Paying for overpriced auto insurance in Montrose can eat up your checking account and possibly require you to analyze your spending habits. Comparing price quotes can lower your rates and help to ensure you are getting the best deal.
Unbelievable but true, a large majority of drivers in Colorado have stayed with the same insurance company for more than four years, and approximately 38% of consumers have never quoted auto insurance rates at all. Most drivers in the U.S. can cut their rates by roughly $859 a year just by shopping around, but they mistakenly think it's difficult to compare other rate quotes. Big companies like GEICO, 21st Century and Progressive continually bombard you with fancy advertisements and it is challenging if not impossible to see past the corporate glitz and effectively compare rates to find the best deal.
Consumers should take time to get comparison quotes before your policy renews because auto insurance prices are rarely the same from one policy term to another. Even if you think you had the lowest price on auto insurance at your last renewal there may be better deals available now. Forget anything you know (or think you know) about auto insurance because it's time to teach you one of the quickest ways to reduce your cost while increasing coverage.
Many insurance companies like 21st Century, Allstate and State Farm allow you to get coverage price quotes online. The process is pretty easy as you just type in the coverages you want into the form. After you complete the form, the quote system gets information on your driving record and credit history and returns a price based on many factors. The ability to get online quotes makes comparing rates easy, and it's absolutely necessary to have as many quotes as possible if you want to get affordable rates.
In order to find out if lower rates are available, take a look at the companies shown below. To compare your current rates, we recommend you complete the form with the insurance coverages exactly as shown on your declarations page. Doing this guarantees you will receive an apples-to-apples comparison for similar coverage.
The auto insurance companies shown below can provide price comparisons in Colorado. If more than one company is shown, we recommend you get prices from several of them to get the best price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Equinox LTZ AWD||$1,330||$665||$111|
|Chevrolet Silverado LT Crew Cab 2WD||$1,396||$698||$116|
|Dodge Ram Quad Cab Sport 2WD||$1,424||$712||$119|
|Ford Escape Limited 2WD||$810||$405||$68|
|Ford Explorer Limited 4WD||$982||$491||$82|
|Ford F-150 Lariat Crew Cab Platinum 4WD||$1,376||$688||$115|
|Ford Focus SES 2-Dr Coupe||$1,342||$671||$112|
|GMC Sierra SLE Regular Cab 2WD||$1,106||$553||$92|
|Honda Accord EX 4-Dr Sedan||$780||$390||$65|
|Honda CR-V EX 2WD||$1,134||$567||$95|
|Honda Civic EX-L 4-Dr Sedan||$1,064||$532||$89|
|Jeep Wrangler Sport 4WD 2-Dr||$730||$365||$61|
|Mazda 3 S Sport 4-Dr Sedan||$1,292||$646||$108|
|Nissan Altima 2.5 S 2-Dr Coupe||$1,120||$560||$93|
|Nissan Rogue S 2WD||$984||$492||$82|
|Toyota Camry LE||$964||$482||$80|
|Toyota Corolla LE||$1,154||$577||$96|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$982||$491||$82|
|Get Your Own Custom Quote Go|
Table data represents single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Estimates do not factor in your specific Montrose location which can decrease or increase coverage prices significantly.
Full coverage or liability only
The illustration below illustrates the comparison of Honda Accord yearly insurance costs when comparing full coverage to state minimum liability only. The data is based on a clean driving record, no claims, $1,000 deductibles, married male driver, and no discounts are factored in.
Honda Accord rates are for example purposes only. To get rates for your specific vehicle, click here.
When to drop full coverage
There is no definitive formula to drop physical damage coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is more than 10% of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let's pretend your Honda Accord replacement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $5,000 after paying your deductible. If you are paying more than $500 annually to have full coverage, then it might be time to buy liability only.
There are a few cases where dropping full coverage is not a good idea. If you still owe money on your vehicle, you must maintain physical damage coverage as part of the loan conditions. 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.
