Trying to come up with a payment for expensive insurance can dwindle your accounts and possibly require postponing other expenditures. Doing a rate comparison can save money and help to tighten up your finances.
A recent NerdWallet.com study revealed that nearly 70% of consumers kept their coverage with the same insurance company for at least the last four years, and 38% of drivers have never shopped around. The average driver in Denver could cut their rates by almost $600 a year by just comparing rate quotes, but they feel it's too difficult to do a rate comparison.
Companies like Allstate, Liberty Mutual and State Farm all claim big savings with TV and radio ads and it can be hard to see through the deception and do the work needed to find the best deal.
If you currently have auto insurance, you will most likely be able to find the best rates using these techniques. Finding the cheapest auto insurance coverage in Denver is quite easy. But Colorado drivers must understand the methods companies use to determine premium rates because it varies considerably.
Most companies allow consumers to get price estimates direct online. Doing online quotes for Hyundai Veloster insurance in Denver can be done by anyone as you just type in your coverage information into the quote form. After you submit the form the quote system automatically retrieves information on your driving record and credit history and returns a price quote based on these and other factors. This makes comparing rates easy, and it is important to compare as many rates as possible if you want to get the most affordable car insurance rates.
To quickly find out how much you can save on car insurance, check out the car insurance providers below. If you have a policy now, it's recommended you enter deductibles and limits just like they are on your policy. Doing this assures you're receiving rate comparison quotes based on identical coverages.
The auto insurance companies shown below have been selected to offer free rate quotes in Denver, CO. If multiple providers are shown, we suggest you click on several of them in order to find the cheapest rates.
Save $386 a year! What?
Companies like Progressive, GEICO, Allstate and State Farm consistently run ads on TV and radio. They all make the same claim that you'll save big just by moving your policy. That's great but how can every company charge you less for auto insurance?
Insurance companies are able to cherry pick for a prospective insured that earns them a profit. For instance, a preferred risk might be between the ages of 30 and 45, carries high limits, and chooses high deductibles. A driver who matches those parameters will probably get the lowest rates as well as save when switching.
Insureds who don't qualify for these stringent criteria must pay higher premiums which leads to business not being written. Company advertisements say "people who switch" not "everybody who quotes" save the amount stated. That's the way companies can truthfully make claims like that. Because of the profiling, you really need to quote coverage with many companies. Because you cannot predict with any certainty which company will have the best premium rates at this point in time.
Protect your Hyundai Veloster and other assets
Despite the high cost, paying for auto insurance may be required and benefits you in several ways.
- The majority of states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific limits of liability protection in order to license the 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 bought your Veloster with a loan, it's most likely the lender will have a requirement that you buy full coverage to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank will be required to insure your Hyundai for a lot more money and require you to reimburse them for it.
- Insurance safeguards both your Hyundai and your personal assets. It will also pay for many types of medical costs for not only you but also any passengers injured in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense in the event you are sued. If you have damage to your Hyundai as the result of the weather or an accident, comprehensive and collision coverage will pay to repair the damage.
The benefits of buying enough insurance greatly outweigh the cost, especially when you need to use it. According to a recent study, the average American driver is wasting up to $810 a year so it's very important to do a rate comparison at least once a year to be sure current rates are still competitive.
Lower rates by qualifying for these five discounts
Car insurance companies don't always advertise all available discounts in a way that's easy to find, so the below list has a few of the more common and the more hidden credits available to lower your premiums when you buy Denver car insurance online.
- Multiple Cars - Insuring multiple cars with the same auto insurance company can get a discount for every vehicle.
- Discount for New Cars - Putting coverage on a new Veloster is cheaper since newer vehicles have better safety ratings.
- Defensive Driver - Taking time to complete a class that teaches safe driver techniques can save you 5% or more and make you a better driver.
- Multi-policy Discount - When you have multiple policies with one company you may save at least 10% off all policies.
- Braking Control Discount - Cars and trucks equipped with ABS or steering control are safer to drive so you can save 10 percent or more.
As a disclaimer on discounts, most of the big mark downs will not be given to the entire policy premium. Most only apply to the price of certain insurance coverages like comprehensive or collision. Just because you may think having all the discounts means you get insurance for free, insurance companies wouldn't stay in business. But any discount will positively reduce your auto insurance premiums.
If you would like to choose from a list of companies that offer many of these discounts in Colorado, click here to view.
When should I contact an agent?
Many people just want to go talk to an agent and that can be a smart move One of the great benefits of comparing rate quotes online is you may find the best rates and also buy local.
