Hartford, you may realize a yearly savings of in the vicinity of $175. Customers with Nationwide could save as much as $321 a year, and GEICO customers might lower prices by $353 a year.
If you want to find out if you're overpaying, click here to start your custom quote or quote prices from the following companies.
Understand that those estimates are averaged for all insureds and vehicles and do not factor in a rate increase for drivers with accidents. So the insurer that has the cheapest rates for you may not even be in the top 21 companies in the list above. That helps illustrate why you need to compare as many prices as possible using your own personalized driver profile and vehicle information.
The type of vehicle requiring insurance is probably the biggest factor when consumers are trying to find the best insurance for drivers with accidents. Vehicles with higher performance, a lack of modern safety features, or high incidents of liability claims will cost more to insure than more economical and safe models. The data below presents coverage prices for a selection of the cheapest vehicles to insure in Colorado.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$2,201|
|Ford Escape XLS 2WD||$2,205|
|Dodge Grand Caravan SE||$2,329|
|Ford Explorer Eddie Bauer 2WD||$2,335|
|Honda Accord EX-L 4-Dr Sedan||$2,335|
|Toyota RAV4 Limited 4WD||$2,459|
|Chevrolet Equinox LS AWD||$2,464|
|Ford Focus S 4-Dr Sedan||$2,541|
|Jeep Grand Cherokee Laredo 2WD||$2,571|
|Ford Fusion S 4-Dr Sedan||$2,578|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$2,585|
|Toyota Corolla XLE||$2,588|
|Find Cheaper Rates Go|
Data based on single male driver age 30, no speeding tickets, two at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, and multi-policy. Price estimates do not factor in specific Colorado garaging location which can raise or lower premiums significantly.
Based upon the rates shown, you can expect makes and models like the Honda CR-V, Ford Escape, and Toyota Prius will definitely be some of the most budget-friendly vehicles to insure for drivers with at-fault accidents. The cost of auto insurance will tend to be higher just because there is more inherent risk for drivers with accidents, but overall those particular models will tend to have the cheapest car insurance rates available.
Cost of full coverage in Colorado
Reducing premiums for insurance is important to most vehicle owners, and one of the best ways to lower the cost of insurance for drivers with accidents in Colorado is to not buy comprehensive and collision coverage. The chart below illustrates the difference between insurance costs with full phyical damage coverage and with liability coverage only. The costs are based on no claims or violations, $100 deductibles, drivers are not married, and no policy discounts are applied.
If the expense is averaged for all age categories, comprehensive and collision coverage on your policy costs an additional $2,013 per year over having just liability coverage. That is a big expense that brings up the question if paying for full coverage is a waste of money. There is no definitive guideline for dropping full coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is about 10% or more of the vehicle's replacement cost less your deductible, then you might want to think about dropping full coverage.
There are some situations where buying only liability insurance is not advised. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.
Get discounts on Colorado car insurance
Car insurance companies that provide coverage for drivers with accidents may provide policy discounts that could lower prices by 40% or more if you are eligible for them. Larger insurance companies and a selection of discounts include:
- State Farm includes discounts for passive restraint, multiple autos, good student, defensive driving training, multiple policy, anti-theft, and Drive Safe & Save.
- Farmers Insurance may offer discounts for distant student, multi-car, good student, homeowner, and teen driver.
- Progressive discounts include homeowner, multi-policy, good student, multi-vehicle, online signing, and continuous coverage.
- GEICO offers premium reductions for anti-theft, multi-vehicle, defensive driver, five-year accident-free, and air bags.
- Auto-Owners Insurance offers discounts for air bags, good student, student away at school, group or association, multi-policy, anti-lock brakes, and safe vehicle.
- The Hartford may include discounts for good student, driver training, vehicle fuel type, bundle, defensive driver, anti-theft, and air bag.
- Farm Bureau offers discounts including 55 and retired, safe driver, youthful driver, good student, and renewal discount.
- USAA has discounts for annual mileage, military installation, vehicle storage, new vehicle, safe driver, and multi-policy.
The example below visualizes the comparison of insurance premiums with and without some available policy discounts. The rates are based on a female driver, no violations and one accident, Colorado state minimum liability limits, full coverage, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with marriage, passive restraint, multiple vehicle, paperless filing, paid-in-full, and homeowner discounts applied. When drivers qualify for the discounts, the the average yearly reduction on insurance for drivers with accidents is 28% or $592.
Picking a high-quality insurance company can be rather challenging considering how many companies there are in Colorado. The ranking information shown next can help you analyze which auto insurance companies to look at when comparing rates.
The ratings below are only made up of the largest auto insurers in America, so smaller companies will not be included in the list. To compare prices from these companies and more, follow this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|Compare Rates Now Go|
Data Source: Insure.com Best Car Insurance Companies
You may be paying too much for car insurance
Colorado insurance rates are influenced by many factors that can increase the policy price. Simply getting older, having a teenage driver, or getting a couple of tickets can trigger price changes resulting in some rates now being more affordable than before. Additionally, insurers change their prices multiple times each year to help ensure profitability. An unexpected high level of claims can cause rate increases, while long-term profits may cause lower-cost Colorado car insurance rates.
To illustrate this point, the graph below shows the company with the cheapest car insurance in Colorado for a 45-year-old male driver with a good driving record, no prior claims, and a decent credit rating. When quoting prices based on his current rating profile, The Hartford offers the best car insurance rates in Colorado at $850 annually. This is $728 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are also included in the top five cheapest Colorado auto insurance companies.
Now let's give the driver from the first example a chargable claim, bad credit, and a traffic ticket or two. Since every car insurance company has a different process to set premium rates, analyzing rate quotes may now show a completely different list of the cheapest companies as shown below.
Auto-Owners now has the best car insurance rate in Colorado with State Farm, Grange, American Family, and Progressive now rounding out the top five. This illustrates why consumers need to do a thorough rate comparison to find the most affordable insurance quotes for drivers with accidents. Insurance prices can be determined by many factors and change frequently, so the cheapest company the last time you shopped your coverage around may now be one of the higher cost companies.