For people who own their homes, one of the largest factors that determine the amount you pay each year for auto insurance is where you normally keep your vehicle in Aurora. Areas with high crime rates or more dense population tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents get the luxury of paying less.
The next table rates the most expensive places in Colorado for homeowners to purchase a policy in. Aurora is listed at #2 with a yearly premium of $1,403 for the average policy, which is about $117 per month.
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Rate quotes are estimated as the specific geographic location can decrease or increase premiums noticeably.
The vehicle that is being insured is probably the largest consideration that determines if you can find the lowest-priced auto insurance for homeowners. Vehicles with limited top-end speed, an excellent safety record, or low incidents of liability claims will cost significantly less to insure than fast, unsafe models. The information below shows coverage prices for a selection of the cheapest automobiles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$1,360|
|Honda CR-V LX 2WD||$1,366|
|Honda Accord LX 4-Dr Sedan||$1,491|
|Honda Odyssey EX W/Rear Entertainment||$1,581|
|Jeep Grand Cherokee Laredo 4WD||$1,609|
|Chevrolet Malibu LS||$1,617|
|Dodge Grand Caravan Hero||$1,609|
|Ford Escape Limited 4WD||$1,623|
|Ford Fusion SE 4-Dr Sedan||$1,728|
|Chevrolet Equinox LTZ 2WD||$1,736|
|Toyota Corolla XRS||$1,728|
|Ford F-150 XL Crew Cab 2WD||$1,733|
|Toyota RAV4 2WD||$1,767|
|Jeep Wrangler Unlimited Rubicon 4WD 4-Dr||$1,775|
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Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Prices do not factor in your specific Aurora, CO location which can revise coverage rates noticeably.
Looking at the rates, you can figure that cars like the Hyundai Elantra, Honda CR-V, Honda Accord, Honda Odyssey, and Jeep Grand Cherokee are some of the more affordable vehicles to insure for people who own their homes.
Comparing quotes for low-cost insurance is challenging, and determining which companies have the lowest-priced insurance rates for homeowners involves additional perseverance. Each auto insurance company uses their own formula for filing rates in each state, so let’s begin by examining the insurance companies that tend to be cheaper in Aurora, CO.
It’s important that readers know that Aurora, CO insurance rates are determined by lots of factors that will increase or decrease the price of coverage. This price variation is why it is crucial to shop around with many companies to get the best auto insurance quotes for homeowners. Insurance rates can be altered by many things and change dramatically, so the most economical option the last time you shopped your coverage around may now be one of the higher cost companies.
Find the Cheapest Auto Insurance for Homeowners
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,576|
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The Hartford offers some of the lowest car insurance rates in Aurora at around $850 a year. Grange, USAA, Nationwide, and GEICO also rank well as some of the cheapest Aurora, CO car insurance companies.
In the above rates, if you are a customer of Nationwide and switched to Grange, you could earn savings of approximately $131. Colorado drivers with GEICO may save as much as $163 a year, and Auto-Owners insureds might see rate reductions of $178 a year.
Bear in mind that those policy prices are averaged across all types of insureds and vehicles and do not factor in an exact vehicle garaging location for homeowners. So the auto insurance company that is best suited for you may not even be in the top 21 companies in the list above. That point stresses why you need to quote rates from many companies using your own specific driver and vehicle information.
Ending up with the best auto insurance company can be difficult considering how many companies are available to choose from in Colorado. The ranking information below may help you choose which companies you want to consider shopping prices with. These ratings only include large insurance companies, so companies that focus mainly on Colorado business are not factored into these rankings.
Top 10 Major Car Insurance Companies in Aurora Ranked by Customer Service
- State Farm
- The Hartford
- The General
- AAA Insurance
- American Family
Top 10 Major Car Insurance Companies Overall in Aurora
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
The example below shows how different deductible levels can increase or decrease insurance prices when getting quotes for cheap insurance for homeowners. The data assumes a married male driver, comp and collision included, and no discounts are applied.
As shown above, a 50-year-old driver could lower their policy premium by $330 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $498 by selecting a $1,000 deductible. Young drivers, like the 20-year-old category, could shave as much as $1,110 annually just by choosing larger deductibles. When using a larger deductible, it will be important to have plenty of savings on hand to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Do you need full coverage?
Lowering the price of insurance is the goal of most people, and one good way to buy cheap insurance for homeowners is to only pay for liability coverage. The chart below illustrates the difference between insurance costs with full physical damage coverage and with liability coverage only. The premiums assume no claims or driving citations, $1,000 deductibles, single status, and no discounts are applied to the premium.
If we average the cost for ages 20 through 70, full coverage on your policy costs $1,476 per year over having just liability coverage. Many of you may wonder if buying full coverage is worth the expense. There is no clear-cut rule to exclude physical damage coverage, but there is a general convention. If the yearly cost of full coverage is more than around 10% of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s pretend your vehicle’s replacement cost is $7,500 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $6,500 after paying the physical damage deductible. If premiums are more than $650 a year for full coverage, then you may need to consider dropping full coverage.
There are some situations where eliminating full coverage is not recommended. If you still owe money on your vehicle, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not buy liability only.