One of the many criteria that determine car insurance rates is your zip code. Areas with high crime rates or more dense population tend to have higher auto insurance costs, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of lower rates.
The next table shows the most expensive places in Colorado for a school permit in which to purchase auto insurance. Denver is ranked #3 with the annual price of $1,397 for car insurance, which is about $116 each month.
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Annual rates are approximated as the garaging address in Denver can influence insurance rates noticeably.
The car, truck, or SUV driven is one of the primary factors when quoting the lowest-priced car insurance for a school permit. Vehicles with economical engines, modern passenger safety features, or a low likelihood of liability claims will cost substantially less to insure than higher performance models.
The data below illustrates coverage prices for a handful of the most budget-friendly vehicles to buy coverage for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$4,703|
|Ford Escape Limited 2WD||$4,713|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$5,188|
|Toyota Tacoma 4WD||$5,231|
|Ford F-150 XLT Crew Cab 2WD||$5,238|
|Chevrolet Impala LS||$5,483|
|Ford Focus SE 4-Dr Sedan||$5,489|
|Ford Edge SEL 2WD||$5,483|
|Honda Odyssey EX W/Rear Entertainment||$5,489|
|Chevrolet Malibu LS||$5,527|
|Chevrolet Equinox LS AWD||$5,534|
|Toyota RAV4 2WD||$5,527|
|Jeep Grand Cherokee Laredo 2WD||$5,535|
|Dodge Grand Caravan Hero||$5,527|
|Volkswagen Jetta S 4-Dr Sedan||$5,536|
|Ford Explorer Limited 4WD||$5,573|
|Hyundai Elantra Blue 4-Dr Sedan||$5,777|
|Toyota Camry SE||$5,820|
|Toyota Corolla LE||$5,827|
|Chevrolet Silverado LT Crew Cab 4WD||$5,866|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$5,875|
|Ford Fusion Sport 4-Dr Sedan||$5,866|
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Price data assumes single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, and claim-free. Table data does not factor in specific Denver, CO garaging location which can lower or raise coverage prices significantly.
Looking at the numbers, we can conclude that makes and models like the Honda CR-V, Ford Escape, and Toyota Prius will be the most affordable vehicles to insure for a learners permit. Prices will tend to be higher just due to the fact that there is more exposure for a school permit, but generally speaking those makes and models will tend to have the cheapest auto insurance rates compared to other types of vehicles.
Finding decent, budget auto insurance is not the easiest thing to accomplish, and deciding which companies have the most affordable car insurance rates for a school permit requires even more diligence. Each auto insurance company uses a little different formula to establish rates, so let’s take a look at the car insurance companies that tend to have lower prices in Denver, CO.
It’s a good idea to be aware that Denver car insurance rates are influenced by many factors that will increase or decrease the price of coverage. Things like having a birthday, buying another vehicle, or getting a driving violation may cause policy rate changes that may make certain companies cheaper in comparison to the competition.
Best Auto Insurance Prices for Students
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,640|
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The Hartford generally has some of the best car insurance rates in Denver at around $850 per year. Grange, USAA, Nationwide, and GEICO are also some of the lowest-priced Denver, CO auto insurance companies.
As illustrated above, if you buy coverage from Nationwide and switched to The Hartford, you might see a yearly savings of around $259. Policyholders with GEICO may save as much as $326 a year, and Auto-Owners policyholders might see rate reductions of $342 a year.
To find out how your current rates compare, click here to get quotes or visit any of the companies below.
It’s important to note that these prices are averaged for all types of drivers and the different vehicles they drive and are not factoring in a specific zip code for a school permit. So the auto insurance company that fits your age and vehicle best may not even be in the list above. That point stresses why you need to compare as many prices as possible using your own personal information and vehicle type.
Cost difference between full coverage and liability
Reducing the cost of car insurance is important to the majority of people, and a good way to lower the cost of insurance for a school permit is to buy only liability coverage. The information below compares insurance costs with full coverage compared to only the Colorado minimum liability coverage. Data assumes no claims or driving violations, $1,000 deductibles, single marital status, and no discounts are taken into consideration.
