Wouldn’t this article be short if we could tell you instantly the single company that has the lowest rates for retired military? It’s just not that easy, however, as there are a whole bunch of unknowns like if you own your own home, the likelihood of vehicle theft where you live, and any driving violations you may have, that all go into determining the rate you pay. The information below covers these types of topics and will hopefully give the reader a good beginning to your search for cheaper coverage.
For veterans, one of the big considerations that are looked at to determine insurance cost is where you call home. Regions with larger populations or more claims tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims have the enjoyment of a little cheaper coverage.
The information below ranks the most expensive areas in Colorado for retired military to purchase car insurance in. Denver is listed at #1 with an annual cost of $1,439 for the average policy, which is approximately $120 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Denver | $1,439 |
| 2 | Pueblo | $1,412 |
| 3 | Commerce City | $1,368 |
| 4 | Aurora | $1,361 |
| 5 | Ken Caryl | $1,326 |
| 6 | Lakewood | $1,324 |
| 7 | Colorado Springs | $1,316 |
| 8 | Arvada | $1,308 |
| 9 | Thornton | $1,307 |
| 10 | Security-Widefield | $1,304 |
| 11 | Northglenn | $1,290 |
| 12 | Highlands Ranch | $1,279 |
| 13 | Centennial | $1,278 |
| 14 | Brighton | $1,273 |
| 15 | Parker | $1,257 |
| 16 | Littleton | $1,254 |
| 17 | Castle Rock | $1,248 |
| 18 | Westminster | $1,234 |
| 19 | Boulder | $1,207 |
| 20 | Broomfield | $1,203 |
| Start a Quote Go | ||
Prices are approximated as specific Denver zip code can modify auto insurance rates greatly.
Finding reasonably-priced insurance is easier said than done, and determining which companies offer the lowest-priced car insurance rates for retired military may require a little more work. Every insurance company has their own process for determining rates, so let’s begin by taking a look at the most budget-friendly car insurance companies in Colorado.
Find the Best Cheap Insurance for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $850 |
| 2 | Grange | $978 |
| 3 | USAA | $1,029 |
| 4 | GEICO | $1,141 |
| 5 | Nationwide | $1,155 |
| 6 | Auto-Owners | $1,156 |
| 7 | State Farm | $1,209 |
| 8 | Travelers | $1,219 |
| 9 | American Family | $1,262 |
| 10 | Amica | $1,353 |
| 11 | Progressive | $1,376 |
| 12 | Allied | $1,497 |
| 13 | California Casualty | $1,502 |
| 14 | Colorado Farm Bureau | $1,592 |
| 15 | Farmers | $1,613 |
| 16 | MetLife | $1,830 |
| 17 | Allstate | $2,015 |
| 18 | Encompass | $2,231 |
| 19 | Safeco | $2,447 |
| 20 | Titan | $2,711 |
| View More Rates Go | ||
The Hartford normally has some of the best car insurance rates in Denver at around $850 a year. Grange, USAA, GEICO, and Nationwide are also some of the most economical Denver, CO insurance companies.
In the rate table above, if you are a customer of USAA and switched to The Hartford, you could realize savings of upwards of $179. Policyholders with GEICO might save as much as $291 a year, and Nationwide policyholders might cut rates by $305 a year.
To see how much you can save, click here or click several companies below for low rates.
Bear in mind that those premiums are averages for all drivers and vehicles and are not factoring in a specific location for retired military. So the insurer that is best suited for you may not even be in the top 21 companies shown above. That helps illustrate why you need to get car insurance quotes using your own driver information and specific vehicle type.
Get discounts on Denver car insurance
Insurance providers that offer coverage for retired military may also give you premium discounts that may potentially lower prices by as much as 30% if you are eligible for them. Larger car insurance companies and some of the premium reductions they offer can be read below.
- Progressive offers discounts including multi-vehicle, online quote discount, good student, continuous coverage, and homeowner.
- AAA has discounts for pay-in-full, anti-theft, good driver, education and occupation, and good student.
