Finding decent, low-cost auto insurance is hard enough, and figuring out which companies quote the most affordable insurance rates in Denver will involve more quotes for comparison. Each auto insurance company uses a little different formula for determining rates in each state, so we’ll go over the lowest cost insurance companies in Denver, CO.
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,624|
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The Hartford offers some of the cheapest car insurance rates in Denver at around $825 a year. Grange, USAA, GEICO, and Nationwide would also be considered some of the most economical Denver, CO insurance companies.
As illustrated above, if you currently have coverage with Nationwide and switched to Grange, you could see yearly savings of in the neighborhood of $185. Insureds with Auto-Owners could save as much as $234 a year, and Travelers customers might realize rate reductions of up to $249 a year.
To compare your rates to other Colorado insurance companies, click here to get quotes or quote rates from the companies below.
Remember that these premium estimates are averaged across all types of insureds and vehicles and are not factoring in a specific vehicle garaging location in Denver. So the car insurance company that fits your needs best may not even be in the top 21 companies shown above. That’s why you need to get auto insurance quotes using your own driver information and specific vehicle type.
One of the more important factors that are looked at to help calculate car insurance rates is where your car is garaged in Denver. Areas with more people or even just a higher incidence of claims tend to have higher rates, whereas less populated areas benefit from lower prices.
The following table lists the most expensive areas in Colorado in which to purchase auto insurance. Denver ranks #2 with a yearly cost of $1,425 on average, which is around $119 each month.
|Rank||City||Average Per Year|
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Information shown are estimated as vehicle location can alter auto insurance rates greatly.
You may be paying too much for car insurance
Denver insurance rates are influenced by many factors which can substantially decrease or increase the cost of having a policy. Simply turning a year older, moving to a new city, or getting caught speeding can trigger price changes resulting in some rates now being more affordable than others.
Also, insurers change rates without warning to adjust for gains or losses. Unexpectedly high claims can cause increased rates, while lower claim levels can produce lower-cost Denver car insurance rates.
For example, the data below analyzes the cheapest car insurance in Denver, CO for a 35-year-old female driver with no accidents or violations, and a decent credit rating. When quoting prices based on her current situation, The Hartford may have the lowest car insurance rates in Denver at $1,113 each year. This is $465 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are the rest of the top five cheapest Denver, CO auto insurance companies.
In the next rate comparison, we’ll give the driver from the first rate comparison a chargeable accident, a lower credit rating, and a stop sign violation. Since each auto insurance company uses their own calculation for establishing rates, comparing rates could now result in a significantly different list of companies as shown below.
State Farm now has the cheapest rate in Denver with Travelers, Grange, American Family, and Amica also being competitive. This example demonstrates why Denver drivers need to perform an extensive rate comparison when trying to get affordable insurance quotes in Denver. Insurance rates can be determined by many risk factors and can change without notice, so the best option when you last compared rates may now be one of the higher cost companies.
The vehicle you are buying coverage for is a large consideration that determines whether or not you find cheap coverage in Denver. Vehicles with economical engines, advanced safety features, or a track record of few liability claims will cost less to insure than fast, unsafe models. The data below ranks coverage costs for a number of the most economical automobiles to insure in Colorado.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,417|
|Ford Escape XLT 2WD||$1,622|
|Ford Focus S 4-Dr Sedan||$1,641|
|Toyota RAV4 Sport 2WD||$1,673|
|Nissan Altima 2.5 4-Dr Sedan||$1,678|
|Ford Explorer Limited 4WD||$1,703|
|Dodge Grand Caravan SXT||$1,711|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$1,733|
|Toyota Camry SE||$1,760|
|Chevrolet Impala LTZ||$1,766|
|Ford Edge Sport 2WD||$1,760|
|Volkswagen Jetta SE 4-Dr Sedan||$1,789|
|Jeep Grand Cherokee Limited 2WD||$1,795|
|Ford Fusion Sport 4-Dr Sedan||$1,789|
|Honda Odyssey Touring||$1,796|
|Dodge Ram Quad Cab ST 4WD||$1,824|
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Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Rate information does not factor in specific Denver, CO garaging location which can change premiums significantly.
Looking at the data, you can expect vehicles like the Honda CR-V, Ford Escape, and Ford Focus are going to be the cheapest vehicles to insure for drivers in Denver.
Full coverage versus liability only rates
Paying a lower price for insurance is important to the majority of people, and one of the fastest ways to buy cheaper insurance in Denver is to only buy liability coverage. The information below illustrates the comparison of yearly insurance costs when comparing full coverage to liability only. The costs are based on no accidents or driving violations, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
If we average the cost for all age groups, physical damage insurance costs $1,967 per year more than insuring for liability only. Many people question if paying for full coverage is a waste of money. There is no exact rule that works best for making the decision to drop full coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is about 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s assume your vehicle’s book value is $12,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $11,000 after paying the physical damage deductible. If you are currently paying more than $1,100 a year to have full coverage, then you might want to think about dropping full coverage.
Rate increases following a ticket or accident
The recommended way to find low insurance premiums in Denver for drivers in Denver is to be a careful driver and avoid at-fault accidents and violations. The chart below demonstrates how speeding tickets and at-fault collisions can impact auto insurance rates for different insured age categories. The prices are based on a single female driver, full coverage, $500 deductibles, and no discounts are taken into consideration.
In the example above, the average cost of an auto insurance policy in Colorado per year with no violations or accidents is $2,136. Get one speeding ticket and the average cost jumps to $2,422, an increase of $286 each year. Then add two accidents along with the one speeding ticket and the 12-month cost of insurance in Denver jumps again to an average of $4,985. That’s an increase of $2,849, or $237 per month, just for not being attentive to the road!
How to find cheaper insurance in Denver
Here are some of the better thrifty solutions that can help you find more affordable coverage.
- Safe vehicles cost less to insure
- Remain accident-free and save
- If possible, do not file small claims
- Buy your homeowners policy from the same company as your auto insurance
- Save money by obeying traffic laws and keeping a clean driving record
- Do not pay for full coverage if not needed
- Shop around once a year for cheaper rates
That last idea is incredibly vital, as we discussed in the article above. Auto insurance prices adjust often, so drivers shouldn’t hesitate to buy from a different company if a cheaper price is available.
Having brand loyalty is commendable, but it isn’t a good idea if that loyalty results in overpaying big bucks every year. In less than five minutes you could shop around and find cheaper auto insurance in Denver in Denver.
If you would rather get some professional input when trying to find the best insurance rates in Denver, the agencies below can answer your questions and help you decide which coverage fits your budget. To locate a Denver auto insurance agent in your neighborhood, click the link after the list or click here to compare rates now.
Nationwide Insurance: Lloyd Pro Group Agency
1400 S Columbine St – Denver, CO 80210 – (970) 230-3020
Austin Domsch – State Farm Insurance Agent
400 S Colorado Blvd #890 – Denver, CO 80246 – (303) 321-0895
Lori Rickert State Farm®
714 S Pearl St – Denver, CO 80209 – (303) 757-7440
Rick Emerson Jr. – State Farm Insurance Agent
4800 Happy Canyon Rd #230 – Denver, CO 80237 – (303) 781-1133