You have most likely watched the ads from companies like Progressive, The General, and Nationwide that guarantee enormous savings, so drivers should just choose the one with the best commercial, right?
Unfortunately, it’s just not that easy, as there are a ton of unknown aspects such as citations or tickets, your marital status, when you were born, and the amount of liability insurance you need. The content below covers these types of topics and will hopefully give you a good beginning to your quest for cheaper car insurance in Denver.
Deciding which company has the most affordable car insurance rates for a company car requires more time in order to find coverage that fits your budget.
Each company has a different formula to set policy rates, so let’s examine the most budget-friendly car insurance companies in Colorado. It’s important to know that Denver, CO car insurance rates are impacted by many factors that will increase or decrease the policy price. Simply getting older, moving to a new city, or getting a driving violation can trigger rate changes that can make some companies much cheaper than others.
Lowest Insurance Price Quotes in Colorado
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $825 |
| 2 | Grange | $978 |
| 3 | USAA | $1,009 |
| 4 | Nationwide | $1,109 |
| 5 | Auto-Owners | $1,168 |
| 6 | GEICO | $1,176 |
| 7 | Travelers | $1,207 |
| 8 | State Farm | $1,222 |
| 9 | American Family | $1,301 |
| 10 | Progressive | $1,376 |
| 11 | Amica | $1,381 |
| 12 | California Casualty | $1,444 |
| 13 | Allied | $1,483 |
| 14 | Farmers | $1,613 |
| 15 | Colorado Farm Bureau | $1,640 |
| 16 | MetLife | $1,830 |
| 17 | Allstate | $2,015 |
| 18 | Encompass | $2,253 |
| 19 | Safeco | $2,472 |
| 20 | Titan | $2,711 |
| Compare Rates Now Go | ||
The Hartford may have some of the cheapest car insurance rates in Denver at around $825 a year. Grange, USAA, Nationwide, and Auto-Owners also make the cut as some of the most economical Denver, CO insurance companies.
As shown in the table above, if you are a customer of Auto-Owners and switched to Grange, you may see annual savings of roughly $190. Customers with GEICO might save as much as $198 a year, and Travelers insureds might reduce rates by $229 a year.
It’s important to note that these premiums are averaged across all types of drivers and the different vehicles they drive and and are not calculated with an exact vehicle garaging location for a company car. So the auto insurance company that has the cheapest rates for you may not even be in the top 21 companies shown above. That point stresses why you need to compare prices as often as possible using your own driver information and specific vehicle type.
The type of vehicle that is being insured is probably the most important factor when quoting the best insurance for a company car. Vehicles with average performance, modern passenger safety features, or low incidents of liability claims will cost much less to insure than high performance models.
The next list shows car insurance premiums for some of the most affordable vehicles to buy coverage for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $1,416 |
| Toyota Prius | $1,531 |
| Ford Edge Limited 2WD | $1,605 |
| Volkswagen Jetta SE 2.5 Station Wagon | $1,616 |
| Toyota RAV4 Limited 4WD | $1,637 |
| Dodge Grand Caravan Hero | $1,647 |
| Nissan Altima 2.5 S 4-Dr Sedan | $1,723 |
| Honda Odyssey Touring | $1,752 |
| Chevrolet Equinox LTZ AWD | $1,760 |
| Kia Optima LX | $1,758 |
| Ford Escape Limited 4WD | $1,846 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,862 |
| Chevrolet Silverado LS Regular Cab 4WD | $1,869 |
| Honda Accord EX-L 2-Dr Coupe | $1,872 |
| Jeep Grand Cherokee Laredo 4WD | $1,878 |
| Ford Explorer XLT 4WD | $1,902 |
| Ford F-150 SVT Raptor Super Cab 4WD | $1,912 |
| Ford Focus SEL 4-Dr Sedan | $1,939 |
| Dodge Ram Crew Cab Laramie 4WD | $1,990 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $2,009 |
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Prices do not factor in specific location information which can change coverage rates considerably.
Looking at the rates, we can conclude that makes and models like the Honda CR-V, Toyota Prius, and Ford Edge are most likely going to be a few of the cheaper vehicles to insure for your employer’s vehicle.
