Purchasing budget-priced Denver Scion iQ insurance quotes may be rather challenging for drivers new to comparing prices on the internet. With a ridiculous number of insurers available, how can you have time to compare every company to locate the lowest rates?
Unbelievable but true, most Colorado insurance customers kept their coverage with the same insurance company for over three years, and virtually 40% of consumers have never even shopped around for lower-cost coverage. Many drivers in America could pocket nearly $860 a year just by getting comparison quotes, but most undervalue the benefits if they switched to a cheaper policy.
How Insurers Determine Scion iQ Insurance Rates
Consumers need to have an understanding of the different types of things that help calculate the level of your policy premiums. If you know what positively or negatively impacts your premiums, this allows you to make educated decisions that could result in better car insurance rates. Multiple criteria are considered when you quote your car insurance policy. Most are fairly basic such as traffic violations, although others are not as apparent like your continuous coverage or your financial responsibility.
Listed below are some of the most common factors car insurance companies consider when setting your prices.
Does your job raise your rates? – Did you know that where you work can have an impact on rates? Careers like judges, social workers and dentists usually pay the highest average rates attributed to intense work-related stress and long work days. On the other hand, occupations like professors, engineers and the unemployed receive lower rates.
Battle of the sexes – Statistics demonstrate women tend to be less risk to insure than men. Now that doesn’t mean men are worse drivers. Men and women cause accidents at about the same rate, but men get into accidents with more damage. They also get higher numbers of serious violations like DWI (DUI) or reckless driving. Male drivers age 16 to 19 are most likely to cause an accident and therefore pay the highest rates.
Having a spouse can lower rates – Having a wife or husband may cut your premiums compared to being single. Having a significant other generally demonstrates drivers are more mature and it’s proven that drivers who are married are more cautious.
More traffic equals higher prices – Residing in areas with lower population is a good thing when insuring your vehicles. Fewer people means less chance of accidents and a lower car theft rate. City drivers regularly have more road rage incidents and a longer drive to work. The longer drive time means a statistically higher chance of an accident.
When should you file a policy claims? – Insurance companies in Colorado generally give the lowest premiums to drivers who are not frequent claim filers. If you are a frequent claim filer, you can expect either a policy non-renewal or much higher rates. Your car insurance is intended to be relied upon for major claims that would cause financial hardship.
Drive less and save – The more you drive in a year the more it will cost to insure it. Most companies rate vehicles based on how the vehicle is used. Vehicles left parked in the garage receive lower rates than vehicles that have high annual mileage. Incorrect rating for your iQ is just wasting money. Double check that your car insurance policy is rated on the correct driver usage.
The type of car makes a difference – The type of vehicle you need insurance for makes a substantial difference in your car insurance bill. The lowest rates will normally be found when insuring lower cost passenger vehicles, but other factors influence the final cost greatly. Due to the fact that the Scion iQ falls in the micro-subcompact class, insuring your vehicle will cost slightly less compared to average rates in Denver.
Only buy what you need – There are a lot of extra coverages that may not really be needed if you aren’t diligent. Coverage for things like roadside assistance, death and dismemberment, and term life insurance are some examples. These may sound like a good investment initially, but if you’ve never needed them in the past eliminate them to save money.
Insurance losses for a Scion iQ – Auto insurance companies use past loss statistics for each vehicle to calculate a rate that will offset any claims. Models that have increased claim numbers or amounts will have a higher premium rate. The table shown below demonstrates the historical insurance loss data for Scion iQ vehicles.
For each insurance policy coverage type, the loss probability for all vehicles, without regard to make or model, equals 100. Values that are below 100 are indicative of better than average losses, while values that are above 100 indicate frequent claims or an increased chance of larger losses than average.
Scion iQ Insurance Claim Statistics
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
The best way we recommend to compare insurance rates in your area is to know most larger insurance companies participate in a system to give rate comparisons. To start a quote, the only thing you need to do is give them rating details including if you have an active license, if a SR-22 is needed, deductibles desired, and if it has an alarm system. The rating information is automatically sent to multiple companies and you will receive price estimates instantly.
To compare rates for your Scion iQ now, click here and enter your zip code.
The car insurance companies shown below provide price quotes in Colorado. If the list has multiple companies, we suggest you click on several of them to get the best price comparison.
Ads can be misleading
Companies like Progressive, GEICO, Allstate and State Farm seem to constantly run television and radio advertisements. They all seem to try to convey promises of big savings if you switch to their company. How do they all have lower policy pricing?
