Having to pay for overpriced auto insurance in Denver can drain your savings account and possibly require postponing other expenditures. Comparing rates annually can help to ensure you are getting the best deal.
Statistics show that nearly 70% of drivers kept their coverage with the same auto insurance company for a minimum of four years, and roughly 40% of drivers have never compared rates to find cheaper insurance. Drivers in Denver could cut their rates by as much as 35% a year by just comparing quotes, but they just don’t understand the benefits if they switched to a more affordable policy.
Due to the large number of options for buying cheap insurance for a Volvo V60 in Denver, it’s difficult to locate the most affordable auto insurance provider.
Finding the cheapest coverage in Denver is really quite easy. If you’re already insured, you will most likely be able to cut your premiums using these tips. Although Colorado drivers do need to understand the way insurance companies calculate your policy premium and take advantage of how the system works.
These discounts can lower your insurance quotes
Some providers don’t list every possible discount very well, so the list below contains both well-publicized and also the lesser-known discounts you could be receiving when you buy Denver car insurance online.
- Discount for Passive Restraints – Vehicles equipped with air bags or motorized seat belts can qualify for discounts of more than 20%.
- Bundled Policy Discount – When you combine your auto and home insurance with one company you will save 10% to 20% off each policy.
- Good Drivers – Drivers who avoid accidents can save as much as half off their rates than their less cautious counterparts.
- Paperwork-free – Some of the larger companies provide a small discount for buying a policy and signing up digitally online.
- Drivers Education – Have your child enroll in driver’s education in school.
A little note about advertised discounts, most discount credits are not given to the entire cost. Some only apply to individual premiums such as liability and collision coverage. Even though it may seem like having all the discounts means you get insurance for free, it’s just not the way it works.
A few popular companies and a partial list of their discounts are included below.
- 21st Century may include discounts for defensive driver, student driver, air bags, anti-lock brakes, and teen driver.
- State Farm has savings for Drive Safe & Save, good student, defensive driving training, multiple autos, safe vehicle, and driver’s education.
- AAA includes discounts for multi-car, pay-in-full, anti-theft, education and occupation, good driver, good student, and AAA membership discount.
- Liberty Mutual offers premium reductions for teen driver discount, safety features, new vehicle discount, preferred payment discount, good student, newly retired, and new graduate.
- Progressive may have discounts that include homeowner, good student, continuous coverage, multi-policy, and multi-vehicle.
Check with every prospective company which discounts can lower your rates. Some of the discounts discussed earlier might not be available to policyholders in your state. If you would like to choose from a list of companies who offer free Volvo V60 insurance quotes in Denver, click here to view.
Just remember that comparing more prices provides better odds of finding a better price. Not every company does Denver V60 insurance quotes over the internet, so it’s important to compare price estimates on coverage from those companies, too.
The providers in the list below can provide free rate quotes in Colorado. If multiple providers are shown, we recommend you click on several of them in order to find the most affordable rates.
The Volvo V60 Insurance Premium Equation
It’s important that you understand the different types of things that help calculate the price you pay for car insurance. When consumers understand what determines base rates, this enables you to make decisions that can help you get better car insurance rates.
The items below are a partial list of the pieces utilized by car insurance companies to help set prices.
- Your credit score is important – Having a bad credit history will be a significant factor in determining your rates. People that have very good credit scores tend to file fewer claims as compared to drivers with bad credit. If your credit rating can be improved, you could save money insuring your Volvo V60 by taking the time to improve your credit score.
- Alarm systems save money – Choosing to buy a car that has a built-in theft deterrent system can earn a premium discount. Theft deterrent systems such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems help track and prevent your vehicle from being stolen.
- Cheaper rates for prior coverage – Going without insurance can be a sure-fire way to drive up your policy premiums. Not only will you pay more, failure to provide proof of insurance may result in a license revocation or jail time. You may have to provide proof of insurance in the form of an SR-22 filing with the Colorado motor vehicle department to get your license reinstated.
- Lower stress equals lower rates – Did you know your occupation can influence how much you pay for car insurance? Jobs like fire fighters, police officers, and financial analysts generally pay higher average rates due to intense work situations and lots of time spent at work. Other occupations such as actors, students and the unemployed have lower than average premiums.
- Don’t buy extra coverages you don’t need – There are a lot of extra add-on coverages that may not really be needed when buying car insurance. Coverages for replacement cost coverage, accident forgiveness, and extra life insurance coverage could be just wasting money. The coverages may be enticing when discussing your needs, but if you’ve never needed them in the past get rid of them and save.
