How Much Does Auto Insurance Cost for Drivers Over Age 70 in Colorado?

Finding decent, budget insurance is challenging, and deciding which insurers offer the most affordable auto insurance rates for drivers over age 70 calls for even more diligence. Prices will probably be somewhat more expensive than the average policy in Colorado because of the extra risk that goes along with selling coverage for older drivers, but affordable insurance may be possible if you shop around. Each company has a unique formula for determining rates, so let’s rank the overall cheapest auto insurance companies in Colorado.

Lowest Insurance Price Quotes for Age 70+

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The Hartford quotes some of the cheapest car insurance rates in Colorado at around $850 annually. Grange, USAA, Nationwide, and GEICO would also make the list of some of the lowest-priced Colorado auto insurance companies.

In the above rates, if you are a policyholder with GEICO and switched to Grange, you may realize yearly savings of roughly $163. Drivers with Auto-Owners might save as much as $178 a year, and Travelers policyholders might cut rates by $205 a year.

Understand that those rates are averaged across all drivers and vehicles in Colorado and and are not calculated with a rate surcharge for drivers over age 70. So the car insurance company that is most affordable for your situation may not even be included in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own personal information and vehicle type.

The safety and performance level of the vehicle that is being insured is a significant factor that determines whether or not you can buy cheap auto insurance for drivers over age 70 in Colorado. Vehicles with high performance engines, poor safety features, or a history of substantial liability claims will cost much more to insure than more modest models. The tables below presents car insurance rates for the most cost-effective automobiles to insure in Colorado.

Price data assumes married male driver age 70, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Rate quotes do not factor in the specific area where the vehicle is garaged which can influence premiums greatly.

Above prices assume married male driver age 70, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Rates do not factor in specific zip code location which can raise or lower price quotes significantly.

Data assumes married male driver age 70, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Table data does not factor in specific zip code location which can revise auto insurance rates substantially.

Full coverage rates compared to liability only

Finding cheap auto insurance for drivers over age 70 in Colorado is probably important to the majority of drivers, and an easy way to lower the cost of insurance is to buy liability only. The example below visualizes the comparison of car insurance rates with liability coverage only compared to full coverage. The premiums assume no violations or accidents, $500 deductibles, marital status is single, and no policy discounts are applied.

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Averaged for all age groups, comprehensive and collision coverage on your policy costs $1,656 per year more than carrying just liability coverage. Many of you may wonder if paying for full coverage is a waste of money. There is no written rule to exclude full coverage on your policy, but there is a general convention. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.

There are some conditions where removing full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not buy liability only.

Allstate, Geico, State Farm, or Progressive: Who is cheapest?

When comparing rates for auto insurance for older drivers in Colorado, the companies that insure more vehicles than anyone else are Allstate, Geico, State Farm, and Progressive. The table below illustrates some of the ratings and options that may be available in Colorado.

How to find budget-friendly insurance for drivers over age 70

The list below details some penny-pinching solutions that can help Colorado drivers get more affordable coverage.

• Drive attentively and avoid accidents
• Do not get tickets or violations
• Drive a car with a high safety rating
• Pay lower rates with good credit
• Higher deductibles save money
• Save money by only buying liability coverage for older vehicles
• Compare rates regularly to ensure the best deal

The final tip is notably significant, as we emphasized in this write-up. Prices charged by companies fluctuate considerably, so don’t be hesitant to buy from a different company if a more affordable price is available. Staying with the same company for years is fine, but it’s not a great idea if that faithfulness ends up costing you lots of money. It only take a few minutes to compare prices and find cheaper car insurance for drivers over age 70.

Who has the cheapest insurance quotes for older drivers?

Due to technology, there are many ways to purchase auto insurance in Colorado, but the most common are through an exclusive insurance agent like Allstate or Liberty Mutual, a non-exclusive or independent agent, or from a direct company like Geico or Progressive.

You can use whichever you prefer, but auto insurance shoppers should know the differences in how they give price quotes.

Independent insurance agencies write for multiple companies and can get rate quotes from all of them. These agents have the option to get prices from more than one company, which can give you a better comparison. If your agent finds better pricing, an independent agent can move your coverage and you do not have to find a new agent.

Exclusive agents are only able to give prices for a single company, two examples being Farmers Insurance or State Farm agents. They are unable to quote prices from more than just one company, so it’s a good idea to get additional price quotes.

The third way to buy auto insurance is direct which means you do not use an independent or exclusive agent and buy direct online or over the phone from a company like Progressive or Geico. This auto insurance option can be a good choice for families who do not need advice for risk management and have an above average understanding of what coverage limits and deductibles they need.

So which of the methods works best to find cheap auto insurance for drivers over age 70 in Colorado? The quick answer would be shopping direct results in the cheapest rates since there is no need to pay agent commissions, but in reality, that argument does not hold true. And we’d like to say buying auto insurance from an independent agent results in the best rates since they can provide multiple quotes, but that is not necessarily true either. In many cases, exclusive agents may have very competitive prices that cannot be met by either independent or direct companies.

Since auto insurance prices are based on many different factors, the only true way to get the lowest rate is to compare lots of quotes. It takes a little work, but we recommend you get price quotes all three ways in order to have the best selection to choose from. For a list of companies offering online discounts in Colorado, click here to view.