Wouldn’t this article be short if we could wave our magic wand and tell you the single company that has the best deal on coverage for good drivers? It’s not that easy, however, as there are a whole bunch of unknown elements such as if you want the added protection of full coverage, what deductibles to use for physical damage coverage, what liability limits you need, and if you have any driving citations, that all help calculate your car insurance rates. The information below covers the best ways to avoid high prices and will hopefully give you some help in finding cheaper rates.
Determining which company quotes the lowest-priced auto insurance rates for good drivers will take a bit more effort than just getting one or two price quotes. Every car insurance company uses a different method to set their prices, so let’s take a look at the overall cheapest auto insurance companies in Denver.
It’s a good idea to know that Denver, CO auto insurance rates are impacted by many factors that will increase or decrease your annual premium. Improving your credit score, increasing liability limits, or getting a DUI can cause premium changes that can cause some rates to be cheaper in comparison to the competition.
Cheap Insurance Rates for Good Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $825 |
| 2 | Grange | $978 |
| 3 | USAA | $999 |
| 4 | Nationwide | $1,121 |
| 5 | GEICO | $1,141 |
| 6 | Travelers | $1,171 |
| 7 | Auto-Owners | $1,204 |
| 8 | State Farm | $1,209 |
| 9 | American Family | $1,262 |
| 10 | Amica | $1,353 |
| 11 | Progressive | $1,376 |
| 12 | Allied | $1,439 |
| 13 | California Casualty | $1,502 |
| 14 | Farmers | $1,565 |
| 15 | Colorado Farm Bureau | $1,576 |
| 16 | MetLife | $1,830 |
| 17 | Allstate | $2,055 |
| 18 | Encompass | $2,253 |
| 19 | Safeco | $2,472 |
| 20 | Titan | $2,711 |
| Compare Rates Now Go | ||
The Hartford has some of the cheapest car insurance rates in Denver at around $825 each year. This is $753 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also rank well as some of the cheapest Denver, CO car insurance companies.
As depicted above, if you are a customer of Nationwide and switched to Grange, you might see an annual premium reduction of upwards of $143. Colorado drivers with GEICO might save as much as $163 a year, and Travelers insureds might cut rates by $193 a year.
These policy prices are averaged across all types of insureds and vehicles and do not take into consideration an exact vehicle garaging location for good drivers. So the auto insurance company that is best for you may not even be in the top 21 companies in the list above. That is why you need to get quotes using your own individual information.
The vehicle model to be insured is probably the largest consideration when comparing affordable car insurance for good drivers. Vehicles with economical engines, excellent safety ratings, or a low likelihood of having liability claims will cost substantially less to insure than fast, unsafe models.
The information below features car insurance costs for some of the cheapest vehicles to insure in Colorado.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $1,384 |
| Ford Escape XLS 4WD | $1,392 |
| Honda CR-V EX-L 4WD | $1,416 |
| Honda Odyssey LX | $1,520 |
| Toyota Prius | $1,531 |
| Toyota RAV4 2WD | $1,637 |
| Jeep Grand Cherokee Laredo 4WD | $1,645 |
| Ford F-350 XL Super Cab 2WD | $1,699 |
| Chevrolet Impala LTZ | $1,723 |
| Ford Edge SE 2WD | $1,744 |
| Volkswagen Jetta 2.0T 4-Dr Sedan | $1,752 |
| Nissan Rogue S AWD | $1,758 |
| Kia Optima LX | $1,767 |
| Ford Explorer XLT 2WD | $1,779 |
| Ford Focus S 4-Dr Sedan | $1,843 |
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Table data represents single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Rates do not factor in your specific Denver, CO location which can raise or lower premium rates noticeably.
Looking at the numbers, makes and models like the Honda Accord, Ford Escape, Honda CR-V, Honda Odyssey, and Toyota Prius are likely to be the cheapest vehicles to insure for safe drivers.
Poor driving habits will raise your auto insurance rates
The obvious way to enjoy good auto insurance premiums for safe drivers is to drive safe and have a clean driving record. The illustration below demonstrates how citations and accidents can raise insurance rates for different age groups. The premiums assume a single female driver, comprehensive and collision coverage, $100 deductibles, and no additional discounts are factored in.
The chart shows that the average cost of car insurance in Denver per year with no accidents and a clean driving record is $2,554. Add in one speeding ticket and the average cost increases to $2,894, an increase of $340 each year. Then throw in two accidents along with the one speeding ticket and the annual cost of auto insurance for good drivers increases to an average of $5,781. That’s an increase of $3,227, or $269 per month, just for not maintaining a clean driving record!
The chart below illustrates how choosing a deductible can increase or decrease insurance prices when researching cheap insurance for good drivers. Data assumes a married male driver, comprehensive and collision coverage, and no discounts are applied to the premium.
The data above shows that a 40-year-old driver could reduce rates by $244 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $370 by using a $1,000 deductible. Youthful drivers, like the age 20 example, could possibly save up to $814 annually by choosing a higher deductible. When increasing deductibles, it will be important to have plenty of money set aside to be able to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Here’s why you should shop around
Denver, CO auto insurance rates are determined by lots of factors which can substantially change the price of coverage. Simply improving your credit, having a teenage driver, or getting a ticket for careless driving can trigger changes in premium resulting in some rates now being cheaper than before.
In addition to those changes, insurance companies file new Colorado auto insurance rates at least once a year in order to protect their financial rating. A period of higher than normal claims can cause rate increases, while better underwriting may cause cheaper Denver car insurance rates.
To illustrate this example, the data below shows the companies that have the cheapest car insurance in Denver, CO for a 40-year-old female driver with no prior claims, no tickets, and a decent credit rating. If we look at prices based on her current risk factors, The Hartford has the most affordable car insurance rates in Denver at $1,102 annually. This is $476 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are also on the list of the best Denver, CO auto insurance companies.
Now let’s give the driver in the first example an at-fault accident, a lower credit rating, and a blemish on her driving record. Since every insurance provider has a unique formula for determining rates in each state, comparing prices will most likely result in a substantially altered list of companies as shown below.
Travelers now has the best price in Denver with State Farm, American Family, Grange, and USAA also having competitive pricing. This illustrates why it is critical to perform a complete rate comparison to get the most economical auto insurance rates for good drivers. Prices consist of many factors and can decrease or increase without notice, so the most economical option the last time you shopped around may now be an over-priced policy.