Who Has Cheap Car Insurance for Retired Military in Denver?

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.

How much is auto insurance in Denver, CO?
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
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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.

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What’s the cheapest car insurance in Colorado?
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
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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

Cheaper Denver, CO car insurance for veteransInsurance 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.

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.

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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.

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.