The words “affordable” and “auto insurance” really shouldn’t be used in the same sentence, especially when searching for the lowest insurance prices for 18 year olds. To save some money, let’s get started by showing you a few of the things that determine car insurance premiums, and find a way to lower the cost of the next policy you buy.
Shopping around for affordable insurance is not most people’s favorite thing to do, and deciding which insurers offer the best auto insurance rates for 18 year olds takes additional perseverance.
Each auto insurer has a proprietary formula to determine rates, so let’s take a look at the lowest cost auto insurance companies in Aurora, CO.
Best Insurance Companies for Teens
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,624|
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The Hartford may have some of the lowest car insurance rates in Aurora at around $834 per year. Grange, USAA, Nationwide, and GEICO also make the cut as some of the best Aurora, CO car insurance companies.
In this example, if you buy coverage from USAA and switched to The Hartford, you might realize annual savings of roughly $195. Colorado drivers with Nationwide might save as much as $287 a year, and GEICO policyholders might lower prices by up to $353 a year.
These policy prices are averages for all drivers and vehicles and do not factor in an exact zip code location for 18 year olds. So the insurer that has the lowest price for you may not even be in the top 21 companies in the list above. That underscores the importance of why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.
The vehicle driven is a large factor in finding cheaper insurance for 18 year olds. Vehicles with reasonable performance levels, good crash test ratings, or a positive history of liability claims will cost less to insure than adrenaline junky models.
The information below features auto insurance prices for a handful of the cheapest automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$1,471|
|Toyota Tacoma 4WD||$1,508|
|Honda CR-V EX-L 4WD||$1,557|
|Honda Civic DX 4-Dr Sedan||$1,562|
|GMC Sierra SLE Regular Cab 2WD||$1,594|
|Chevrolet Equinox LT 2WD||$1,602|
|Toyota RAV4 Sport 4WD||$1,594|
|Honda Accord EX-L 4-Dr Sedan||$1,602|
|Chevrolet Silverado LS Regular Cab 4WD||$1,612|
|Ford Explorer Eddie Bauer 4WD||$1,622|
|Hyundai Elantra SE Touring Station Wagon||$1,641|
|Ford F-150 XL Super Cab 4WD||$1,646|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,653|
|Dodge Ram Quad Cab ST 4WD||$1,732|
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Data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Prices do not factor in specific location information which can alter coverage prices greatly.
Looking at the numbers, we can tell that makes and models like the Ford Escape, Toyota Tacoma, Honda CR-V, and Honda Civic are going to be some of the cheaper vehicles to insure for teen drivers.
One of the many considerations that determine the cost of insurance is your address. Areas with more people or higher crime rates tend to pay slightly more, whereas areas with fewer weather claims and lower vehicle theft rates benefit from having to pay less for coverage.
The following table ranks the priciest cities in Colorado for 18 year olds to buy car insurance in. Aurora shows up at #1 having an annual price of $1,417 for the average insurance policy, which is about $118 per month.
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Table data uses estimated as the specific Aurora residence address can alter auto insurance rates significantly.
Ratings for Colorado auto insurance companies
Insuring your vehicle with the highest-rated insurance company can be rather challenging considering how many different companies sell coverage in Aurora. The company information displayed below could help you choose which companies you want to consider when shopping insurance around for 18 year olds.
The rankings below are only comprised of companies who write in the majority of U.S. states, so smaller companies are not included in this list. To check rates from many more Colorado auto insurance companies, click here.
Top 10 Large Auto Insurance Providers in Aurora Ranked by Claims Service
- State Farm
- AAA Insurance
- Liberty Mutual
- Titan Insurance
- The Hartford
- The General
Does full coverage make sense?
Lowering the price of auto insurance is the goal of the majority of vehicle owners, and one great way to buy cheap insurance for 18 year olds is to not buy comprehensive and collision coverage. The diagram below visualizes the comparison of insurance rates when comparing full coverage to liability only. The rates are based on no violations or claims, $250 deductibles, marital status is single, and no discounts are factored in.
As an average for all age groups, comp and collision coverage costs $2,465 per year over and above liability coverage. That touches on the question if buying full coverage is a good investment. There is no written rule for dropping physical damage coverage, but there is a general convention. If the yearly cost for physical damage coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let’s say your vehicle’s replacement cost is $11,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would receive is $10,500 after paying your policy deductible. If you are paying more than $1,050 annually for full coverage, the it may be a good time to stop paying for full coverage.
Comparing rates can save you money
Aurora auto insurance rates are determined by lots of factors that will increase or decrease your annual premium. Simply improving your credit, having a teenage driver, or having a fender bender can trigger price changes that can now make some companies more affordable than the competition.
In addition to those changes, insurance companies change their prices without warning to ensure their profitability. Higher than normal claim frequency or severity may cause additional premium costs, while less frequent claims may produce cheaper Aurora car insurance rates.
For example, the graph below compares the cheapest car insurance in Aurora, CO for a 35-year-old female driver with no violations or accidents, and a decent credit rating. If we compare prices based on her personal profile, The Hartford has the cheapest car insurance rates in Aurora at $1,089 a year. This is $489 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are the rest of the top five cheapest Aurora, CO auto insurance companies.
Let’s now give the driver from above a claim, less-than-perfect credit, and a few traffic violations. Since every car insurance company has a proprietary method for establishing rates, analyzing rate quotes could now result in a substantially altered list of the cheapest companies as shown below.
Travelers now has the best insurance rate in Aurora, CO with State Farm, American Family, Grange, and Progressive also having competitive pricing. This example shows why drivers need to shop around to get the lowest insurance rates for 18 year olds. Insurance prices are determined by many factors and can decrease or increase without notice, so the cheapest rate when you bought your policy may now cost much more than other companies.