Did budget coverage turn out to be an expensive car insurance policy? It's quite common and many Denver drivers have buyer's remorse.
A recent car insurance study revealed that most consumers kept buying from the same company for at least four years, and about 40% of consumers have never even shopped around for cheaper coverage. Colorado insurance shoppers can save hundreds of dollars each year, but they assume it's a waste of time to compare rates online. Insurance companies such as Allstate and Progressive constantly bombard you with advertising and it can be hard to avoid their marketing magic and take the time to shop coverage around.
It's smart to price shop coverage on a regular basis since prices change frequently. If you had the lowest rate on Audi Q5 insurance in Denver six months ago you can probably find a lower rate today. Ignore everything you know about car insurance because you're about to learn the tricks you need to know to properly buy coverages while reducing your premium.
If you're already insured or just want to save money, use these techniques to save money and possibly find even better coverage. Buying the cheapest auto insurance in Denver is quite easy. Smart shoppers just have to learn the most efficient way to compare different rates instantly.
How to lower your Audi Q5 insurance cost in Denver, Colorado
Finding more affordable Denver car insurance quotes can be quick and easy. You just have to take the time comparing rates from online providers.
Comparison shopping rates online is easy and it takes the place of having to physically go to each insurance agency near you. Comparing Audi Q5 insurance rates online makes this process obsolete unless you're the type of person who wants the professional assistance that only a licensed agent can provide. If you prefer, some companies allow you to get prices online but buy from a local insurance agent.
The auto insurance companies shown below provide free rate quotes in Colorado. If multiple companies are listed, we recommend you visit as many as you can in order to find the cheapest rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Q5 3.2 Premium AWD||$342||$740||$352||$20||$106||$1,560||$130|
|Q5 3.2 Premium Plus AWD||$326||$726||$396||$24||$118||$1,590||$133|
|Q5 3.2 Premium Plus S-Line AWD||$182||$382||$396||$24||$118||$1,102||$92|
|Q5 3.2 Prestige AWD||$182||$454||$396||$24||$118||$1,174||$98|
|Q5 3.2 Prestige S-Line AWD||$234||$544||$474||$28||$142||$1,422||$119|
|Get Your Own Custom Quote Go|
Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Premium costs do not factor in vehicle location which can decrease or increase price quotes significantly.
Accidents and violations increase rates
The information below shows how speeding tickets and at-fault accidents impact Audi Q5 insurance rates for each age group. The premiums are based on a single male driver, full coverage, $250 deductibles, and no discounts are factored in.
Rate comparison for different deductibles
The information below illustrates how choosing a deductible and can change Audi Q5 insurance costs for each different age category. The information is based on a single male driver, full coverage, and no discounts are taken into consideration.
Audi Q5 liability rates compared to full coverage
The chart below shows the comparison of Audi Q5 insurance premiums with full coverage and liability only. The rates are based on no claims or violations, $250 deductibles, married female driver, and no policy discounts are applied.
Are you wasting money paying for full coverage?
There is no clear-cut rule to stop paying for full coverage on your policy, but there is a broad guideline. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
For example, let's pretend your Audi Q5 replacement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $5,000 after the policy deductible has been paid. If premium cost is more than $500 a year for full coverage, then you might want to think about dropping full coverage.
There are a few situations where removing full coverage is not a good idea. If you haven't paid off your loan, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not drop full coverage.
Why you might not save $492 a year
Colorado consumers constantly see and hear ads that promise big savings by companies like State Farm, GEICO and Progressive. All the ads seem to make the promise about saving some big amount if you just switch your car insurance coverage to their company.
How is it plausible that every one can lower your rates? This is the way they can do it.
Insurance companies quote the lowest rates for the type of driver that earns them the highest profit. For example, a profitable customer may need to be over the age of 35, has no prior claims, and drives newer vehicles. A customer that hits that "sweet spot" gets the lowest premium rates and will also cut their rates substantially.
People who don't measure up to this stringent profile may be forced to pay a more expensive rate which leads to the customer not purchasing. The ad wording is "drivers that switch" but not "everyone who gets a quote" save that much money. That's the way insurance companies can make the claims of big savings.
Because of the profiling, you really should get Denver auto insurance quotes from several different companies. It is impossible to guess which company will provide you with the cheapest Audi Q5 insurance in Denver.
Three reasons to insure your Audi Q5
Despite the high cost of buying insurance for a Audi Q5 in Denver, paying for insurance serves a purpose in several ways.
- The majority of states have mandatory insurance requirements which means it is punishable by state law to not carry specific limits of liability protection if you don't want to risk a ticket. 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 have a loan on your Audi, it's most likely the lender will require you to have full coverage to guarantee loan repayment. If you let the policy lapse, the bank may buy a policy for your Audi for a lot more money and force you to pay a much higher amount than you were paying before.
- Insurance safeguards not only your Audi Q5 but also your financial assets. It will also provide coverage for hospital and medical expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance will also pay to defend you if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of buying enough insurance definitely exceed the price paid, especially for larger claims. As of last year, the average driver in Colorado overpays as much as $865 each year so it's recommended you shop around at every policy renewal to make sure the price is not too high.
These six discounts can reduce Audi Q5 insurance rates
Car insurance is neither fun to buy or cheap, but you can get discounts to help bring down the price. Certain discounts will be triggered automatically when you quote, but some may not be applied and must be specifically requested before being credited.
