Have you fallen victim to overpriced auto insurance? Trust us, there are lots of people in the same boat.
Drivers have so many insurers to buy insurance from, and even though it’s nice to have a selection, it can be more difficult to find a good deal.
It’s important to shop coverage around every six months because prices trend upward over time. Just because you had the best price a few years ago a different company probably has better rates today. There is too much inaccurate information about auto insurance online but I’m going to show you a lot of great tips on how to save money.
Buying car insurance in Boulder is not rocket science. If you currently have a car insurance policy, you should be able to cut costs considerably using this information. Nevertheless, Colorado drivers must comprehend how insurance companies price insurance differently because it can help you find the best coverage.
There are a variety of methods you can shop for auto insurance and some are less labor-intensive and much quicker. You can waste hours discussing policy coverages with insurance companies in Boulder, or you can utilize the web to get the quickest rates.
All the larger companies belong to a marketplace where insurance shoppers submit their information once, and each company can provide price quotes based on that information. This eliminates the need for form submissions to every company.
To compare rates using this form now click here to start a free quote.
One minor caviat to using this type of system is you cannot specify which carriers to get pricing from. So if you want to choose specific insurance companies to request quotes from, we have a listing of the cheapest auto insurance companies in Colorado. Click here for list of insurance companies in Colorado.
Whichever method you choose, double check that you are using identical coverages and limits for every company. If you compare unequal deductibles or liability limits it will be next to impossible to determine the lowest rate in Boulder. Having just a slight variation in coverages may result in large price differences. Keep in mind that comparing more company’s prices provides better odds of finding better pricing.
Companies that sell car insurance don’t always advertise every available discount very clearly, so we researched both well-publicized and the harder-to-find auto insurance savings.
It’s important to note that some of the credits will not apply to the overall cost of the policy. The majority will only reduce the cost of specific coverages such as liability and collision coverage. So when it seems like adding up those discounts means a free policy, it doesn’t quite work that way.
For a list of insurance companies with discount auto insurance rates in Colorado, follow this link.
Learning about specific coverages of auto insurance can help you determine the best coverages and the correct deductibles and limits. The terms used in a policy can be confusing and nobody wants to actually read their policy. Below you’ll find the usual coverages found on the average auto insurance policy.
Collision coverage – This coverage covers damage to your vehicle caused by collision with an object or car. A deductible applies and then insurance will cover the remainder.
Collision insurance covers claims such as sustaining damage from a pot hole, backing into a parked car, rolling your car, hitting a mailbox and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are older. You can also increase the deductible in order to get cheaper collision rates.
Coverage for medical expenses – Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses like funeral costs, rehabilitation expenses and doctor visits. The coverages can be used to fill the gap from your health insurance program or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. PIP is not universally available but can be used in place of medical payments coverage
Liability auto insurance – Liability coverage can cover injuries or damage you cause to people or other property. This insurance protects YOU against other people’s claims. Liability doesn’t cover damage to your own property or vehicle.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 50/100/50 which means a limit of $50,000 per injured person, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property.
Liability coverage pays for claims such as legal defense fees, attorney fees, repair bills for other people’s vehicles and repair costs for stationary objects. How much coverage you buy is a decision to put some thought into, but buy as large an amount as possible. Colorado requires drivers to carry at least 25,000/50,000/15,000 but you should think about purchasing more coverage.
Coverage for uninsured or underinsured drivers – This coverage provides protection when other motorists either are underinsured or have no liability coverage at all. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.
Since many Colorado drivers carry very low liability coverage limits (Colorado limits are 25/50/15), their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family.
Comprehensive auto insurance – Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for things like damage from getting keyed, damage from flooding, hail damage and fire damage. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
More detailed Colorado auto insurance information can be read at the Colorado DORA Division of Insurance website. Colorado drivers can download brochures, read consumer alerts, read state legal mandates and laws, and report car insurance fraud.
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When you buy insurance online, it’s not a good idea to skimp on coverage in order to save money. There are a lot of situations where an insured dropped collision coverage and discovered at claim time that they should have had better coverage. Your strategy should be to buy the best coverage you can find for the lowest price while not skimping on critical coverages.
Affordable auto insurance is available online and with local Boulder insurance agents, so you should compare both to have the best rate selection. There are still a few companies who do not offer you the ability to get quotes online and these regional insurance providers work with independent agents.
Throughout this article, we presented a lot of techniques to compare auto insurance prices online. The key concept to understand is the more companies you get rates for, the better your comparison will be. You may even find the lowest priced auto insurance comes from an unexpected company. Some small companies may only write in your state and offer lower rates than the large multi-state companies such as Allstate and Progressive.