Colorado has some of the highest car insurance rates in the country, so most drivers there need to compare prices to find the cheapest insurance they can.
There isn't one cheap car insurance policy that works for all Colorado drivers, but there are a few things to look for when comparing rates.
Your age plays a role in how much your car insurance costs. You can't change how old you are, but if you're still in school and a young driver, getting good grades can get you lower insurance rates from a number of companies. And it goes without saying that a good driving record also helps keep your rates low.
Insurance rates can go up a lot if you get tickets, especially for speeding or other moving violations. Your rates will also go down if you have to file claims often.
If you are an older driver, your rates may also go up because, as a group, older drivers are seen as a bigger insurance risk than drivers in the middle of their lives. Those rates can go back down if the driver takes an approved course to brush up on driving skills. Senior groups like AARP may have more ideas for how to keep your rates from going through the roof.
You can expect to pay more if you drive a sports car, a muscle car, or a very expensive car. If you're having trouble paying your current premiums, you might want to think about trading in for a less expensive car.
For many people, changing their deductible is the easiest way to change their auto insurance policy. A deductible is the amount you agree to pay out of your own pocket to fix your car when you file a claim. So, the insurance company pays less for the repair, and the policyholder has a reason not to make small or unnecessary claims.
Almost always, if your deductible is higher, your monthly premium payments will be lower.
If you are getting a loan to pay for your car, the company that is giving you the loan will require you to have full insurance on your car. But if you own an older, paid-off car, you can also cancel what is called the "Comprehensive" part of your insurance policy and just keep the "Collision" part, which is required by Colorado law.
If you get into an accident, your comprehensive insurance will pay to fix your car. If your car is old or doesn't have much value left, you can save money by cancelling the comprehensive part of your insurance policy and paying for your own repairs if you get into an accident.
There are a few websites online where you can put all or most of the above information into a simple form. The form will then print out a comparison of the rates that different insurance companies in Colorado are currently offering. If you have access to the internet, doing this comparison can save you hundreds or even thousands of dollars a year on your auto insurance premiums.
