Cheapest Insurance for Used Cars in Colorado

It’s impossible to miss the catchy commercials from car insurance companies like GEICO and Progressive guaranteeing the cheapest rates. So drivers just need to pick the one with the best commercial, right?

Regrettably, it’s not quite that easy, as there are many unknowns like if you are married or single, your driving record, the amount of liability insurance you need, and the amount of driving experience you have, that all influence how much you pay for auto insurance. This article covers the different ways you can keep rates low and will give you a good beginning to your quest for cheaper car insurance.

When shopping for car insurance for pre-owned vehicles, one of the many criteria that help determine the amount you pay each year for auto insurance is your zip code. Cities with larger populations or higher claims like Pueblo, Denver, and Lakewood are more likely to have higher rates, whereas areas with less traffic congestion and claims enjoy lower car insurance rates.

The information below displays the highest-priced areas in Colorado for used cars to buy car insurance in.

Prices are approximated as vehicle location can impact premiums substantially.

The vehicle you are buying coverage for is one of the biggest factors that determines whether or not you can buy affordable auto insurance for used cars. Vehicles with lower performance, a great safety record, or a positive history of liability claims will cost less to insure than high performance models. The next list illustrates insurance premiums for a selection of the most cost-effective vehicles to buy insurance for.

Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Information does not factor in vehicle garaging location which can revise insurance rates noticeably.

Based upon the table data, you can presume that makes and models like the Ford Escape, Honda Accord, Honda CR-V, Toyota Prius, and Dodge Grand Caravan are likely to be some of the cheapest vehicles to insure for pre-owned vehicles.

Insuring your vehicle with a good quality car insurance company is difficult considering how many choices there are in Colorado. The ranking data in the lists below could help you decide which auto insurance companies you want to consider purchasing from. The rankings below are only comprised of insurance companies that insure vehicles in the majority of U.S. states, so companies that have a smaller presence are not factored into these rankings.

Full coverage versus liability-only in Colorado

Finding the cheapest insurance for used cars in Colorado is the goal of the majority of vehicle owners, and an easy way to save on the cost of insurance is to not pay for full coverage. The chart below illustrates the difference between auto insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The rates are based on no claims, a clean driving record, $500 deductibles, single marital status, and no discounts are applied to the premium.

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As an average for all age groups, physical damage insurance costs an extra $2,209 per year over and above liability only. That amount may make you wonder if it’s a good idea to buy full coverage. There is no definitive formula that is best for determining when to drop physical damage insurance, but there is a broad guideline. If the annual cost of your full coverage insurance is about 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.

There are some situations where eliminating full coverage is not recommended. If you still owe a portion of the original loan, you have to maintain full coverage to satisfy the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should keep full coverage.

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

If you want reliable car insurance for pre-owned vehicles, the companies with the most market share are State Farm, Allstate, Geico, and Progressive. All four offer physical damage and liability coverage, but each has a unique set of features, discounts, and options that you can select from. The following table shows some of the ratings and options that may be available in Colorado.