Insurance companies quote their best rates for the type of driver that earns them the most money. One example of a driver they prefer might be a married female, carries high limits, and has excellent credit. Any customer who matches that profile gets the lowest rates and will save some money.
Potential customers who do not fit these stringent criteria will have to pay higher prices and this results in business not being written. If you pay close attention to the ads, they say “customers who switch” not “everyone that quotes” can get the lowest rates when switching. This is how insurance companies can claim big savings.
That is why you really should get price quotes at each policy renewal. It’s just not possible to know which insurance companies will have the best car insurance rates for your profile.
Why you need to buy car insurance
Despite the high cost of buying insurance for a Scion iQ in Denver, maintaining insurance is mandatory in Colorado but it also protects more than you think.
First, almost all states have mandatory insurance requirements which means state laws require a specific minimum amount of liability coverage if you drive a vehicle. 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.
Second, if you took out a loan on your iQ, it’s guaranteed your bank will stipulate that you have insurance to ensure they get paid if you total the vehicle. If the policy lapses, the bank will be required to insure your Scion at a more expensive rate and make you pay the higher premium.
Third, insurance safeguards not only your Scion iQ but also your assets. Insurance will pay for medical expenses incurred in an accident. Liability coverage, the one required by state law, will also pay to defend you if anyone sues you for causing an accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of having car insurance definitely exceed the cost, particularly when you have a large claim. The average driver in Colorado is overpaying over $825 a year so shop around at least once a year to ensure rates are inline.
Determine discounts on Denver auto insurance
Not many people think insurance is cheap, but discounts can save money and there are some available that may help make it more affordable. Certain discounts will be applied when you quote, but lesser-known reductions have to be asked for prior to getting the savings.
- Fewer Miles Equal More Savings – Low mileage vehicles may enable drivers to earn lower rates on the low mileage vehicles.
- Anti-theft Discount – Vehicles with anti-theft systems prevent vehicle theft and qualify for as much as a 10% discount.
- Telematics Data – Insureds who allow their company to look at where and when they drive remotely like In-Drive from State Farm and Progressive’s Snapshot may see discounts if they are good drivers.
- Include Life Insurance and Save – Not all auto insurance companies offer life insurance, but some may give you a break if you buy some life insurance in addition to your auto policy.
- Early Switch Discount – Some companies provide a discount for buying a new policy before your current coverage expires. The savings is around 10%.
- Accident Free – Drivers who don’t have accidents can earn big discounts as opposed to frequent claim filers.
- Discounts for Seat Belt Usage – Buckling up and requiring all passengers to wear their seat belts may be able to save a few bucks on the premium charged for medical payments and/or PIP.
- Organization Discounts – Having an affiliation with certain professional organizations could trigger savings on your policy.
Discounts reduce rates, but you should keep in mind that some of the credits will not apply to all coverage premiums. Most cut specific coverage prices like collision or personal injury protection. So when it seems like it’s possible to get free car insurance, you’re out of luck. Any qualifying discounts will help lower your policy premiums.
Larger auto insurance companies and some of the premium reductions they offer include:
- State Farm offers discounts for driver’s education, good student, good driver, Drive Safe & Save, accident-free, multiple autos, and anti-theft.
- GEICO offers discounts including air bags, good student, federal employee, driver training, and membership and employees.
- Progressive offers premium reductions for online signing, multi-vehicle, online quote discount, homeowner, continuous coverage, and multi-policy.
- 21st Century discounts include good student, anti-lock brakes, early bird, theft prevention, and homeowners.
- American Family may include discounts for air bags, TimeAway discount, multi-vehicle, defensive driver, and early bird.
- The Hartford may have discounts that include bundle, driver training, good student, defensive driver, air bag, and vehicle fuel type.
- AAA includes discounts for good driver, anti-theft, good student, pay-in-full, and AAA membership discount.
If you need lower rates, check with every prospective company the best way to save money. Some of the discounts discussed earlier might not be offered on policies everywhere. If you would like to choose from a list of companies that provide some of the discounts listed above in Denver, click here to view.
You may want advice from a local insurance agent
Some people would prefer to sit down and talk to an agent and often times that is recommended The biggest benefit of comparing rates online is that you can obtain cheap insurance quotes but also keep your business local. And supporting local insurance agencies is important especially in Denver.
For easy comparison, once you complete this simple form, the quote information is emailed to local insurance agents in Denver that give free quotes and help you find cheaper coverage. You won’t need to search for any insurance agencies due to the fact that quote results will go to you. It’s the lowest rates without the usual hassles of price shopping. In the event you want to get a price quote from a specific insurance provider, you just need to visit that company’s website and give them your coverage information.