If all age groups are averaged, full coverage on your policy costs $1,476 per year more than insuring for liability only. That may make you wonder if you should buy full coverage. There is no set guideline to stop paying for comp and collision coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let’s pretend your vehicle’s replacement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would receive is $6,000 after paying your deductible. If you are currently paying more than $600 annually to have full coverage, then you may need to consider dropping full coverage.
There are a few situations where dropping physical damage coverage is not in your best interest. If you haven’t paid off your loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not remove full coverage.
Discounts on Denver car insurance
Auto insurance companies that offer coverage for a school permit may provide rate discounts that can reduce rates by as much as 35% or more if you meet certain criteria. A list of companies and their offered discounts are shown below.
- American Family offers discounts for accident-free, air bags, good student, early bird, bundled insurance, TimeAway discount, and Steer into Savings.
- Nationwide may offer discounts for anti-theft, good student, accident-free, business or organization, defensive driving, family plan, and multi-policy.
- MetLife may include discounts for good driver, claim-free, multi-policy, accident-free, good student, defensive driver
- 21st Century may have discounts that include good student, automatic seat belts, early bird, theft prevention, anti-lock brakes, defensive driver, and 55 and older.
- Farmers Insurance offers discounts including youthful driver, business and professional, teen driver, multi-car, pay in full, and early shopping.
- Allstate policyholders can earn discounts including passive restraint, anti-theft, EZ pay plan discount, multi-policy, and farm vehicle.
The example below visualizes the comparison of yearly insurance costs with and without discounts being applied to the rates. Data assumes a female driver, no driving violations, no at-fault accidents, 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 bar shows the rates with vehicle safety, paperless filing, passive restraint, good student, anti-theft, and paid-in-full discounts applied. With discounts applied, the average savings per year on car insurance for a school permit is 28% or $498.
You may be paying too much for car insurance
Colorado car insurance rates are determined by lots of factors which can substantially change the price you pay for coverage. Turning one year older, getting divorced, or getting a ticket for running a stop sign can trigger price changes that can now make some companies affordable when they were higher priced.
And not only may your rating factors change, but insurers change rates every year or even multiple times each year in order to offset underwriting gains or losses. Heavy losses may cause more expensive prices, while lower claim levels can produce lower-priced Denver car insurance rates.
To illustrate this example, the bar chart below shows the companies that have the cheapest car insurance in Denver, CO for a 45-year-old male driver with a clear driving record, no claims, and a high credit rating. If we look at prices based on his personal risk profile, The Hartford may offer the cheapest car insurance rates in Denver at $1,084 each year. This is $494 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are the remainder of the cheapest Denver, CO auto insurance companies.
The next chart shows rates after we give the driver from above a chargeable accident, less-than-perfect credit, and a speeding ticket. Due to the fact that each insurance company has a unique formula for setting rates, comparing prices most likely will result in a different list of companies as shown below.
Travelers now has the best auto insurance rate in Denver with State Farm, American Family, Grange, and Progressive also being competitive. This example shows why drivers need to shop around to find cheap auto insurance rates for a school permit. Car insurance prices are calculated by many things and can increase or decrease at any time, so the most economical company the last time you checked may now be an over-priced policy.
The insurance agencies listed below can probably provide answers to your questions and help you determine which auto insurance policy fits you best, as many consumers aren’t sure which coverage to buy and prefer to get some professional input when buying car insurance for a school permit. It can be complicated to find the best coverage yourself, so a professional agent can give comfort knowing your policy gives you enough protection. To locate a Denver insurance agent close to where you live, click the button following the list or click here to get price quotes now.
Allstate Insurance: Jack Sughrue
3401 Quebec St Ste 9400 – Denver, CO 80207 – (303) 377-4767
Allstate Insurance: K.D. Sakraida
1932 W 33rd Ave – Denver, CO 80211 – (303) 433-2094
Aspen Insurance Agency
2238 S Broadway – Denver, CO 80210 – (303) 777-2991
Moschetti Michael – Isu Insurance Svc Of Co
950 17th St #1000 – Denver, CO 80202 – (303) 534-2133