This would be a much quicker read if we could just tell you the one car insurance company that has the cheapest policy rates in Colorado. Unfortunately, it’s not that simple as there are a whole bunch of unknowns such as the miles you drive each year, your gender, if you are married, and whether or not you are currently insured, that all help calculate your car insurance rates. This article delves into the different ways to avoid overpaying and also should give you some help in finding cheaper rates.
The car, truck, or SUV on the policy is probably the largest consideration that determines whether or not you can buy the best cheap insurance for 20 year old guys. Vehicles with high performance features, poor passenger safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than safer models. The next table ranks insurance costs for some of the most budget-friendly automobiles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$3,594|
|Honda CR-V EX 2WD||$3,602|
|Honda Accord LX-P 4-Dr Sedan||$3,594|
|Honda Odyssey LX||$3,950|
|Ford F-150 FX2 Super Cab 2WD||$4,003|
|Chevrolet Impala LS||$4,218|
|Ford Edge Limited 2WD||$4,224|
|Volkswagen Jetta 2.0T Station Wagon||$4,236|
|Toyota RAV4 2WD||$4,271|
|Toyota Camry LE||$4,280|
|Chevrolet Malibu Hybrid||$4,271|
|Chevrolet Equinox LS 2WD||$4,276|
|Dodge Grand Caravan SXT||$4,324|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$4,332|
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Data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate quotes do not factor in zip code location which can lower or raise insurance rates greatly.
Looking at the numbers, we can conclude that models like the Ford Escape, Honda CR-V, and Honda Accord will definitely be a few of the most economical vehicles to insure for young men. Auto insurance rates will be more costly because of the fact that there is a higher risk for 20 year old guys, but overall those makes and models will tend to have the lowest insurance prices that you’ll find.
For young men, one of the more important things that are looked at to determine the price you pay for insurance is where you live. Areas with more people or higher crime rates tend to have higher auto insurance costs, whereas areas with lower vehicle theft rates and fewer weather claims tend to receive cheaper rates.
The illustration below rates the highest-priced places in Colorado for 20 year old guys to purchase a policy in. Aurora ranks #3 with a yearly premium of $1,375 for coverage, which is around $115 per month.
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Annual rates are estimated as the specific garaging location can revise coverage rates greatly.
The illustration below shows how different deductible levels can affect premium costs when trying to find cheap insurance for 20 year old guys. The rates are based on a married male driver, full coverage, and no discounts are taken into consideration.
As shown above, a 50-year-old driver could lower rates by $244 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $370 by selecting a $1,000 deductible. Younger drivers, such as the 20-year-old example, could drop their prices $814 each year just by choosing higher deductibles when buying full coverage.
If you do decide to increase your deductibles, it is important to have additional savings on hand to offset the extra out-of-pocket expense that is associated with using high deductibles.
Types of discounts on Aurora auto insurance rates
Insurance companies that provide coverage for 20 year old guys may have price discounts that can lower rates by 35% or more if you are eligible to receive them. Large auto insurance companies and their possible discounts are detailed below.
- American Family policyholders can earn discounts including air bags, TimeAway discount, Steer into Savings, early bird, multi-vehicle, and accident-free.
- Nationwide offers premium reductions for anti-theft, multi-policy, good student, Farm Bureau membership, defensive driving, business or organization, and family plan.
- MetLife offers discounts for multi-policy, accident-free, good student, claim-free, and defensive driver.
- 21st Century includes discounts for automatic seat belts, student driver, early bird, anti-lock brakes, good student, and theft prevention.
- Farmers Insurance has discounts for early shopping, good student, distant student, switch companies, multi-car, and pay in full.
- Allstate may have discounts that include premier discount, eSmart discount, passive restraint, resident student, and anti-lock brakes.
The illustration below shows the difference between annual premium costs with and without discounts being applied to the rates. The costs are based on a male driver, no claims or driving violations, Colorado state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with paid-in-full, paperless filing, passive restraint, anti-theft, good student, and vehicle safety discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on auto insurance for 20 year old guys is 18% or $406.
Cost comparison with and without full coverage
Saving money when shopping for auto insurance is probably important to the majority of drivers, and one common way to find cheaper insurance for 20 year old guys is to only pay for liability coverage. The example below illustrates the difference between insurance rates with full coverage and liability only. The data is based on a clean driving record, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are applied.
If we average the cost for all age groups, physical damage coverage on your policy costs an additional $1,476 per year more than just buying liability only. Many drivers will wonder if paying for full coverage is a waste of money. There is no exact rule for eliminating full coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of the settlement you would receive from your company, then it may be the right time to buy liability only.
How to find low-cost insurance for 20 year old guys
Below you’ll find some of the better thrifty suggestions that can help Aurora drivers get lower-cost car insurance.
- Maintain a clean driving record
- Better credit scores save money
- Earn a discount by not filing claims
- Drive vehicles with five-star safety ratings
- Prevent price hikes by avoiding at-fault accidents
- Comparison shop at least every other year
The last suggestion is notably crucial, as was noted in the article above. Prices charged by car insurance companies fluctuate constantly, so don’t hesitate to change to a new company if a more affordable price is available. Brand loyalty is not necessarily bad, but it’s not a good idea if that loyalty results in overpaying major coinage every year. It takes less than five minutes to shop around and find cheaper car insurance for 20 year old guys in Aurora.
The agencies below can help you make a decision which coverages are best, as many people would rather get help from a professional when shopping for cheaper insurance for 20 year old guys. It can be difficult to find the best rates on your own, and insurance agents licensed in the state of Colorado can provide satisfaction knowing your coverage gives you adequate asset protection.
To find an agent closest to you, click the link after the list.
Allstate Insurance: Bernard Demichelis
15062 E Mississippi Ave – Aurora, CO 80012 – (303) 750-5555
Denise Smith – State Farm Insurance
1278 S Chambers Rd – Aurora, CO 80017 – (303) 343-3515
State Farm Insurance Agency – Jason Hart
15201 E Moncrieff Pl e – Aurora, CO 80011 – (720) 920-9043
Colorado Insurance Professionals, Inc.
13693 E Iliff Ave – Aurora, CO 80014 – (303) 755-8600