One of the more important components that determine the amount you pay each year for auto insurance is where you call home in Denver. Cities with more crime and/or more people likely pay more, whereas more rural areas benefit from lower prices.
The following table lists the most expensive areas in Colorado for a company car to purchase a policy in. Denver comes in at #1 with an annual premium of $1,439 for the average insurance policy, which is about $120 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Denver | $1,439 |
| 2 | Pueblo | $1,412 |
| 3 | Aurora | $1,403 |
| 4 | Commerce City | $1,368 |
| 5 | Lakewood | $1,337 |
| 6 | Arvada | $1,308 |
| 7 | Northglenn | $1,303 |
| 8 | Security-Widefield | $1,291 |
| 9 | Colorado Springs | $1,290 |
| 10 | Ken Caryl | $1,287 |
| 11 | Thornton | $1,281 |
| 12 | Centennial | $1,278 |
| 13 | Brighton | $1,273 |
| 14 | Littleton | $1,254 |
| 15 | Westminster | $1,246 |
| 16 | Highlands Ranch | $1,241 |
| 17 | Parker | $1,233 |
| 18 | Castle Rock | $1,211 |
| 19 | Broomfield | $1,179 |
| 20 | Grand Junction | $1,166 |
| 21 | Boulder | $1,159 |
| 22 | Greeley | $1,144 |
| 23 | Longmont | $1,133 |
| 24 | Fort Collins | $1,100 |
| 25 | Loveland | $1,074 |
| Compare Prices Now Go | ||
Rates are estimated as vehicle location can affect premiums considerably.
Accidents and violations increase rates
The common sense way to earn cheap car insurance rates for your employer’s vehicle is to be a cautious driver and avoid getting tickets or having accidents. The chart below shows how speeding tickets and accident claims drive up auto insurance rates for each different age group. The costs are based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no policy discounts are applied.
In the example above, the average cost of car insurance per year with a clean driving record and no accidents is $1,845. Get two speeding tickets and the average cost hikes up to $2,442, an increase of $598 each year. Then throw in one accident along with the two speeding tickets and the annual cost of car insurance for a company car jumps again to an average of $3,040. That’s an increase of $1,196, or $100 per month, just for not driving responsibly!
Does full coverage make sense?
Saving money on car insurance is important to the majority of vehicle owners, and one of the fastest ways to lower the cost of insurance for a company car is to only pay for liability coverage. The illustration below visualizes the comparison of insurance premiums when comparing full coverage to liability only. The data assumes no tickets, no at-fault accidents, $500 deductibles, single marital status, and no additional discounts are factored in.
If all age groups are averaged, physical damage coverage costs $2,245 per year more than carrying just liability coverage. At some point, about every driver wonders if full coverage is worth the money. There isn’t a steadfast formula for excluding physical damage insurance, but there is a guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.
The illustration below highlights how deductible selection can affect insurance costs when researching cheap insurance for a company car. The premium estimates are based on a married female driver, full physical damage coverage, and no policy discounts are applied.
The chart above illustrates that a 30-year-old driver could pocket $376 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $566 by using a $1,000 deductible. Youthful drivers, like the 20-year-old category, have the ability to save as much as $802 each year just by choosing higher deductibles. When raising deductibles, it is necessary to have additional savings on hand to satisfy the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
The agents below are willing to help you decide which coverages you need, as some drivers aren’t sure which coverage they need and prefer to get help from a professional when shopping for cheaper insurance for a company car. It can be complicated to find the cheapest rates, and insurance agents can bring peace of mind knowing your policy gives you adequate protection.
To locate a Denver car insurance agency by location nearest to you, click the button after the list or click here to compare prices now.
- Henry Ham Agency, Inc
645 E Evans Ave – Denver, CO 80210 – (303) 744-1341 - Austin Domsch – State Farm Insurance Agent
400 S Colorado Blvd #890 – Denver, CO 80246 – (303) 321-0895 - Allstate Insurance: Eddie W. Pacheco
6200 E Yale Ave – Denver, CO 80222 – (303) 788-0777 - Todd Savage – State Farm Insurance Agent
2401 E 6th Ave – Denver, CO 80206 – (303) 722-1139 - Bob Chapman – State Farm Insurance Agent
2335 E Evans Ave – Denver, CO 80210 – (303) 777-3005