If you want to buy insurance from a local insurance agency, it’s helpful to know the types of insurance agents that you can select. Agencies in Denver are categorized either exclusive or independent.
Independent Agencies or Brokers
Independent insurance agents do not sell for just one brand and that gives them the ability to insure with multiple insurance companies and help determine which has the cheapest rates. If you are not satisfied with one company, an independent agent can move your coverage and you can keep the same agent.
If you need lower rates, you should always check rates from a couple of independent agencies in order to have the best price comparison. Many can place coverage with small mutual carriers which may have better rates.
Below are independent insurance agencies in Denver who can help you get free insurance rate quotes.
- Gonzalez Insurance Agency
6450 E Colfax Ave – Denver, CO 80220 – (303) 320-4901 – View Map
- Aspen Insurance Agency
2238 S Broadway – Denver, CO 80210 – (303) 777-2991 – View Map
- FUSA Insurance Agency
7900 E Union Ave #200 – Denver, CO 80237 – (303) 752-5806 – View Map
Exclusive insurance agents can only provide one company’s prices and examples are State Farm, AAA, Farmers Insurance or Allstate. Exclusive agents are unable to compare other company’s rates so if the price isn’t competitive there isn’t much they can do. Exclusive agents are highly trained on their products and sales techniques which helps them sell on service rather than price. Some people will only choose to use an exclusive agent primarily because of high brand loyalty rather than low rates.
The following are Denver exclusive agents that are able to give price quote information.
- Farmers Insurance Agent Mike
I-25 – Denver, CO 80231 – (303) 752-2900 – View Map
- Farmers Insurance – James Lundin
1490 N Lafayette St #302b – Denver, CO 80218 – (303) 433-4542 – View Map
- Tammy Hill – State Farm Insurance Agent
4650 Tower Rd Unit 101 – Denver, CO 80249 – (303) 373-9500 – View Map
Finding a good auto insurance agent needs to be determined by more than just a cheap quote. The answers to these questions are important, too.
- Do they get paid more for recommending certain coverages?
- Does the agency provide any after hours assistance?
- Is their price quote a firm figure or are their hidden costs?
- Which insurance company do they prefer to write with?
- Can they provide you with a list of referrals?
Will just any policy work for me?
When it comes to choosing coverage, there really is not a “best” method to buy coverage. Your needs are not the same as everyone else’s so your insurance needs to address that.
For instance, these questions might help in determining whether or not you would benefit from an agent’s advice.
- Can my babysitter drive my car?
- Am I covered if I wreck a rental car?
- Am I getting all the discounts available?
- Do I have ACV or replacement cost coverage?
- Am I covered while delivering pizza?
- I don’t drive much so do I pay less?
If you don’t know the answers to these questions but a few of them apply, you may need to chat with a licensed insurance agent. To find an agent in your area, simply complete this short form or you can go here for a list of companies in your area.
The best insurance company isn’t always the cheapest
Budget-friendly auto insurance in Denver can be found from both online companies and also from your neighborhood Denver agents, so get free Denver car insurance quotes from both of them to have the best rate selection. Some auto insurance companies do not offer the ability to get quotes online and these regional carriers prefer to sell through local independent agents.
Throughout this article, we presented a lot of information how to lower your Scion iQ insurance car insurance rates in Denver. The most important thing to understand is the more times you quote, the better likelihood of getting affordable Scion iQ insurance quotes. Consumers may even find the best car insurance rates are with a lesser-known regional company. These smaller insurers can often provide lower premium rates in certain areas compared to the large companies like State Farm or Progressive.
When trying to cut insurance costs, never buy poor coverage just to save money. In many instances, an insured cut liability limits or collision coverage and learned later that their decision to reduce coverage ended up costing them more. The goal is to buy enough coverage at the best cost while still protecting your assets.
Much more information about auto insurance in Colorado is located on the following sites:
- How Can I Save Money on Auto Insurance? (Insurance Information Institute)
- Who Has Cheap Auto Insurance for a Ford Edge in Denver? (FAQ)
- Who Has the Cheapest Denver Auto Insurance Quotes for Drivers Under 25? (FAQ)
- Who Has the Cheapest Car Insurance for a GMC Sierra in Denver? (FAQ)
- Tools for Teen Driving Safety (State Farm)
- Insurance Losses by Make and Model (iihs.org)