Wouldn’t this article be short if we could look into our crystal ball and tell you the one best car insurance company that has the cheapest car insurance rates for electric cars? That is not the case, however, as there are a ton of unknown factors like whether you just need liability insurance, how old you are, and your financial responsibility, that all influence how much you pay for auto insurance. The information below will cover the causes of high insurance rates and will hopefully give you a good start in finding the cheapest insurance in Colorado.
Comparing quotes for cheap insurance is confusing at best, and figuring out which insurers offer the lowest-priced auto insurance rates for electric cars requires even more shopping around.
Every auto insurer has a proprietary formula to establish rates, so let’s begin by taking a look at the most affordable auto insurance companies in Denver. It’s important that readers know that Denver auto insurance rates are determined by lots of factors that control the price you have to pay for coverage. Things like getting older, moving to a new city, or getting a few speeding tickets can trigger changes in premium that may make certain companies more expensive than competitors.
Find the Cheapest Car Insurance for EV’s
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,592|
|Get Personalized Rates Go|
The Hartford may have some of the lowest car insurance rates in Denver at around $850 per year. Grange, USAA, Nationwide, and GEICO also rank well as some of the cheaper Denver, CO auto insurance companies.
In this example, if you are insured with GEICO and switched to Grange, you could see a yearly savings of in the vicinity of $183. Colorado drivers with Auto-Owners might save as much as $210 a year, and Travelers customers might see rate reductions of $249 a year.
Bear in mind that those policy rates are averages for all types of drivers and the different vehicles they drive and are not factoring in an exact zip code location for electric cars. So the auto insurance company that fits you best may not even be in the list above. That point stresses why you need to get quotes using your own driver data and vehicle information.
For eco-friendly vehicles, one of the more important criteria that are looked at to help calculate the price you pay for insurance is the neighborhood you call home in Denver. Areas with increased crime or more people tend to have higher auto insurance costs, whereas areas with lower vehicle theft rates and fewer weather claims tend to receive slightly lower rates.
The information below shows the priciest cities in Colorado for electric cars to buy auto insurance in. Denver is ranked #2 with an annual premium of $1,397 for the average policy, which is about $116 per month.
|Rank||City||Average Per Year|
|Get a Custom Quote Go|
Premium amounts are estimated as specific Denver zip code can impact coverage prices greatly.
The vehicle requiring coverage is a large consideration that determines whether or not you find the most economical auto insurance for electric cars. Vehicles with lower performance, a plethora of safety features, or a low likelihood of having liability claims will cost much less to insure than fast, unsafe models.
The next list showcases car insurance costs for a selection of the most budget-friendly vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra SE Touring Station Wagon||$1,426|
|Ford Escape XLS 4WD||$1,504|
|Honda Accord EX 4-Dr Sedan||$1,513|
|Jeep Grand Cherokee Laredo 4WD||$1,559|
|Toyota Camry LE||$1,564|
|Ford Explorer Limited AWD||$1,590|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,608|
|Honda CR-V LX 2WD||$1,611|
|Volkswagen Jetta S 2.5 Station Wagon||$1,631|
|Chevrolet Silverado LT Crew Cab 4WD||$1,671|
|Ford Focus SES 2-Dr Coupe||$1,749|
|Chevrolet Impala LT||$1,785|
|Dodge Grand Caravan SE||$1,806|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,816|
|Compare Cheap Rates 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 safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Premium amounts do not factor in Denver, CO location which can impact price quotes significantly.
Looking at the data, you can conclude that cars like the Hyundai Elantra, Ford Escape, and Honda Accord are likely to be some of the cheapest vehicles to insure for eco-friendly vehicles.
How to get discounts on Denver car insurance rates
Auto insurance companies that offer coverage for electric cars could also offer premium discounts that may potentially lower prices by as much as 35% or more if you are eligible for them. A few of the larger companies and their possible discounts are:
- Progressive has savings for continuous coverage, good student, multi-vehicle, homeowner, online signing, and multi-policy.
- SAFECO discounts include safe driver, anti-lock brakes, homeowner, teen safety rewards, and bundle discounts.
- American Family may offer discounts for defensive driver, air bags, good student, Steer into Savings, and good driver.
- MetLife offers discounts for multi-policy, accident-free, claim-free, defensive driver, good driver, good student
- GEICO offers discounts including driver training, military active duty, anti-theft, anti-lock brakes, daytime running lights, seat belt use, and multi-vehicle.
- The Hartford may include discounts for vehicle fuel type, defensive driver, good student, driver training, air bag, anti-theft, and bundle.
The diagram below illustrates the difference between annual premium costs with and without discounts applied to the policy premium. Data assumes a female driver, a clean driving record, no at-fault accidents, Colorado state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with vehicle safety, safe-driver, marriage, defensive driving course, claim-free, and passive restraint discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on auto insurance for electric cars is 28% or $584.
Ending up with a highly-rated company can be challenging considering how many choices drivers have in Colorado. The company information listed below may help you decide which auto insurance companies you want to consider when shopping car insurance rates for electric cars.
The rankings below are only comprised of companies that insure vehicles across America, so companies that only write business in Colorado or surrounding areas are not included in the list. To get rate quotes from these and other top-rated companies, click here.
|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 impacted by many factors which can significantly increase or decrease the price you have to pay for coverage. Simply improving your credit, moving across town, or getting a DUI can trigger price changes that can cause some rates to be more affordable than the competition.
Not only may things change on your end, but auto insurance companies modify rates multiple times each year to adjust for gains or losses. Significantly higher claims can result in higher prices, while less frequent claims can produce cheaper Denver car insurance rates.
For instance, the data below shows which companies have the cheapest car insurance in Denver, CO for a 30-year-old male driver with no violations or accidents, and a decent credit rating. When quoting prices based on his personal profile, The Hartford may have the most affordable car insurance rates in Denver at $1,085 each year. This is $493 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are the remainder of the best Denver, CO auto insurance companies.
The example below compares rates after we give the driver in the first chart a claim, a lower credit rating, and a blemish on his driving record. Because every insurance company uses their own formula to set premium rates, comparing quotes could result in a slightly different list of the cheapest car insurance companies in Denver as shown below.
GEICO now has the cheapest auto insurance in Denver with State Farm, American Family, Grange, and Progressive now being in the top five. This demonstrates why Denver drivers need to do a thorough rate comparison when trying to find affordable auto insurance quotes for electric cars.
Insurance rates are influenced by many risk factors and can change substantially, so the most economical option the last time you checked may now be wasting a lot of money.
If you aren’t clear which coverage you need and would like to get some professional input when shopping for the best coverage for eco-friendly vehicles, the agents below are willing to help you determine which coverages you need. To locate an agency by location nearest to you, click the link after the list or click here to compare price quotes.
Bob Chapman – State Farm Insurance Agent
2335 E Evans Ave – Denver, CO 80210 – (303) 777-3005
Lori Rickert State Farm®
714 S Pearl St – Denver, CO 80209 – (303) 757-7440
All Insurance Agency
67 Knox Ct – Denver, CO 80219 – (303) 935-3661
Farmers Insurance – Mike Schmisek
1100 S Shoshone St – Denver, CO 80223 – (303) 922-1001