Who Has Cheap Car Insurance Quotes for Drivers Requiring a SR22 in Colorado?

I’m sure you’ve seen the captivating commercials from car insurance companies like Nationwide, State Farm, and GEICO promising enormous savings. So drivers just need to pick one randomly, right?

Unfortunately, it’s not that simple as there are many unknowns such as your credit rating, if you need full coverage or liability-only, and the number of years you have been licensed, that all impact the cost of your policy. This article will cover the best ways to maintain low rates and will give you a good beginning to your search for cheaper coverage.

The type of vehicle requiring coverage is a large factor when shopping around for cheaper insurance for drivers requiring a SR22. Vehicles with limited speed and performance, modern passenger safety features, or low incidents of liability claims will cost substantially less to insure than adrenaline junky models. The information below estimates insurance costs for the cheaper automobiles to buy coverage for.

Data based on married male driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Estimates do not factor in vehicle location which can increase or decrease insurance rates noticeably.

Looking at the numbers, you can infer that vehicles like the Honda CR-V, Honda Accord, and Ford Escape will be the less-costly vehicles to insure for high risk drivers. Prices will tend to be more expensive just due to the fact that there is more liability exposure for drivers requiring a SR22, but overall those makes and models will most likely have the best rates that you are likely to find.

When buying insurance for high risk drivers, one of the key criteria that impact rate quotes is where you keep your car in Colorado. Areas with more people like Pueblo, Lakewood, and Northglenn tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims have the enjoyment of a little cheaper coverage.

The following table sorts the higher priced cities in Colorado for drivers requiring a SR22 in which to buy car insurance.

Annual rates are comparative as specific Colorado zip code can increase or decrease insurance rates substantially.

Finding reliable, budget insurance is easier said than done, and deciding which companies have the lowest-priced insurance rates for drivers requiring a SR22 will involve a bit more work. Coverage rates will more than likely be quite a bit higher than the average policy in Colorado attributed to the potentially higher risk that goes along with selling insurance for high risk drivers, but economical coverage may be achievable if you thoroughly shop around. Each company has a proprietary formula to establish rates, so we need to take a look at the most affordable insurance companies in Colorado.

It’s a good idea to be aware that Colorado insurance rates are calculated based on many things which can substantially change the price you pay for coverage. This is why consumers need to take the time to do a thorough rate comparison to find the lowest insurance rates for drivers requiring a SR22. Car insurance prices are influenced by many things and can change without notice, so the cheapest rate when you bought your policy may now be quite expensive.

Best Car Insurance Prices for SR22 Drivers

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The Hartford may have some of the lowest car insurance rates in Colorado at around $834 each year. Grange, USAA, GEICO, and Nationwide would also be considered some of the more affordable Colorado auto insurance companies.

As the example above demonstrates, if you currently buy coverage from GEICO and switched to The Hartford, you might achieve annual savings of around $307. Policyholders with Nationwide could save as much as $321 a year, and Auto-Owners customers might cut rates by $322 a year.

Understand that those rates are averages for all insureds and vehicles and and are not figured with a price increase for drivers requiring a SR22. So the car insurance company that has the cheapest price for you may not even be featured in the list above. That underscores the importance of why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.

Careless Colorado drivers pay higher rates

The recommended way to obtain the best insurance premiums in Colorado for high risk drivers is to drive carefully and avoid getting tickets or having accidents. The chart below illustrates how traffic citations and accidents influence insurance rates for each age group. Data assumes a married male driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.

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In the example above, the average cost of car insurance per year with a clean driving record and no accidents is $2,296. Get one speeding ticket and the average cost rises to $2,637, an increase of $341 each year. Then throw in two accidents along with the one speeding ticket and the yearly cost of insurance for drivers requiring a SR22 jumps again to an average of $5,525. That’s an increase of $3,229, or $269 per month, just for not driving attentively!

Full coverage versus liability-only

Finding cheap auto insurance for drivers requiring a SR22 in Colorado is the goal of the majority of drivers, and an effective way to reduce the cost of insurance is to only buy liability coverage. The illustration below visualizes the comparison of auto insurance costs with liability coverage only compared to full coverage. The data assumes no accidents, no driving violations, $250 deductibles, single marital status, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $250 Deductibles’, ‘Liability Only’],[‘Age 20’, 3143,1063],[‘Age 30’, 1649,585],[‘Age 40’, 1625,543],[‘Age 50’, 1479,509],[‘Age 60’, 1431,501],[‘Age 70’, 1741,667]]);var options = {title: ‘Full Coverage and Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Colorado’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If averaged out across all ages, physical damage coverage on your policy costs $1,845 per year more than just buying liability only. A very common question is if buying full coverage is a waste of money. There is no set rule that is best for determining when to drop full coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.

For example, let’s pretend your vehicle’s claim settlement value is $12,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would receive is $11,000 after the deductible is paid. If you are paying over $1,100 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.

How to find more affordable insurance for drivers requiring a SR22

Here are some penny-pinching solutions that can help drivers buy cheap coverage.

• Buying home and auto insurance together can earn discounts
• Avoid at-fault accidents and claims
• Buy a vehicle with excellent safety ratings
• Avoid filing small claims
• Just one traffic violation will increase your rates
• Shop around once a year for cheaper rates

That last tip is highly critical, as was affirmed in this piece. Insurance rates can be changed at any time, so drivers shouldn’t be resistant to change insurance companies if a better rate can be found. Brand loyalty is not necessarily bad, but it isn’t a good idea if that dedication is costing lots of hard earned cash every month. It takes less than five minutes to compare rates to find cheaper insurance for drivers requiring a SR22.

Who has the cheapest insurance quotes for high risk drivers?

Drivers have a lot of different ways to find lower-cost insurance in Colorado, but the most frequently used are from an independent or non-exclusive agent, a captive (or exclusive) agency such as Liberty Mutual or State Farm, or direct online or over the phone from a company like Progressive or Geico.

Each way is similar, but it’s important to point out the distinctions in how they function.

Independent insurance agents work with multiple companies and can provide price quotes from each one. These types of agencies will quote rates with many companies, which can give you the best shot at cutting your rates. If they find a lower price, the agent simply finds a different carrier without you having to go to a different agency.

Exclusive agencies are contracted to a single insurance company, two examples are a Farmers or Allstate agent. They are unable to give you multiple price quotes, so if rates are not competitive, they cannot shop around.

When you buy insurance direct, you skip either of the other two types of agents and instead shop direct from companies such as Geico or Progressive. Shopping for insurance direct can be good for consumers who do not need complex risk management and have a decent understanding of what limits they need.

So what is the best way for finding cheap auto insurance for drivers requiring a SR22 in Colorado? Most drivers assume that buying from a direct company yields the cheapest rates because there isn’t an agent involved, but that is generally not the case. We could also assume that using an independent agent is the best way due to more options, but that assumption is also not accurate. For the right applicant, exclusive agencies have price quotes that cannot be beaten by either independent or direct companies.

Due to that fact that insurance uses so many rating variables, the one way to get rock-bottom rates is to compare lots of quotes. If you have the time, get prices from all three to have the best rate selection. For a list of companies offering online discounts in Colorado, click here to view.