One of the more important factors that are looked at to help calculate insurance cost is the neighborhood you call home in Denver. Areas with more people or even just a higher incidence of claims likely pay more, whereas areas with less crime or weather claims have the luxury of cheap car insurance rates.
The information below sorts the highest-priced areas in Colorado for drivers over age 50 in which to buy car insurance. Denver is ranked #3 having an annual price of $1,383 for the average policyholder, which is around $115 each month.
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Annual rates are comparative as zip code location can raise or lower auto insurance rates substantially.
The vehicle on the policy is one of the biggest factors that determines the availability of the most economical auto insurance for drivers over age 50. Vehicles with high performance, poor safety ratings, or a track record of large liability claims will cost much more to insure than safer, lower-performance models.
The next list features auto insurance rates for a handful of the most budget-friendly automobiles to buy insurance for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,298|
|Ford Escape XLT 2WD||$1,308|
|Honda Accord EX 4-Dr Sedan||$1,298|
|Ford F-150 STX Super Cab 2WD||$1,424|
|Ford Explorer XLT 4WD||$1,452|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,519|
|Jeep Grand Cherokee Laredo 2WD||$1,534|
|Chevrolet Silverado LT Extended Cab 4WD||$1,540|
|Chevrolet Impala LT||$1,534|
|Dodge Grand Caravan Hero||$1,543|
|Toyota RAV4 4WD||$1,534|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$1,552|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,562|
|Hyundai Elantra GLS 4-Dr Sedan||$1,616|
|Toyota Camry XLE||$1,622|
|Ford Edge Limited AWD||$1,616|
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Estimates do not factor in specific garaging location which can lower or raise auto insurance rates greatly.
Based upon these rates, we can conclude that makes and models like the Honda CR-V, Ford Escape, and Honda Accord should be a few of the cheaper vehicles to insure for older drivers.
Comparing rates for affordable auto insurance is not most people’s favorite thing to do, and finding out which company quotes the most affordable car insurance rates for drivers over age 50 will require even more shopping around. Each auto insurance company uses different criteria for determining prices, so let’s begin by examining the car insurance companies with the overall cheapest rates in Denver, CO.
Cheapest Insurance Rates for Age 50+
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,576|
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The Hartford normally has some of the most affordable car insurance rates in Denver at around $825 each year. This is $753 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 cheaper Denver, CO car insurance companies.
In the above rates, if you buy coverage from Grange and switched to The Hartford, you may see a yearly price reduction of upwards of $124. Colorado drivers with USAA might save as much as $184 a year, and Nationwide insureds might reduce prices by as much as $330 a year.
To find out how your current rates compare, click here or quote rates from the companies below.
Bear in mind that those policy prices are averages for all types of insureds and vehicles and and are not calculated with a vehicle location for drivers over age 50. So the car insurance company that is best suited for you may not even be in the top 21 companies shown above. That points out the importance of why you need to compare rates from as many companies as possible using your own driver and vehicle profiles.
The chart below highlights how deductible choice can affect insurance prices when searching for cheap insurance for drivers over age 50. The data is based on a married male driver, full coverage, and no other discounts are factored in.
The chart above illustrates that a 30-year-old driver could lower their car insurance rates by $272 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $412 by selecting a $1,000 deductible. Youthful drivers, like the 20-year-old category, could possibly save as much as $814 every year just by choosing higher deductibles when buying full coverage.
When raising deductibles, it is a good idea to have spare funds to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Should you buy full coverage?
Saving money on car insurance is the goal of the majority of vehicle owners, and one great way to find cheaper insurance for drivers over age 50 is to not insure for full coverage. The example below illustrates the difference between insurance costs with full physical damage coverage and with liability coverage only. The costs are based on no driving violations, no at-fault accidents, $500 deductibles, single status, and no discounts are applied to the premium.
If the expense is averaged for all age categories, physical damage coverage costs $2,209 per year over and above liability coverage. That is a large expense and it proposes the question if it’s worth it to buy full coverage. There is no specific rule for excluding physical damage coverage, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of the replacement cost minus the deductible, then it could be time to drop full coverage.
Selecting a high-quality insurance provider is hard considering how many companies are available to choose from in Denver. The company ratings shown next can help you select which auto insurance companies you want to consider purchasing coverage from.
These rankings are only comprised of companies with a nationwide focus, so smaller companies are not factored into the list. If you wish to compare rates from many more Colorado auto insurance companies, follow this link.
Top 10 Large Auto Insurance Companies Overall in Denver
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
Top 10 Large Auto Insurance Companies in Denver Ranked by A.M. Best Rating
- USAA – A++
- Travelers – A++
- State Farm – A++
- GEICO – A++
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Progressive – A+
- Titan Insurance – A+
- The Hartford – A+