Discounts for cheap insurance quotes
Properly insuring your vehicles can get expensive, but there's a good chance there are discounts that can dramatically reduce your bill. Certain discounts will be triggered automatically when you get a quote, but some discounts are required to be asked for prior to receiving the credit.
- Student Driver Training - It's a good idea to have your young drivers take driver's ed class in school or through a local driver safety program.
- Buy New and Save - Adding a new car to your policy can cost up to 25% less compared to insuring an older model.
- Sign Online - A few insurance companies will give you a small discount for buying your policy on the web.
- Anti-lock Brake Discount - Cars and trucks with ABS and/or traction control can stop better under adverse conditions and earn discounts up to 10%.
- Theft Prevention Discount - Anti-theft and alarm system equipped vehicles are less likely to be stolen and that can save you a little bit as well.
- Telematics Devices - Insureds that choose to allow their insurance company to analyze when and where they use their vehicle by using a telematic data system such as Snapshot from Progressive or Drivewise from Allstate may get a rate reduction if they are good drivers.
- Organization Discounts - Being a member of qualifying employment or professional organizations may earn a discount on your bill.
- Low Miles Discount - Low annual miles can qualify you for lower prices due to less chance of an accident.
- Life Insurance - Select insurance companies reward you with better insurance rates if you take out life insurance from them.
- Senior Citizen Discount - Seniors can get a small discount on rates.
Discounts lower rates, but some of the credits will not apply to your bottom line cost. Some only apply to the price of certain insurance coverages like liability and collision coverage. Even though it may seem like you would end up receiving a 100% discount, it doesn't quite work that way. But all discounts should definitely cut the amount you pay for coverage.
Some of the insurance companies who may offer some of the above discounts include:
Double check with each insurance company which discounts you qualify for. A few discounts may not apply to policies in your state. To see a list of insurance companies with significant discounts in Colorado, click here to view.
Why your price might be higher
Multiple criteria are used in the calculation when you quote your car insurance policy. Some are pretty understandable such as your driving record, but others are more obscure such as your credit history and annual miles driven. An important part of buying insurance is that you know the factors that help calculate your auto insurance rates. When you understand what controls the rates you pay, this helps enable you to make changes that could result in cheaper rates.
- Liability protection - Liability insurance will protect you in the event that you are ruled to be at fault for personal injury or accident damage. Liability insurance provides you with a defense in court which can cost thousands of dollars. This coverage is very inexpensive compared to physical damage coverage, so drivers should make sure they buy enough to cover all assets.
- Premiums drop with age - More mature drivers are more cautious drivers, are lower risk to insure, and are safer drivers.Young drivers tend to be less responsible in a vehicle therefore auto insurance rates are much higher.
- Buy a safe car and pay less - Cars with five star safety ratings tend to be cheaper to insure. Highly rated vehicles protect occupants better and fewer serious injuries means less money paid by your insurance company which can mean better rates for you.
- Get married and pay lower rates - Being married can get you a discount on your policy. Having a spouse may mean you are more financially stable and insurance companies like that married drivers get in fewer accidents.
Do I need a local insurance agent?
A lot of people prefer to buy from a local agent and doing that can be a smart decision Professional agents can point out coverage gaps and help you file claims. One of the benefits of comparing rate quotes online is that you can find cheap rate quotes and still have an agent to talk to.
After filling out this simple form, your insurance coverage information is sent to local insurance agents in Montrose who will gladly provide quotes for your business. It simplifies rate comparisons since you won't have to contact an agency because prices are sent to your email. If you need to get a rate quote from a specific company, you just need to go to their quote page and give them your coverage information.
Finding a good insurer should depend on more than just a cheap price. Any good agent in Montrose should know the answers to these questions.
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- Do they have any clout with companies to ensure a fair claim settlement?
- What are their preferred companies if they are an independent agency?
- Do they specialize in personal lines coverage in Montrose?
