One of the many things that determine the amount you pay each year for auto insurance is where you live. More populated areas tend to pay more, whereas areas with less people or fewer weather incidents profit from lower rates.
The information below ranks the most expensive areas in Colorado for drivers under 21 to purchase auto insurance in. Aurora is ranked at #2 costing $1,403 for the average policy, which is around $117 each month.
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Prices are approximated as the garaging address in Aurora can revise premiums significantly.
The vehicle model driven is one of the primary factors when shopping around for low-cost auto insurance for drivers under 21. Vehicles with lower performance, a great safety record, or a track record of few liability claims will cost much less to insure than adrenaline junky models.
The list below shows car insurance prices for a selection of the most affordable vehicles to insure in Colorado.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$4,484|
|Honda CR-V EX-L 2WD||$4,542|
|Hyundai Elantra SE Touring Station Wagon||$4,855|
|Ford Escape Limited 4WD||$4,864|
|Ford F-150 STX Super Cab 2WD||$4,952|
|Ford Explorer XLT 2WD||$5,010|
|Dodge Grand Caravan SE||$5,018|
|Jeep Wrangler Rubicon 4WD 2-Dr||$5,010|
|Chevrolet Impala LS||$5,265|
|Toyota Tacoma 2WD||$5,273|
|Ford Fusion S 4-Dr Sedan||$5,323|
|Chevrolet Equinox LS 2WD||$5,328|
|Chevrolet Malibu Hybrid||$5,323|
|Toyota RAV4 Limited 4WD||$5,328|
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Data variables include single male driver age 19, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, and claim-free. Estimates do not factor in the specific area where the vehicle is garaged which can influence insurance rates considerably.
Looking at the data, you can infer that vehicles like the Honda Accord, Honda CR-V, and Hyundai Elantra should be a few of the most affordable vehicles to insure for minors. The price of auto insurance will be higher anyway because of the fact that there is more risk for drivers under 21, but generally speaking those particular models will most likely have the cheapest auto insurance rates compared to other vehicles.
Price comparison of only insuring for liability
Saving money when shopping for auto insurance is probably important to most vehicle owners, and one of the quickest ways to find cheaper insurance for drivers under 21 is to not pay for full coverage. The chart below illustrates the difference between insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on no violations or claims, $250 deductibles, drivers are not married, and no additional discounts are factored in.
If we average the cost for ages 20 through 70, physical damage insurance costs an additional $2,508 per year over having just liability coverage. At some point, almost every driver questions when is it a good idea to stop buying full coverage. There is no set guideline for excluding full coverage on your policy, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
For example, let’s say your vehicle’s replacement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $4,500 after you pay the deductible. If you are paying over $450 a year to have full coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where dropping physical damage coverage is not financially feasible. If you still have a loan on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should maintain full coverage.
The chart below demonstrates how deductibles can impact annual premium costs when quoting cheap insurance for drivers under 21. The data assumes a single male driver, full physical damage coverage, and no additional discounts are factored in.
As shown above, a 30-year-old driver could save $326 a year by changing from a $100 deductible up to a $500 deductible, or save $490 by using a $1,000 deductible. Youthful drivers, like the Age 20 category, could drop their prices as much as $948 every year by choosing a higher deductible. When insureds make the decision to increase the deductibles on their policy, it will be important to have enough savings set aside to be able to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Low rates can quickly become overpriced
Aurora auto insurance rates are calculated based on many things which can substantially decrease or increase the cost of a policy. Improving your credit score, getting divorced, or having a fender bender can trigger changes in premium resulting in some companies being cheaper in comparison to the competition. In addition to those changes, insurers change rates as needed to adjust for heavy claims or excess profits. A period of higher than normal claims can cause higher priced premiums, while profitable underwriting may cause lower-cost Aurora car insurance rates.
For instance, the bar chart below shows the cheapest car insurance in Aurora, CO for a 35-year-old female driver with no accidents, a clean driving record, and solid credit. When comparing rates based on her current situation, The Hartford may offer the cheapest car insurance rates in Aurora at $1,085 a year. This is $493 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also make the list of the top five cheapest Aurora, CO auto insurance companies.
Let’s now give the driver from the first rate comparison a chargeable accident, slightly worse credit, and a few blemishes on her driving record. Due to the fact that every auto insurer uses their own formula for setting rates, analyzing rates may now present a completely different list of affordable companies as shown below.
Travelers now has the best price on car insurance in Aurora with State Farm, American Family, Amica, and Progressive completing the list. This demonstrates why consumers need to compare rates when trying to get the cheapest insurance rates for drivers under 21.
Car insurance prices consist of many factors and can increase or decrease at any time, so the most affordable company when you bought your policy may now be quite expensive.
How to find cheaper car insurance for drivers under 21
It is possible to find better rates, and here are some money-saving ideas that can help Aurora drivers get lower-cost car insurance.
- Save money by insuring older vehicles for liability only
- Improve your credit score
- Save money by insuring your home and auto with the same company
- Staying accident-free helps keep rates low
- Get cheaper liability coverage by choosing a safer vehicle
- Compare rates once a year for cheaper prices
The last tip in the list is certainly necessary, as was emphasized in this piece. Prices charged by companies in Aurora adjust frequently, so don’t be afraid to switch companies if a cheaper price is available.
Many drivers tend to have loyalty to a certain company, but it’s not a good idea if that loyalty results in overpaying hundreds of dollars year after year. It only take a few minutes to shop around and find cheaper insurance for drivers under 21.
If you have questions and prefer to have the advice of a professional agent when shopping for cheaper insurance for minors, the insurance agencies below can answer your questions and help you decide which auto insurance policy fits you best.
To locate an Aurora insurance agent near you, click the button link following the list.
- Focus Insurance Agency
2993 S Peoria St #144 – Aurora, CO 80014 – (303) 695-6220
- Melissa Kitowski – State Farm Insurance Agent
13750 E Rice Pl Ste 101 – Aurora, CO 80015 – (303) 680-6666
- Amercian Affordable Insurance: Arthur Blaszczyszn
10660 E Bethany Dr – Aurora, CO 80014 – (303) 577-9998
- Jody Roberts – State Farm Insurance Agent
15260 E Hampden Ave – Aurora, CO 80014 – (303) 693-1650
- Allstate Insurance: Larry Meurisse
1710 S Buckley Rd Unit 6 – Aurora, CO 80017 – (303) 752-1441