Upon completion of this simple form, the coverage information is transmitted to agents in your area that give free quotes to get your business. There is no reason to contact any insurance agencies as quotes are delivered straight to your inbox. You'll get the best rates and work with a local agent. In the event you want to get a comparison quote from a specific insurance company, you would need to visit that company's website and submit a quote form there.
Picking an company needs to be determined by more than just the premium amount. Ask your prospective agent these questions:
- Is coverage determined by price?
- How will an accident affect your rates?
- Is their price quote a firm figure or are their hidden costs?
- Do they have any clout with companies to ensure a fair claim settlement?
- Can they provide you with a list of referrals?
- How much training do they have in personal risk management?
- Will you get a loaner vehicle if you car is being repaired?
Two types of Denver car insurance agents
When researching a good Denver insurance agent, it can be helpful to understand the different types of agents that differ in how they can insure your vehicles. Car insurance policy providers are either independent agents or exclusive agents depending on their employer.
Agents of this type generally can only insure with one company like State Farm or Allstate. They are unable to give you multiple price quotes so they really need to provide good service. Exclusive agents receive a lot of sales training on their company's products which aids in selling service over price.
Below are Denver exclusive insurance agencies that can give you comparison quotes.
Bob Chapman - State Farm Insurance Agent
2335 E Evans Ave - Denver, CO 80210 - (303) 777-3005 - View Map
Independent Agencies or Brokers
Independent agencies are not locked into one company and that gives them the ability to insure with any number of different companies and help determine which has the cheapest rates. If you are not satisfied with one company, your policy is moved internally which makes it simple for you. If you are trying to find cheaper rates, you definitely need to contact a couple of independent agencies to have the most options to choose from.
Shown below is a short list of independent insurance agencies in Denver willing to provide price quote information.
If you feel you receive answers to your satisfaction to your questions and a good coverage price, it's a good possibility that you have found an insurance agency that can properly service your car insurance policy.
Specific coverages for a Hyundai Veloster
Having a good grasp of a insurance policy aids in choosing appropriate coverage at the best deductibles and correct limits. Insurance terms can be difficult to understand and nobody wants to actually read their policy. Listed below are the normal coverages found on most insurance policies.
Auto collision coverage
This coverage pays for damage to your Veloster from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision insurance covers things such as damaging your car on a curb, crashing into a building, sideswiping another vehicle and scraping a guard rail. This coverage can be expensive, so you might think about dropping it from older vehicles. You can also choose a higher deductible on your Veloster to get cheaper collision coverage.
Liability car insurance
This coverage will cover damages or injuries you inflict on people or other property by causing an accident. It protects YOU from legal claims by others. It does not cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see limits of 25/50/15 that means you have $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and $15,000 of coverage for damaged property.
Liability coverage protects against things such as bail bonds, loss of income, repair costs for stationary objects, court costs and attorney fees. How much liability coverage do you need? That is a personal decision, but buy as high a limit as you can afford. Colorado requires minimum liability limits of 25/50/15 but it's recommended drivers buy more coverage.
Uninsured and underinsured coverage
Uninsured or Underinsured Motorist coverage gives you protection when other motorists either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family as well as damage to your Hyundai Veloster.
Due to the fact that many Colorado drivers only carry the minimum required liability limits (25/50/15 in Colorado), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family.
Coverage for medical payments
Med pay and PIP coverage kick in for bills such as prosthetic devices, EMT expenses and hospital visits. The coverages can be used in conjunction with a health insurance policy or if you lack health insurance entirely. Coverage applies to both the driver and occupants in addition to getting struck while a pedestrian. PIP coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
This pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for things such as damage from a tornado or hurricane, damage from getting keyed, hitting a deer, hitting a bird and rock chips in glass. The highest amount you'll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much consider dropping full coverage.
Compare auto insurance rates regularly to save
As you quote Denver car insurance, it's a bad idea to reduce coverage to reduce premium. In many instances, someone dropped full coverage only to discover later that it was a big error on their part. The aim is to get the best coverage possible at the best cost and still be able to protect your assets.
Cheaper Hyundai Veloster insurance in Denver can be bought on the web as well as from independent agents in Denver, and you should compare rates from both to have the best chance of lowering rates. Some insurance companies may not have price quotes online and usually these smaller providers only sell through independent agents.
- Bodily Injury Coverage (Liberty Mutual)
- What is the Best Cheap Auto Insurance in Ken Caryl, Colorado? (FAQ)
- What Insurance is Cheapest for State Employees in Colorado? (FAQ)
- Understanding Rental Car Insurance (Insurance Information Institute)
- Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
- Side Impact Crash Tests (iihs.org)