Cheap Car Insurance Quotes for Drivers Over Age 50 in Colorado

Wouldn’t life be so easy if we could magically tell you the company that has the cheapest policy rates for drivers over age 50? Unfortunately, it’s not that simple as there are a ton of unknowns such as where you live in Colorado, if you are a homeowner or renter, and whether you have prior claims. This article will cover the different ways you can keep rates low and will hopefully give you a jump start in finding the best auto insurance in Colorado.

The vehicle that is being insured is probably the most important factor when quoting the best coverage for drivers over age 50. Vehicles with reasonable performance levels, good crash test ratings, or a track record of few liability claims will cost significantly less to insure than fast, unsafe models.

The information below features car insurance costs for the cheapest automobiles to insure in Colorado.

Table data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Rates do not factor in vehicle garaging location which can revise prices noticeably.

Cost estimates assume married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Rates do not factor in vehicle garaging location which can influence price quotes greatly.

Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Rate quotes do not factor in your specific Colorado location which can affect rates considerably.

For older drivers, one of the more important factors that helps auto insurance companies calculate the amount you pay each year for auto insurance is where you keep your vehicle in Colorado. More populated areas like Pueblo, Denver, and Commerce City are more likely to have higher rates, whereas more rural areas have the luxury of cheap auto insurance for drivers over age 50 in Colorado.

The illustration below lists the most costly cities in Colorado for drivers over age 50 to buy auto insurance in.

Rates are approximated as specific location information can raise or lower price quotes significantly.

Finding out which company has the best insurance rates for drivers over age 50 involves a little more effort in order to find the lowest price quote. Every insurance company uses a different method for determining rates in each state, so we’ll go over the lowest cost insurance companies in Colorado.

Cheapest Insurance Rates for Age 50+

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The Hartford offers some of the most affordable car insurance rates in Colorado at around $825 per year. Grange, USAA, Nationwide, and GEICO also qualify as some of the best Colorado car insurance companies.

As illustrated above, if you currently have a policy with USAA and switched to The Hartford, you might see annual savings of approxmiately $184. Customers with Nationwide may save as much as $296 a year, and GEICO customers might see rate reductions of $327 a year.

It’s important to note that these policy prices are averaged across all types of insureds and vehicles and do not take into consideration a price decrease for drivers over age 50. So the insurer that fits your age and vehicle best may not even be shown in the list of companies above. That’s why you need to get rate quotes from many companies using your own specific driver information and vehicle.

Should you buy full coverage?

Finding cheap auto insurance for drivers over age 50 in Colorado should be important to the majority of vehicle owners, and an effective way to buy cheap insurance is to not buy full coverage. The illustration below shows the difference between premium costs with full coverage compared to only the Colorado minimum liability coverage. The rate quotes are based on no accidents, no driving violations, $100 deductibles, single status, and no additional discounts are factored in.

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If averaged out across all ages, full coverage on your policy costs $2,013 per year over liability only. That amount may make you wonder when is the right time to remove full coverage. There is no clear-cut formula to exclude physical damage coverage, but there is a general guideline. If the yearly cost of full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.

Discounts on Colorado auto insurance rates

Insurance providers that sell cheap auto insurance for drivers over age 50 in Colorado may have policy discounts that could lower prices by as much as 35% if you are eligible to receive them. A few popular companies and some of the discounts are detailed below.

The illustration below shows the comparison of annual premium costs with and without policy discounts. Data assumes a male driver, a clean driving record, no at-fault accidents, Colorado state minimum liability limits, full physical damage coverage, and $250 deductibles.

The first bar for each age group shows the price with no discounts. The lower bar shows the rates with accident-free, multiple vehicle, homeowner, defensive driving course, multiple policy, and marriage discounts applied. When taking advantage of discounts, the the amount saved on insurance for drivers over age 50 is 17% or $341.

google.charts.setOnLoadCallback(drawDiscqcibChart);function drawDiscqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Male Driver No Discounts’, ‘Male Driver with Discounts’],[‘Age 20’, 3143,1077],[‘Age 30’, 1649,2263],[‘Age 40’, 1625,1205],[‘Age 50’, 1479,1181],[‘Age 60’, 1431,1077],[‘Age 70’, 1741,1039]]);var options = {title: ‘Comparison of Insurance Rates for Drivers Over Age 50’,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’,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(‘qcibdisc’));chart.draw(data, options);}

Which auto insurance company is best?

If you want reliable auto insurance for older drivers in Colorado, some of the first companies to look at are Geico, State Farm, Progressive, and Allstate. Combined they make up about half of all car insurance policies in America. The following table shows some of the different features .