Finding out which companies offer the cheapest insurance rates for college students requires more time than just getting one or two price quotes. Every auto insurer has a unique approach to determine rates, so we’ll take a look at the insurance companies that tend to be cheaper in Aurora.
It’s a good idea to know that Aurora, CO insurance rates are based on many factors which can substantially decrease or increase your annual premium. Improving your credit score, buying a different vehicle, or getting a driving violation can produce rate changes resulting in some rates now being cheaper than others.
Find Cheaper Auto Insurance for College Students
The Hartford has some of the lowest car insurance rates in Aurora at around $859 each year. Grange, USAA, Nationwide, and Auto-Owners would also be considered some of the lowest-priced Aurora, CO auto insurance companies.
In this example, if you are a policyholder with Grange and switched to The Hartford, you could realize savings of roughly $119. Customers with USAA may save as much as $180 a year, and Nationwide customers might cut rates by $296 a year.
To find out how much you can save, click here to start your free quote or click several companies below for low rates.
It’s important to note that these estimates are averages across all types of insureds and vehicles and are not factoring in a vehicle location for college students. So the insurer that can offer you the lowest price may not even be in the top 21 companies in the list above. That illustrates why you need to get car insurance quotes using your own specific driver and vehicle information.
For students in college, one of the largest components that aid in calculating car insurance rates is where you live in Aurora. Areas with more people or higher crime rates tend to have more expensive auto insurance rates, whereas areas that tend to be more rural receive better rates.
The following table rates the most expensive places in Colorado for college students to purchase a policy in. Aurora is ranked at #2 with a yearly premium of $1,417 for coverage, which is around $118 each month.
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Rate information is comparative as specific Aurora zip code can increase or decrease rates noticeably.
Does it make sense to buy full coverage?
Saving on insurance is probably important to most drivers, and one common way to buy cheaper insurance for college students is to not pay for full coverage. The illustration below illustrates the comparison of auto insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no claims, a clean driving record, $500 deductibles, single marital status, and no discounts are factored in.
Averaged out for all age groups, comprehensive and collision coverage on your policy costs an extra $2,209 per year over and above liability coverage. That proposes the question when is it a good idea to stop buying full coverage. There is no exact rule for phasing out physical damage coverage, but there is a general convention. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.
There are a few cases where buying only liability insurance is not financially feasible. If you haven’t paid off your loan, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
The diagram below shows how choosing a deductible can change annual premium costs when trying to find cheap insurance for college students. The costs are based on a married female driver, comp and collision included, and no discounts are factored in.
The data above shows that a 50-year-old driver could lower rates by $240 a year by changing from a $100 deductible to a $500 deductible, or save $362 by selecting a $1,000 deductible. Youthful drivers, like the Age 20 category, could drop their prices $594 every year by selecting a higher deductible.
When increasing deductibles, it will be necessary to have enough savings to be able to cover the extra out-of-pocket expense associated with higher deductibles.
Ideas to find more affordable car insurance for college students
The list below details some of the recommended thrifty solutions that can help you quote lower-cost car insurance.
- Drive a car with a high safety rating
- Good credit can mean cheaper rates
- Drop full coverage on older vehicles
- Do not get into accidents
- Raise your deductibles
- Do not get traffic violations
- Compare rate quotes often
The last tip in the list is particularly vital, as was stressed in this article. Car insurance rates in Aurora fluctuate constantly, so don’t be hesitant to buy a policy from a new company if you find a cheaper price.
Sticking with a specific company is fine, but it’s not recommended if that devotion results in you overpaying hundreds every year. Take a few minutes and compare rates to find cheaper insurance for college students.
The insurance agents in Aurora listed below can probably help you determine which coverage meets your needs best, since some drivers wish to get some professional input when shopping around for cheaper insurance for college students. It’s not always simple to find the cheapest rates, and agents can provide comfort knowing your coverage gives you decent coverage if you have a claim.
To locate an Aurora car insurance agency in your neighborhood, click the link at the bottom or click here to compare price quotes.
State Farm: Anne Sandoval
18511 E Hampden Ave #210 – Aurora, CO 80013 – (303) 699-8883
Stacy Nimmo – State Farm Insurance Agent
1399 S Havana St #201-G – Aurora, CO 80012 – (303) 364-6900
Allstate Insurance: Larry Meurisse
1710 S Buckley Rd Unit 6 – Aurora, CO 80017 – (303) 752-1441