The words “low-priced” and “auto insurance” really should not be used together, in particular when searching for the best price on coverage for used cars. Because it’s not cheap, let’s go over some of the factors that significantly impact car insurance prices, and find a way to shave a little off your next policy.
One of the many factors that are looked at to determine the amount you pay for auto insurance is where you normally keep your vehicle in Denver. Regions with more people or even just more weather-related claims likely pay more, whereas more rural areas benefit from lower rates.
The illustration below lists the most costly cities in Colorado for used cars to purchase car insurance in. Denver is ranked at #3 with a yearly premium of $1,397 for the average policy, which is around $116 monthly.
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Information shown are estimated as the vehicle garaging location can alter price quotes greatly.
Finding dependable, cheap car insurance is hard enough, and deciding which company offers the most affordable auto insurance rates for used cars calls for even more shopping around. Each auto insurance company uses different criteria for establishing rates, so let’s rank the most affordable auto insurance companies in Colorado.
It’s a good idea to know that Denver auto insurance rates are impacted by many things that may substantially change your annual premium. That is why Denver drivers need to compare as many rates as possible when trying to get the most economical car insurance quotes for used cars. Insurance rates consist of many factors and can decrease or increase without notice, so the most economical option two years ago may now be one of the higher cost companies.
Compare Cheap Insurance Quotes for Used Cars
The Hartford generally has some of the best car insurance rates in Denver at around $834 a year. This is $744 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also rank well as some of the best Denver, CO auto insurance companies.
As shown in the rates above, if you buy coverage from USAA and switched to The Hartford, you might achieve yearly savings of in the neighborhood of $165. Insureds with Nationwide could save as much as $287 a year, and GEICO policyholders might lower prices by up to $318 a year.
To see how much you can save, click here to get quotes or quote rates from the companies below.
These estimates are averages across all insureds and vehicles and do not factor in a specific zip code for used cars. So the company that is best suited for you may not even be in the top 21 companies in the list above. That point stresses why you need to compare rates from as many companies as possible using your own specific driver and vehicle information.
The car, truck, or SUV on the policy is a large factor when shopping around for the best auto insurance for used cars. Vehicles with high performance features, poor safety features, or high incidents of liability claims will cost much more to insure than more economical and safe models.
The data below presents car insurance prices for some of the most budget-friendly vehicles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$1,474|
|Ford Escape XLT 2WD||$1,480|
|Ford Explorer XLT 4WD||$1,514|
|Hyundai Elantra GLS Touring Station Wagon||$1,524|
|Honda Accord LX-P 4-Dr Sedan||$1,529|
|Ford Edge SEL AWD||$1,569|
|Toyota RAV4 Limited 4WD||$1,600|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$1,629|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,647|
|Toyota Corolla XLE||$1,684|
|Ford F-150 XLT Super Cab 4WD||$1,689|
|Volkswagen Jetta SEL 4-Dr Sedan||$1,713|
|Ford Fusion Sport 4-Dr Sedan||$1,718|
|Honda Odyssey Touring||$1,713|
|Chevrolet Malibu LTZ||$1,722|
|Jeep Grand Cherokee SRT-8 4WD||$1,713|
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Above prices assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Table data does not factor in the specific area where the vehicle is garaged which can impact coverage prices substantially.
Based upon the table data, we can presume that models like the Honda CR-V, Ford Escape, Ford Explorer, and Hyundai Elantra will definitely be a few of the most affordable vehicles to insure for pre-owned vehicles.
Full coverage rates compared to liability-only
Saving on auto insurance is the goal of the majority of people, and one of the quickest ways to lower the cost of insurance for used cars is to only buy liability coverage. The example below compares insurance costs with full physical damage coverage and with liability coverage only. The premiums assume no violations or claims, $1,000 deductibles, drivers are not married, and no discounts are factored in.
As an average, comprehensive and collision coverage on your policy costs $1,967 per year over liability only. That is a large expense and it proposes the question if you should buy full coverage at all. There is no set rule for phasing out comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
The diagram below highlights how deductible selection can raise or lower insurance costs when getting quotes for cheap insurance for used cars. The prices are based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
The chart above illustrates that a 30-year-old driver could lower their car insurance rates by $438 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $658 by switching to a $1,000 deductible. Even younger insureds, like the age 20 example, could lower their rates as much as $1,304 or more by choosing a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it will be important to have plenty of money set aside to allow you to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Get discounts on Denver car insurance rates
Auto insurance companies that sell policies for used cars could also offer discounts that can lower rates by 25% or more if you qualify for them. Popular auto insurance companies and some of the premium reductions they offer include:
- GEICO offers discounts including driver training, defensive driver, membership and employees, anti-theft, good student, five-year accident-free, and seat belt use.
- Travelers policyholders can earn discounts including new car, save driver, IntelliDrive, hybrid/electric vehicle, good student, multi-policy, and multi-car.
- Farm Bureau offers discounts for renewal discount, good student, driver training, 55 and retired, safe driver, multi-vehicle, and multi-policy.
- Liberty Mutual may offer discounts for preferred payment discount, new vehicle discount, exclusive group savings, good student, and hybrid vehicle.
- American Family offers premium reductions for TimeAway discount, defensive driver, bundled insurance, early bird, air bags, and mySafetyValet.
- Progressive may include discounts for homeowner, good student, online quote discount, multi-vehicle, multi-policy, online signing, and continuous coverage.
The example below illustrates the difference between premium costs with and without discounts. The premiums assume a male driver, no driving violations, no at-fault accidents, Colorado state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with anti-theft, passive restraint, safe-driver, multiple vehicle, vehicle safety, and homeowner discounts applied. When discounts are applied, the average savings per year on auto insurance for used cars is 28% or $410.
How to find economical insurance for used cars
It is possible to find better rates, and here are some penny-pinching suggestions that can help you quote more affordable coverage.
- Insure your home and auto with the same company
- Speeding tickets and other violations increase rates
- Being accident-free can lower rates significantly
- Try to pay small claims out-of-pocket
- Lower rates by purchasing a safer vehicle
- Compare quotes from other companies often
That final tip is very important, as was stressed in the prior article. Insurance prices in Denver vary considerably, so don’t be hesitant to buy a different policy if a cheaper rate is available.
Brand loyalty is great, but it’s not a great idea if that stubbornness costs you lots of hard earned cash every month. It only take a few minutes to shop around to find cheaper auto insurance for used cars.
The agents below are a good start to aid you in deciding which auto insurance policy fits you best, as some drivers aren’t sure which coverage they need and prefer to have a professional recommendation when shopping for the best coverage for pre-owned vehicles. It can be difficult to find the cheapest auto insurance company, so getting advice from a licensed Colorado insurance agent can bring comfort knowing your coverage gives you adequate protection in case of an accident or claim.
To locate a Denver auto insurance agent in your neighborhood, click the button after the list.
A Complete Home and Auto Insurance Agency
44 Cook St #100 – Denver, CO 80206 – (303) 650-0060
American Home Insurance Agency
7505 E Harvard Ave – Denver, CO 80231 – (888) 325-8108
Rick Emerson Jr. – State Farm Insurance Agent
4800 Happy Canyon Rd #230 – Denver, CO 80237 – (303) 781-1133