- How would your car be valued if totalled?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
- Do the companies they represent have a solid financial rating?
If you need to find a local Montrose insurance agency, it's important to understand the different types of agencies to choose from. Insurance agents can be categorized as either independent (non-exclusive) or exclusive. Either type can insure your vehicles, but we need to point out the subtle differences because it can influence the selection process.
Exclusive Insurance Agents
These agents can only place business with one company and some examples include Farmers Insurance, State Farm, or Allstate. Exclusive agents cannot compare other company's rates so they have to upsell other benefits. Exclusive agents are very knowledgeable on what they offer which helps them compete with independent agents.
Independent Insurance Agents
Agents that elect to be independent are not limited to a single company so they can quote policies through many different insurance companies and find the cheapest insurance rates. If your agent finds better pricing, they simply switch companies in-house and you don't have to switch agencies.
If you are comparing insurance prices, you definitely need to compare prices from several independent insurance agents to have the best price comparison.
After you get satisfactory answers to these questions and a low price estimate, you've probably found a car insurance agent that can be relied on to insure your vehicles.
How to know if you need help
Always keep in mind that when comparing the best car insurance coverage for your vehicles, there really is no cookie cutter policy. Your needs are not the same as everyone else's and your policy should reflect that. Here are some questions about coverages that can help discover if your situation would benefit from professional advice.
- Should I rate my vehicle as pleasure use or commute?
- How does medical payments coverage work?
- Why do I need rental car insurance?
- Do I have coverage if my license is suspended?
- Why do I have to buy liability insurance?
- When should I not buy collision coverage?
- What if I owe more than I can insure my car for?
- Are my tools covered if they get stolen from my vehicle?
- Is my vehicle covered for flood damage?
If you can't answer these questions, you may need to chat with a licensed agent. If you don't have a local agent, simply complete this short form or you can also visit this page to select a carrier It only takes a few minutes and you can get the answers you need.
Be skeptical of insurance ads
Consumers in Colorado get pounded daily by advertisements that promise big savings for switching from the likes of 21st Century, Allstate and State Farm. They all seem to advertise the message about savings just by moving your policy.
How does each company charge you less for car insurance? It's all in how they say it.
Insurance providers have a certain "appetite" for the right customer that will most likely be profitable. An example of a profitable risk profile should be between 30 and 50, has a low-risk occupation, and drives a safe vehicle. A customer who fits that profile will most likely get cheap prices and will save a lot of money.
People who don't qualify for the requirements will see a higher rate which results in the customer buying from someone else. If you pay close attention to the ads, they say "customers who switch" but not "everyone who gets a quote" save that much when switching. That's the way insurance companies can confidently make those claims. Because of the profiling, drivers must get Montrose car insurance quotes as often as possible. It's just not possible to know which company will have the lowest rate quotes.
Shop smart and save
You just learned some good ideas how to compare insurance prices in Montrose. The most important thing to understand is the more quotes you get, the better your chances of lowering your rates. Consumers could even find that the lowest prices are with a smaller regional carrier. Smaller companies may often insure only within specific states and give getter rates than their larger competitors like Progressive or GEICO.
Lower-priced insurance in Montrose is available online as well as from insurance agents, and you need to price shop both to have the best rate selection. There are still a few companies who may not provide the ability to get a quote online and usually these small insurance companies sell through independent insurance agents.
For more information, feel free to visit the articles below:
- Protect Yourself Against Auto Theft (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance Quotes for Drivers Under 25 in Colorado? (FAQ)
- What is the Cheapest Auto Insurance in Castle Rock, Colorado? (FAQ)
- What is the Cheapest Auto Insurance in Lakewood, Colorado? (FAQ)
- What Car Insurance is Cheapest in Thornton, Colorado? (FAQ)
- Child Safety FAQ (iihs.org)
- Auto Crash Statistics (Insurance Information Institute)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)