The words “low-cost” and “insurance” really don’t belong together, in particular when you are looking for the cheapest auto insurance for high school students. Because it’s so expensive, let’s go over some situations that significantly impact auto insurance premiums, and find a way to take the sting out of the next policy you buy.
Establishing which companies quote the cheapest auto insurance rates for high school students involves a bit more work in order to find the lowest price quote. Each insurance company has a proprietary formula to set policy rates, so we’ll go over the auto insurance companies with the overall best prices in Denver.
It’s important to know that Denver auto insurance rates are based on many factors that can increase your annual premium. Turning one year older, marrying your spouse, or getting a DUI may generate price changes resulting in some companies being cheaper than before.
Compare Cheap Insurance Quotes for Students
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,576|
|Get a Custom Quote Go|
The Hartford has some of the best car insurance rates in Denver at around $834 annually. This is $744 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also qualify as some of the cheapest Denver, CO auto insurance companies.
In this example, if you are insured with USAA and switched to The Hartford, you could see yearly savings of roughly $175. Customers with Nationwide may save as much as $275 a year, and GEICO policyholders might reduce prices by as much as $318 a year.
Understand that those policy prices are averaged across all types of insureds and vehicles and and are not figured with a specific zip code for high school students. So the auto insurance company that can offer you the best price may not even be in the list above. That affirms the importance of why you need to get auto insurance quotes using your own specific driver information and vehicle.
For teenagers, one of the largest considerations that are looked at to help calculate the annual cost of car insurance is where you live. Areas with more people or even just a higher incidence of claims are more likely to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims receive better rates.
The table below sorts the most expensive places in Colorado for high school students to purchase a policy in. Denver shows up at #2 with the yearly price of $1,397 for the average policy, which is approximately $116 per month.
|Rank||City||Premium Per Year|
|Find the Best Rates Go|
Rate quotes are approximated as the specific area where the vehicle is garaged can affect insurance rates significantly.
The vehicle model you are insuring is one of the main factors when shopping around for economical auto insurance for high school students. Vehicles with limited top-end speed, good crash test ratings, or low incidents of liability claims will cost substantially less to insure than higher performance models. The next table illustrates car insurance premiums for a number of the cheapest vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$5,590|
|Honda CR-V EX-L 4WD||$5,598|
|Ford F-150 STX Regular Cab 2WD||$6,185|
|Ford Explorer Eddie Bauer 2WD||$6,233|
|Jeep Wrangler Rubicon 4WD 2-Dr||$6,238|
|Chevrolet Impala LS||$6,522|
|Ford Fusion S 4-Dr Sedan||$6,571|
|Toyota RAV4 Sport 2WD||$6,579|
|Chevrolet Equinox LS AWD||$6,571|
|Chevrolet Malibu LT||$6,622|
|Dodge Grand Caravan Crew||$6,631|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$6,622|
|Compare Cheap Rates Go|
Data based on single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in specific location which can affect prices substantially.
Based upon the rates shown, you can assume that models like the Ford Escape, Honda CR-V, and Toyota Prius should be some of the more affordable vehicles to insure for teenagers. Car insurance rates will trend higher because of the fact that there is more claim risk for high school students, but generally speaking those makes and models will tend to have the best rates compared to other types of vehicles.
Get discount Denver insurance
Car insurance companies that provide policies for high school students could also offer premium discounts that may potentially lower prices by as much as 35% or more if you are eligible. Companies and a summarized list of policyholder discounts can be found below.
- Progressive policyholders can earn discounts including multi-vehicle, multi-policy, good student, online signing, online quote discount, and continuous coverage.
- The Hartford may have discounts that include good student, anti-theft, air bag, bundle, and defensive driver.
- Mercury Insurance offers discounts for anti-theft, multi-policy, ease of repair, annual mileage, and type of vehicle.
- GEICO may include discounts for good student, multi-vehicle, air bags, anti-theft, military active duty, driver training, and federal employee.
- AAA offers premium reductions for multi-policy, pay-in-full, anti-theft, good driver, multi-car, education and occupation, and good student.
- State Farm includes discounts for multiple policy, multiple autos, good driver, safe vehicle, and good student.
The illustration below visualizes the comparison of car insurance rates with and without discounts applied. The rates are based on a male driver, no accidents or driving violations, Colorado state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with paperless filing, passive restraint, paid-in-full, anti-theft, good student, and continuous coverage discounts applied. When discounts are applied, the average amount saved each year on auto insurance for high school students is 28% or $547.
The illustration below demonstrates how choosing different deductibles can influence premium costs when searching for cheap insurance for high school students. The premium estimates are based on a married male driver, full physical damage coverage, and no discounts are applied.
In the chart above, a 30-year-old driver could lower their car insurance rates by $378 a year by switching from a $100 deductible up to a $500 deductible, or save $570 by switching to a $1,000 deductible. Youthful drivers, such as the Age 20 example, could save up to $1,138 or more by choosing larger deductibles on their policy.
If you make the decision to raise deductibles, it will now be necessary to have additional funds in a savings account to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Picking the best insurer can be difficult considering how many companies sell insurance in Denver. The rank data displayed below could help you choose which providers to look at comparing rates with. The rankings below include large nationwide companies, so companies that have a smaller presence are not factored into this list.
|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
Are you paying too much for car insurance in Denver?
Colorado auto insurance rates are based on many factors that may substantially change your annual premium. Simply turning a year older, filing a claim, or getting a driving violation can produce rate changes resulting in some companies being more affordable than the competition.
Not only that, but car insurance companies change rates every year or even multiple times each year to adjust for unexpected claims or profits. Heavier than normal losses may result in high rates, while long-term profits may result in cheaper Denver car insurance rates.
The bar chart below shows a variety of companies that have the cheapest car insurance in Denver, CO for a 35-year-old female driver with no accidents, a clean driving record, and a good credit history. If we look at prices based on her current risk profile, The Hartford might quote the best car insurance rates in Denver at $1,151 a year. This is $427 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also make the list of the best Denver, CO auto insurance companies.
Now we will pretend the driver from the first rate comparison a claim, poor credit, and a few blemishes on her driving record. Because every insurance company has a unique formula to set their prices, comparing rates may now present a significantly different list of cheap Denver auto insurance companies as shown below.
Auto-Owners now has the cheapest insurance rate in Denver, CO with State Farm, American Family, Progressive, and Amica completing the list. This illustrates why Denver drivers need to compare many different companies to get the lowest insurance rates for high school students. Car insurance prices are made up of many things and can change without notice, so the lowest-price company two years ago may now be one of the more expensive options.