- Distant College Student Discount - Youth drivers who live away from home at college and do not have access to a covered vehicle could get you a discount.
- Telematics Data - Drivers that enable driving data submission to analyze when and where they use their vehicle by using a telematics device in their vehicle such as Progressive's Snapshot and State Farm's In-Drive could possibly reduce rates if they exhibit good driving behavior.
- Denver Homeowners Discount - Just being a homeowner may earn you a small savings since home ownership means you have a higher level of financial diligence.
- Defensive Driver Discount - Participating in a class that teaches driver safety techniques could earn you a small percentage discount and easily recoup the cost of the course.
- Discounts for Federal Employees - Active or former government employment may reduce rates when you quote Denver auto insurance with some car insurance companies.
- New Vehicle Savings - Buying a new car model can save you some money compared to insuring an older model.
One last thing about discounts, most discounts do not apply to the entire policy premium. Most only cut individual premiums such as medical payments or collision. So when the math indicates it's possible to get free car insurance, it doesn't quite work that way.
If you would like to choose from a list of companies that offer the discounts shown above in Colorado, click here to view.
Compare prices but work with a local neighborhood Denver car insurance agent
Some consumers just prefer to sit down and talk to an agent and that is a personal choice. Professional agents can help determine the best coverages and help you file claims. An additional benefit of comparing insurance prices online is you may find better rates and still have an agent to talk to. Buying insurance from local insurance agencies is especially important in Denver.
To make it easy to find an agent, after completing this simple form, your information is sent to companies in Denver that can give you free Denver auto insurance quotes and help you find cheaper coverage. It's much easier because you don't need to leave your house since price quotes are sent to the email address you provide. If you want to compare prices from a specific company, you just need to find their quoting web page and fill out the quote form the provide.
Picking the best company requires more thought than just a cheap quote. These are some valid questions you should ask.
- What insurance company do they write the most business with?
- Is their price quote a firm figure or are their hidden costs?
- Are all drivers listed on the coverage quote?
- How long has their agency been in business in Denver?
- Does the agent recommend any additional coverage?
- Will a damage claim use OEM or aftermarket replacement parts?
- Is there a 24/7 contact number?
Coverages available on your auto insurance policy
Learning about specific coverages of your auto insurance policy aids in choosing the right coverages at the best deductibles and correct limits. The terms used in a policy can be confusing and nobody wants to actually read their policy. These are the normal coverages found on most auto insurance policies.
This coverage provides protection from injuries or damage you cause to other people or property that is your fault. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 25/50/15 that translate to a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and a limit of $15,000 paid for damaged property. Some companies may use a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.
Liability coverage protects against claims like medical services, funeral expenses, bail bonds, attorney fees and pain and suffering. How much liability should you purchase? That is your choice, but it's cheap coverage so purchase as high a limit as you can afford. Colorado state minimum liability requirements are 25/50/15 but you should consider buying better liability coverage.
Comprehensive auto insurance
Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for things like vandalism, rock chips in glass and a tree branch falling on your vehicle. The maximum payout your auto insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much it's probably time to drop comprehensive insurance.
Coverage for collisions
This coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for things like hitting a parking meter, backing into a parked car and sustaining damage from a pot hole. This coverage can be expensive, so consider dropping it from older vehicles. Drivers also have the option to bump up the deductible on your Q5 to save money on collision insurance.
Coverage for uninsured or underinsured drivers
This protects you and your vehicle's occupants when other motorists are uninsured or don't have enough coverage. It can pay for hospital bills for your injuries as well as your vehicle's damage.
Since many Colorado drivers carry very low liability coverage limits (Colorado limits are 25/50/15), their limits can quickly be used up. So UM/UIM coverage is a good idea. Normally these coverages are identical to your policy's liability coverage.
Coverage for medical expenses
Med pay and PIP coverage reimburse you for expenses for things like nursing services, hospital visits, EMT expenses, chiropractic care and dental work. They can be used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. They cover all vehicle occupants in addition to any family member struck as a pedestrian. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage
Shop around and save
You just learned a lot of tips how to save on Audi Q5 insurance in Denver. The key thing to remember is the more rate comparisons you have, the higher your chance of finding the cheapest Audi Q5 rate quotes. You may even find the lowest priced insurance comes from some of the smallest insurance companies. These companies may often insure only within specific states and give getter rates than their larger competitors like GEICO and State Farm.
As you quote Denver auto insurance, it's very important that you do not buy poor coverage just to save money. Too many times, an accident victim reduced physical damage coverage and discovered at claim time that the few dollars in savings costed them thousands. Your aim should be to purchase plenty of coverage at the best possible price while still protecting your assets.
Lower-priced Audi Q5 insurance in Denver can be found online in addition to many Denver insurance agents, so you should compare both to get a complete price analysis. Some insurance companies do not provide online rate quotes and these regional carriers sell through independent insurance agents.
- Side Impact Crash Tests (iihs.org)
- What is the Cheapest Auto Insurance in Greeley, Colorado? (FAQ)
- How Much are Car Insurance Quotes for a School Permit in Colorado? (FAQ)
- Who Has Affordable Auto Insurance for Government Employees in Colorado? (FAQ)
- What Car Insurance is Cheapest in Thornton, Colorado? (FAQ)
- Who Has the Cheapest Car Insurance for Ride Shares in Colorado? (FAQ)
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Distracted Driving (Insurance Information Institute)
- Teen Driver Licensing Information (iihs.org)
- Red Light Cameras (State Farm)