If your auto insurance policy recently renewed, you may have noticed a significant jump in the cost of insuring your vehicles. Companies are having to raise rates to cover losses from weather, an increased number of accidents, and a higher cost of claim settlement.
With the large influx of new residents, more than 100,000 in the last year alone, Colorado drivers are having to cover the cost of a higher incident of claims. More people means more accidents, and the cost of those damages is shouldered by you, the policyholer.
Another factor that is pushing up rates is the high number of hail claims filed in the state. Colorado ranks second for hail damage claims, so insurers are having to increase prices to cover the costs of damages incurred by mother nature.
High-tech add-ons are also driving up premiums, as the cost to repair damages in even small accidents is higher than in the past. Repairing things like rear cameras and backup sensors costs more than vehicles without them, and most new vehicles are now equipped with both.
Experts say you can expect a minimum increase of 15%, but you can do something to mitigate the jump in car insurance prices. If you haven’t shopped around recently, now is a great time to find more affordable coverage. Rates are going up, but that doesn’t mean you can’t find cheaper car insurance in Denver.
Car insurance companies in Colorado adjust rates regularly to ensure a profit for their shareholders. The current trend is toward higher rates, but not all companies incur the same level of losses. Some may keep prices fairly even, while others may actually have an underwriting surplus and offer lower rates.
The difficult part for consumers is finding the cheapest car insurance company in Denver. With so many to choose from, it takes a little time and effort to compare rates and find the most affordable policy.
DenverCoverage.com can help you get rate quotes from low-cost insurers, and also help you find ways to reduce your bill and learn about policy coverages. If you prefer to buy your policy through a Denver insurance agent, you can locate agencies near you by using our interactive maps.
| Top Insurance Companies in Denver by Market Share |
|---|
| State Farm – 20.4% |
| Allstate – 9.7% |
| Progressive – 9.1% |
| USAA – 9.0% |
| GEICO – 8.9% |
| Farmers Insurance – 8.6% |
| American Family – 7.9% |
| Liberty Mutual – 5.9% |
| Nationwide – 2.2% |
| Travelers – 2.1% |
Popular Vehicles in the Denver Metro Area
With over 2.8 million residents and an expected 3.3 million by 2020, the metro area and front range communities have a large appetite for new cars and trucks. Drivers buy everything from eco-friendly gas sippers like the Toyota Prius and Honda Accord Hybrid to capable 4×4 trucks and SUVs like the Ford F-150 and Chevy Tahoe for weekends in the mountains.
The models listed below are some of the most popular choices in Denver and the surrounding suburbs, and you can learn more about finding affordable coverage for each. Many more models are available by clicking the ‘View More Vehicles’ button below the list.
Denver and Metro Area Suburbs
Denver is comprised of many smaller suburb communities, and the largest ones are listed below. You can read tips for buying car insurance in each city, learn ways to reduce your bill, and even find a cheaper company or an insurance agent to work with.