The vehicle model you are seeking coverage for is one of the largest considerations when comparing cheap auto insurance for business use. Vehicles with limited speed and performance, good crash test ratings, or a positive history of liability claims will cost significantly less to insure than fast, unsafe models. The data below features car insurance rates for a number of the more affordable automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $1,503 |
| Honda CR-V LX 4WD | $1,553 |
| Honda Civic VP 4-Dr Sedan | $1,662 |
| Toyota Corolla S | $1,693 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,709 |
| Jeep Grand Cherokee SRT-8 4WD | $1,722 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,725 |
| Ford F-150 Lariat Crew Cab Harley 4WD | $1,754 |
| Ford Edge SEL 2WD | $1,807 |
| Chevrolet Impala LS | $1,813 |
| Ford Escape Limited 4WD | $1,812 |
| Ford F-250 XLT Super Cab 2WD | $1,839 |
| Volkswagen Jetta S 4-Dr Sedan | $1,842 |
| Toyota RAV4 Sport 2WD | $1,848 |
| Dodge Grand Caravan CV | $1,865 |
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Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Estimates do not factor in Denver, CO location which can influence premiums greatly.
Looking at the numbers, models like the Toyota Prius, Honda CR-V, Honda Civic, and Toyota Corolla are going to be the cheapest vehicles to insure for using your car for business. Car insurance rates will be more costly because of the fact that there is more exposure for business use, but in general those specific models will most likely have the cheapest car insurance rates that you are likely to find.
One of the more important factors that help determine the amount you pay for auto insurance is where your car is garaged. Areas with more people or even just a higher incidence of claims tend to have more expensive car insurance rates, whereas less populated areas receive better rates.
The information below ranks the highest-priced areas in Colorado for business use to buy auto insurance in. Denver is ranked #3 costing $1,397 for coverage, which is around $116 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Pueblo | $1,440 |
| 2 | Aurora | $1,417 |
| 3 | Denver | $1,397 |
| 4 | Lakewood | $1,337 |
| 5 | Northglenn | $1,329 |
| 6 | Commerce City | $1,328 |
| 7 | Ken Caryl | $1,326 |
| 8 | Littleton | $1,306 |
| 9 | Arvada | $1,295 |
| 10 | Security-Widefield | $1,291 |
| 11 | Colorado Springs | $1,290 |
| 12 | Centennial | $1,278 |
| 13 | Thornton | $1,268 |
| 14 | Westminster | $1,246 |
| 15 | Highlands Ranch | $1,241 |
| 16 | Brighton | $1,235 |
| 17 | Parker | $1,233 |
| 18 | Castle Rock | $1,224 |
| 19 | Broomfield | $1,203 |
| 20 | Boulder | $1,171 |
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Table data uses approximated as the specific Denver residence address can lower or raise premium rates significantly.
The diagram below shows how different deductible levels can affect insurance costs when searching for cheap insurance for business use. The information is based on a married male driver, full physical damage coverage, and no discounts are applied to the premium.
The data above shows that a 30-year-old driver could lower their policy premium by $378 a year by switching from a $100 deductible to a $500 deductible, or save $570 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old category, could possibly save as much as $1,138 or even more by using a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it will be required to have enough funds in savings to enable you to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Get discounts on Denver car insurance rates
Car insurance companies that sell policies for business use may also offer price discounts that could potentially reduce rates by 25% or more if you are eligible for them. Companies and some of the discounts can be found below.
- Progressive policyholders can earn discounts including good student, online signing, online quote discount, multi-vehicle, continuous coverage, homeowner, and multi-policy.
- AAA may include discounts for pay-in-full, good driver, anti-theft, multi-policy, AAA membership discount, education and occupation, and multi-car.
- Farmers Insurance includes discounts for homeowner, good student, multi-car, business and professional, bundle discounts, early shopping, and teen driver.
- GEICO offers discounts including driver training, emergency military deployment, membership and employees, federal employee, anti-lock brakes, and seat belt use.
- Esurance discounts include DriveSense, anti-lock brakes, paid-in-full, good student, defensive driver, and online quote.
- SAFECO has savings for teen safety rewards, teen safe driver, safe driver, accident prevention training, and multi-car.
- State Farm has discounts for driver’s education, defensive driving training, student away at school, Drive Safe & Save, accident-free, anti-theft, and safe vehicle.
The example below visualizes the comparison of auto insurance costs with and without some available policy discounts. The premiums are based on a male driver, a clean driving record, no claims, Colorado state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with multiple policy, anti-theft, safe-driver, claim-free, passive restraint, and homeowner discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on car insurance for business use is 28% or $551.
Low rates can quickly become overpriced
Denver car insurance rates are influenced by many factors that may substantially change the price you pay for coverage. Turning one year older, moving to a different location, or having a fender bender can produce rate changes resulting in some companies being cheaper than others. Additionally, car insurance companies change prices every year to reflect underwriting profits or losses. A period of increased losses may result in higher prices, while lower claim levels may produce cheaper Denver car insurance rates.
To illustrate this point, the bar chart below shows which company has the cheapest car insurance in Denver, CO for a 45-year-old female driver with a clear driving record, no claims, and a high credit rating. When quoting prices based on her personal risk profile, The Hartford offers the cheapest car insurance rates in Denver at $1,092 each year. This is $486 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are also on the list of the cheapest Denver, CO auto insurance companies.
Let’s now give the driver from the above example a couple of claims, less-than-perfect credit, and a speeding citation. Since every car insurance company has a unique formula for determining rates, getting updated rate quotes may result in a substantially altered list of affordable companies as shown below.
GEICO now has the cheapest price in Denver with State Farm, American Family, Progressive, and Amica now being in the top five. This shows why it is critical to shop around with many companies to get the lowest insurance rates for business use.
Insurance prices are impacted by many different factors and can change substantially, so the cheapest option three years ago may now be costing you a lot of money.
If you aren’t sure which coverage to buy and prefer to get some help when trying to find the best insurance rates for business use, the professional agents shown below can probably aid you in deciding which car insurance company is the best fit. To find a Denver insurance agency in your neighborhood, click the button link following the list or click here to get price quotes now.
- Allstate Insurance: Paul Novak
3900 E Mexico Ave # 105 – Denver, CO 80210 – (303) 320-7859 - State Farm: Charles Insurance Agency
1165 S Broadway #114 – Denver, CO 80210 – (303) 777-7161 - Alliance General Insurance Agency
2696 CO-2 – Denver, CO 80222 – (303) 377-1172 - Jack Sunahara – State Farm Insurance Agent
3525 S Tamarac Dr #160 – Denver, CO 80237 – (303) 779-4848 - Hank Dorner – State Farm Insurance Agent
118 W 5th Ave – Denver, CO 80204 – (303) 280-1115