- Volvo V60 insurance claim data – Insurers factor in insurance loss information to determine a rate that will be profitable for them. Models that statistically have high amounts or severity of claims will have increased rates. The table shown below demonstrates the insurance loss data for Volvo V60 vehicles.
For each coverage category, the claim amount for all vehicles compiled together equals 100. Values that are 100 or less indicate better than average losses, while numbers that are greater than 100 point to more frequent losses or tendency to have larger claims.
Insurance Loss Ratings for Volvo V60 Vehicles
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Volvo V60 2WD 68 53 Volvo V60 4WD 136 75
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Insurance agencies near you
A lot of people just want to get advice from a local agent and that is not a bad decision One of the benefits of comparing rate quotes online is that drivers can save money and get the lowest rates and also buy local.
After filling out this simple form, the coverage information is emailed to companies in Denver that can give you free Denver car insurance quotes for your coverage. There is no reason to find an agent on your own since price quotes are sent immediately to you. You can find better rates and a licensed agent to talk to. If you need to compare prices from a particular provider, you would need to go to their quote page to submit a rate quote request.
Finding the right insurance company is decision based upon more than just the bottom line cost. The questions below may impact your decision as well.
- Where are claims handled?
- What is the financial rating for the quoted company?
- Can glass repairs be made at your home?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- Can you use your own choice of collision repair facility?
- Is the coverage adequate for your vehicle?
If you want to buy car insurance from a local agent, you should know the types of insurance agents and how they can quote your rates. Car insurance agents can be categorized as either independent agents or exclusive agents.
Agents in the exclusive channel can only provide one company’s prices and examples are Allstate, State Farm and Farmers Insurance. Exclusive agents are unable to provide rate quotes from other companies so they have to upsell other benefits. These agents are usually well trained in insurance sales which helps overcome the inability to quote other rates.
Below are exclusive agencies in Denver who may provide you with price quotes.
Independent Agents (or Brokers)
Agents of this type are appointed with more than one company and that allows them to write policies with a variety of different insurance companies and help determine which has the cheapest rates. If you want to switch companies, your agent can just switch to a different company which is easy for the insured.
When comparing car insurance prices, you will want to compare prices from a couple of independent agencies to maximize your price options.
Shown below are Denver independent agents that are able to give price quote information.
Gonzalez Insurance Agency
6450 E Colfax Ave – Denver, CO 80220 – (303) 320-4901 – View Map
Three main reasons to buy insurance
Despite the fact that insurance is not cheap in Denver, insurance serves several important purposes.
- Almost all states have minimum mandated liability insurance limits which means the state requires a minimum amount of liability protection if you don’t want to risk a ticket. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a loan on your Volvo V60, more than likely the lender will require that you buy full coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your Volvo for a lot more money and require you to reimburse them much more than you were paying before.
- Insurance protects both your assets and your Volvo. It will also provide coverage for many types of medical costs for yourself as well as anyone injured by you. Liability insurance, one of your policy coverages, also covers legal expenses if you are sued as the result of your driving. If you receive damage to your vehicle caused by a storm or accident, your insurance policy will cover the damage repairs after a deductible is paid.
The benefits of having insurance outweigh the cost, specifically if you ever have a liability claim. As of last year, the average driver in Colorado overpays as much as $750 every year so we recommend shopping around at every renewal to save money.
You can lower your auto insurance rates
In this article, we presented a lot of ways to compare Volvo V60 insurance premium rates in Denver. The most important thing to understand is the more quotes you get, the higher the chance of saving money. You may even be surprised to find that the lowest premium rates are with a company that doesn’t do a lot of advertising. These smaller insurers may cover specific market segments cheaper as compared to the big name companies such as Allstate and Progressive.
When you buy Denver car insurance online, don’t be tempted to reduce coverage to reduce premium. There have been many cases where an insured cut comprehensive coverage or liability limits only to find out that they should have had better coverage. Your goal should be to buy enough coverage for the lowest cost but still have enough coverage for asset protection.
Cheaper auto insurance in Denver is attainable online and also from your neighborhood Denver agents, and you need to comparison shop both in order to have the best price selection to choose from. Some insurance providers may not provide price quotes online and most of the time these smaller providers only sell coverage through independent agents.
For more information, take a look at the articles below:
- Should I Buy a New or Used Car? (Allstate)
- Who Has the Cheapest Auto Insurance for Homeowners in Denver? (FAQ)
- What Insurance is Cheapest for Seniors in Denver? (FAQ)
- Who Has Affordable Denver Auto Insurance for a Honda Civic? (FAQ)
- Auto Insurance Basics (Insurance Information Institute)
- Smart Auto Insurance Tips (Insurance Information Institute)
- Airbag FAQ (iihs.org)