- Farmers Insurance may include discounts for electronic funds transfer, alternative fuel, switch companies, bundle discounts, good student, mature driver, and youthful driver.
- GEICO offers premium reductions for emergency military deployment, air bags, multi-policy, seat belt use, and defensive driver.
- Esurance has savings for good driver, Switch & Save, multi-policy, homeowner, online shopper, DriveSense, and claim free.
- SAFECO includes discounts for teen safety rewards, bundle discounts, anti-lock brakes, homeowner, drive less, accident prevention training, and safe driver.
- State Farm discounts include Drive Safe & Save, multiple autos, good driver, driver’s education, anti-theft, and good student.
The illustration below visualizes the comparison of insurance prices with and without discounts being applied to the rates. The data is based on a male driver, a clean driving record, no claims, Colorado state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with defensive driving course, vehicle safety, multiple policy, claim-free, passive restraint, and homeowner discounts applied. When these discounts are applied to the policy premium, theaverage yearly reduction on car insurance for retired military is 28% or $410.
The chart below shows how different deductible levels can raise or lower yearly insurance costs when trying to find cheap insurance for retired military. The information is based on a single male driver, comp and collision included, and no other discounts are factored in.
The data above shows that a 30-year-old driver could cut expenses by $326 a year by increasing from a $100 deductible to a $500 deductible, or save $490 by selecting a $1,000 deductible. Younger drivers, like the 20-year-old, could drop their prices as much as $948 annually just by choosing larger deductibles.
If you make the decision to raise deductibles, it will be important to have plenty of money set aside to be able to cover the extra out-of-pocket expense that is associated with using high deductibles.
Full coverage rates compared to liability only
Saving on car insurance is probably important to the majority of vehicle owners, and a good way to save on the cost of insurance for retired military is to not buy full coverage. The information below shows the comparison of annual premium costs with and without full coverage. The information is based on a clean driving record, no claims, $1,000 deductibles, marital status is single, and no discounts are factored in.
If averaged out across all ages, full coverage on your policy costs $1,598 per year over and above liability coverage. That is a big expense that brings up the question when is the right time to remove full coverage. There is no clear-cut rule that works best for making the decision to drop physical damage coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your vehicle’s replacement value is $10,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would receive is $9,000 after the deductible is paid. If you are paying more than $900 a year for physical damage coverage, then you may want to consider only buying liability coverage.
There are some cases where dropping physical damage coverage is not advised. If you still have a loan on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not eliminate full coverage.
If you aren’t sure which coverage to buy and prefer to get some guidance when trying to find lower insurance rates for retired military, the agents listed below can answer your questions and help you decide which policy fits your needs best.
To find a Denver insurance agency closest to you, click the button at the bottom of the list or click here to compare price quotes now.
- A Complete Home and Auto Insurance Agency
44 Cook St #100 – Denver, CO 80206 – (303) 650-0060 - Moschetti Michael – Isu Insurance Svc Of Co
950 17th St #1000 – Denver, CO 80202 – (303) 534-2133 - American Family Insurance – Abbie Davis Tanner Agency Inc
2855 Speer Blvd Suite D – Denver, CO 80211 – (303) 333-0205 - State Farm: Charles Insurance Agency
1165 S Broadway #114 – Denver, CO 80210 – (303) 777-7161
View more Denver, CO insurance agents
How to find the cheapest car insurance for retired military
The list below details some of the recommended penny-pinching suggestions that can help Colorado drivers quote low-cost coverage.
- Claim-free drivers earn discounts
- Buying home and auto together can help save money
- Avoid having at-fault accidents
- Improve your credit score
- Tickets and violations raise rates
- Higher deductibles mean lower rates
- Keep rates low by shopping around frequently
The last tip in the list is certainly critical, as was affirmed in this piece. Coverage rates change constantly, so don’t be hesitant to switch carriers if you can save money. We understand brand loyalty, but it’s not a great idea if that loyalty results in overpaying a fortune every year. Take a few minutes and shop around to find cheaper auto insurance for retired military in Denver.