The words “economical” and “insurance” probably shouldn’t be used together, especially when you are trying to find the best insurance rates for drivers requiring a SR22. To help control this cost, let’s learn about a few of the things that have an impact on auto insurance rates, and find out if we can help you take the bite out of your next policy.
The car, truck, or SUV requiring coverage is probably the most important factor when trying to find the best cheap coverage for drivers requiring a SR22. Vehicles with lower performance, advanced safety features, or a track record of few liability claims will cost quite a bit less to insure than fast, unsafe models. The next list illustrates car insurance rates for the more affordable automobiles to buy coverage for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $4,800 |
| Honda CR-V LX 4WD | $4,946 |
| Toyota Prius | $5,334 |
| Volkswagen Jetta 2.0T Station Wagon | $5,430 |
| Dodge Grand Caravan CV | $5,593 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $5,595 |
| Chevrolet Impala LS | $5,635 |
| Ford F-150 XL Super Cab 4WD | $5,661 |
| Toyota RAV4 Limited 2WD | $5,690 |
| Honda Odyssey EX W/Rear Entertainment | $5,852 |
| Chevrolet Equinox LS 2WD | $5,862 |
| Honda Civic EX 4-Dr Sedan | $5,894 |
| Ford Edge Sport AWD | $5,949 |
| Ford Explorer Eddie Bauer 4WD | $5,983 |
| Chevrolet Silverado 3500HD LT Crew Cab 2WD | $6,059 |
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Table data represents single male driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Price estimates do not factor in specific Denver, CO garaging location which can change coverage rates significantly.
Looking at the numbers, we can tell that makes and models like the Ford Escape, Honda CR-V, Toyota Prius, and Volkswagen Jetta are most likely going to be some of the most affordable vehicles to insure for high risk drivers. The cost of a car insurance policy will tend to be higher because there is more exposure for drivers requiring a SR22, but overall those particular models will probably have the cheapest rates that you’ll find.
Finding out which companies have the lowest-priced car insurance rates for drivers requiring a SR22 will take a tad more effort in order to find the most economical policy.
Each auto insurance company has a proprietary formula to set premium rates, so we need to take a look at the car insurance companies that tend to be cheaper in Colorado.
Cheapest Insurance Rates for SR22 Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $859 |
| 2 | Grange | $987 |
| 3 | USAA | $999 |
| 4 | GEICO | $1,141 |
| 5 | Nationwide | $1,155 |
| 6 | Auto-Owners | $1,156 |
| 7 | Travelers | $1,219 |
| 8 | State Farm | $1,246 |
| 9 | American Family | $1,301 |
| 10 | Progressive | $1,362 |
| 11 | Amica | $1,381 |
| 12 | Allied | $1,453 |
| 13 | California Casualty | $1,502 |
| 14 | Colorado Farm Bureau | $1,592 |
| 15 | Farmers | $1,613 |
| 16 | MetLife | $1,885 |
| 17 | Allstate | $2,055 |
| 18 | Encompass | $2,187 |
| 19 | Safeco | $2,522 |
| 20 | Titan | $2,630 |
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The Hartford offers some of the cheapest car insurance rates in Denver at around $859 annually. This is $719 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide also make the cut as some of the best Denver, CO insurance companies.
In the above rates, if you currently have coverage with Grange and switched to The Hartford, you may see a yearly savings of about $128. Customers with USAA could save as much as $140 a year, and GEICO insureds might lower prices by up to $282 a year.
To compare your rates to other Colorado insurance companies, click here to start a quote or visit any of the low-priced companies below.
It’s important to note that these prices are averaged across all types of insureds and vehicles and and are not figured with a vehicle location for drivers requiring a SR22. So the insurer that can offer the best rates for your situation may not even be in the top 21 companies in the list above. That affirms the importance of why you need to compare prices as often as possible using your own driver information and specific vehicle type.
Liability only or full coverage
Saving on car insurance is probably important to most drivers, and one of the quickest ways to pay lower rates for insurance for drivers requiring a SR22 is to buy liability only. The illustration below shows the difference between insurance rates with full physical damage coverage compared to only buying liability only. Data assumes a clean driving record, no at-fault accidents, $500 deductibles, single marital status, and no other discounts are factored in.
Averaged for all ages 20 through 70, full coverage on your policy costs $2,209 per year more than just buying liability only. Many people question when is the right time to remove full coverage. There isn’t a steadfast formula of when to phase out physical damage coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than around 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
Rate increases following a ticket or accident
The obvious way to snag the cheapest car insurance premiums in Denver for high risk drivers is to be a careful driver and not get tickets or have accidents. The chart below shows how violations and at-fault fender-benders can increase auto insurance costs for each age group. The premiums are based on a married female driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of auto insurance per year with no violations or accidents is $1,274. Factor in two speeding tickets and the average cost hikes up to $1,805, an increase of $531 each year. Then add in two accidents along with the two speeding tickets and the annual cost of car insurance for drivers requiring a SR22 jumps again to an average of $3,876. That’s an increase of $2,602, or $217 per month, just for not driving responsibly!
How to get discounts on Denver car insurance rates
Insurance providers that provide policies for drivers requiring a SR22 may additionally offer discounts that may potentially lower prices by 30% or more if you are eligible. A few of the larger companies and some of the discounts can be found below.
- State Farm offers premium reductions for good driver, defensive driving training, accident-free, safe vehicle, and driver’s education.
- Progressive discounts include online signing, homeowner, good student, multi-policy, and online quote discount.
- Progressive offers discounts including multi-policy, online signing, homeowner, good student, and continuous coverage.
- MetLife has savings for good student, accident-free, defensive driver, good driver, and claim-free.
- Farm Bureau includes discounts for 55 and retired, driver training, safe driver, good student, multi-vehicle, and renewal discount.
- GEICO has discounts for emergency military deployment, military active duty, seat belt use, multi-policy, good student, driver training, and five-year accident-free.
- SAFECO may include discounts for multi-car, accident prevention training, bundle discounts, safe driver, drive less, and anti-lock brakes.
The information below illustrates the difference between insurance rates with and without policy discounts. The rate quotes are based on a male driver, three violations and one accident, Colorado state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with multiple vehicle, anti-theft, homeowner, continuous coverage, vehicle safety, and multiple policy discounts applied. When discounts are factored in, theaverage amount saved on car insurance for drivers requiring a SR22 is 28% or $931.