The car, truck, or SUV to be insured is probably the biggest factor that determines whether or not you find low-priced car insurance for felons. Vehicles with high performance, a lack of advanced safety features, or high incidents of liability claims will cost more to insure than safer models.
The table below shows car insurance rates for some of the most affordable vehicles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$807|
|Ford Escape XLS 4WD||$816|
|Ford F-150 XL Regular Cab 4WD||$828|
|Chevrolet Equinox LT AWD||$874|
|Honda Accord EX-L 4-Dr Sedan||$906|
|Volkswagen Jetta S 2.5 Station Wagon||$914|
|Toyota Tacoma 4WD||$906|
|Ford Explorer XLT 4WD||$927|
|Jeep Grand Cherokee Limited 4WD||$940|
|Chevrolet Impala LT||$954|
|Dodge Ram Quad Cab TRX4 Off Road 2WD||$956|
|Ford Edge SEL 2WD||$959|
|Toyota RAV4 Sport 4WD||$982|
|Ford Fusion S 4-Dr Sedan||$989|
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Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Rate information does not factor in specific zip code location which can decrease or increase price quotes significantly.
Based on these rates, cars like the Honda CR-V, Ford Escape, Ford F-150, and Chevrolet Equinox should be a few of the most budget-friendly vehicles to insure for felons.
Deciphering which company has the cheapest auto insurance rates for felons in Colorado will involve a little more sweat than just picking a company at random. Every auto insurer has a unique formula for determining rates, so let's take a look at the most competitive auto insurance companies in Colorado.
Best Insurance Companies for Felons
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,592|
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The Hartford generally has some of the lowest car insurance rates in Colorado at around $859 a year. Grange, USAA, Nationwide, and Auto-Owners are also some of the best Colorado insurance companies.
As depicted above, if you are a policyholder with Grange and switched to The Hartford, you might achieve an annual premium reduction of in the vicinity of $128. Colorado drivers with USAA could save as much as $140 a year, and Nationwide policyholders might cut rates by $296 a year.
If you want to find out if you're overpaying, click here to get quotes or click through to the companies below.
Understand that those estimates are averages across all types of drivers and the different vehicles they drive and are not factoring in a price decrease for felons. So the auto insurance company that fits your age and vehicle best may not even be in the top 21 companies in the list above. That underscores the importance of why you need to quote rates from many companies using your own specific driver and vehicle information.
Do you need full coverage?
Paying a lower price for auto insurance is important to most people, and one great way to find cheap insurance for felons in Colorado is to not insure for full coverage. The diagram below shows the comparison of auto insurance rates when comparing full coverage to liability only. Data assumes no claims, a clean driving record, $1,000 deductibles, drivers are not married, and no discounts are applied.
On average, physical damage coverage on your policy costs an extra $1,476 per year more than buying just liability insurance. At some point, about every driver wonders if full coverage is worth the money. There is no exact formula to eliminate full coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let's pretend your vehicle's settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $4,000 after paying the physical damage deductible. If it's costing you more than $400 annually for full coverage, then you may need to consider dropping full coverage.
The chart below demonstrates how deductible levels can influence insurance costs when getting quotes for cheap insurance for felons in Colorado. The price estimates are based on a single female driver, comprehensive and collision coverage, and no discounts are applied.
The data above shows that a 30-year-old driver could cut expenses by $432 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $648 by changing to a $1,000 deductible. Young drivers, like the 20-year-old, could save $966 or even more just by choosing higher deductibles.
If you do raise deductibles, it is necessary to have enough savings to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
How accidents and tickets impact rates in Colorado
In a perfect world, the best way to maintain cheap auto insurance premiums for felons is to drive cautiously and avoid accidents and traffic violations. The illustration below shows how speeding tickets and fender-benders can increase insurance costs for each different age category. The premium estimates are based on a single male driver, full coverage, $250 deductibles, and no additional discounts are factored in.
In the previous chart, the average cost of an auto insurance policy per year with no violations or accidents is $1,845. Receive one speeding ticket and the average cost rises to $2,078, an increase of $233 each year. Now add one accident along with the one speeding ticket and the yearly cost of auto insurance for felons in Colorado goes up to an average of $2,730. That's an increase of $886, or $74 per month, just for a couple of infractions!
Tips for finding cheaper car insurance for felons in Colorado
Here are many thrifty ideas that can help Colorado drivers find lower-cost coverage.
- Try to remain claim-free
- Maintain a safe distance and avoid accidents
- Higher credit scores can equal lower rates
- Safer vehicles generally have cheaper insurance rates
- Violations like speeding or DUI increase rates
- Compare rates regularly and switch companies to save money
The last idea is extraordinarily valuable, as we hit on in this article. Car insurance prices fluctuate constantly, so don't be hesitant to change insurance companies if a more affordable price is available.
Having a favorite company is great, but it's not recommended if it's costing you thousands of dollars over the life of your policy. It takes less than five minutes to compare prices to find cheaper insurance for felons.