Who Has Cheap Auto Insurance Quotes for a 20 Year Old Male in Colorado?

For young men, one of the big things used to calculate insurance cost is where your car is garaged. Cities with larger populations or higher claim trends like Pueblo, Denver, and Lakewood tend to pay higher rates, whereas areas with lower crime rates and fewer weather claims have the enjoyment of a little cheaper coverage.

The illustration below ranks the most costly cities in Colorado for 20 year old guys to purchase a policy in.

Rate information is approximated as the specific Colorado residence address can lower or raise price quotes greatly.

Buying cost effective insurance is not the easiest thing to accomplish, and determining which company has the most affordable auto insurance rates for 20 year old guys will take a little more work. Prices may be quite a bit higher than the state average, with the extra cost attributed to the potential for higher claims that goes along with offering coverage for young men, but economical insurance should be obtainable if you find the right company. Every insurance company has a different process for filing rates in each state, so let’s take a look at the most competitive auto insurance companies in Colorado.

Best Auto Insurance Prices for Men Age 20

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

As the example above demonstrates, if you currently buy coverage from Grange and switched to The Hartford, you might achieve an annual premium reduction of around $133. Policyholders with USAA could save as much as $184 a year, and Nationwide insureds might reduce rates by $330 a year.

These prices are averages for all types of insureds and vehicles and are not factoring in a rate surcharge for 20 year old guys. So the car insurance company that can offer you the lowest price may not even be included in the above rate chart. That points out the importance of why you need to get rate quotes from many companies using your own personalized driver profile and vehicle information.

The information below shows how choosing a deductible can raise or lower insurance costs when researching cheap insurance for 20 year old guys. The data assumes a married female driver, comp and collision included, and no discounts are applied to the premium.

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A 40-year-old driver could lower rates by $240 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $362 by choosing a $1,000 deductible. Youthful drivers, such as the Age 20 example, could drop their prices as much as $594 each year by using a higher deductible. When increasing deductibles, it will be necessary to have enough savings set aside to be able to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.

Impact of citations and accidents on Colorado insurance rates

The easiest method to enjoy cheap auto insurance rates for young men is to drive carefully and avoid accidents and violations. The illustration below shows how violations and at-fault accidents can influence insurance costs for each different age category. The price estimates are based on a single male driver, full coverage, $250 deductibles, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘Two Speeding Tickets and No Accidents’, ‘Two Speeding Tickets and One Accident’],[‘Age 20’, 3143,3745,4339],[‘Age 30’, 1649,2249,2847],[‘Age 40’, 1625,2221,2821],[‘Age 50’, 1479,2075,2673],[‘Age 60’, 1431,2027,2625],[‘Age 70’, 1741,2337,2937]]);var options = {title: ‘Impact of Tickets and Accidents on Colorado Car Insurance Prices’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],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);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

In the example above, the average cost of an auto insurance policy per year with a clean driving record and no accidents is $1,845. Factor in two speeding tickets and the average cost jumps to $2,442, an increase of $598 each year. Then include one accident along with the two speeding tickets and the 12-month cost of auto insurance for 20 year old guys jumps again to an average of $3,040. That’s an increase of $1,196, or $100 per month, just for not being attentive to the road!

Cheapest insurance quotes for young men

Thanks to the internet, there are a lot of ways to get affordable auto insurance quotes in Colorado, but the most prevalent ways are through a non-exclusive or independent agent, an exlusive agent like Liberty Mutual or State Farm, or direct either online or via phone. All three ways are similar, but shoppers should understand the differences in how they work.

Independent agents write business for many companies and can do rate comparisons with all of them. These types of agents can quote with many companies and give you more rate choices, which may provide you with the best chance of saving money. If they find a lower price, they simply switch companies in-house and that require little work on your part.

Exclusive agents are able to quote prices with a single company, two examples are a State Farm or Farmers agent. They are unable to provide a range of price quotes, so if finding the cheapest coverage is your goal, you will need to shop around.

The third way to buy auto insurance is direct which means you forego a local agent and buy direct either online or via phone. Shopping for auto insurance direct can be good for consumers who do not have a lot of assets and know more than average about what is covered and what is not.

What is the best way for finding cheap auto insurance for 20 year old guys in Colorado? The majority of people assume that buying direct results in the cheapest price because you bypass the middleman, but unfortunately, it’s not that cut and dried. And we’d like to say buying from an independent agent saves the most money due to increased selection, but again, it’s not necessarily true. In a lot of cases, exclusive agencies may have prices that independents and direct companies can’t touch.

Due to the large number of rating factors, the guaranteed way to ensure you are not overpaying is to obtain price quotes and compare them. To find the best rates, be sure to get rate quotes from independent agents, exclusive agents, and direct companies in order to find the best price. For a list of companies with online discounts, click here to view.