Wasting Money on Auto Insurance in Lakewood, CO? Here’s How to Save!

Cutting costs on Lakewood auto insurance is always nearly impossible for people who are new to buying insurance online. Consumers have so many choices that it can turn into a real challenge to compare prices in Lakewood.

It’s a good habit to compare prices yearly because prices change regularly. Just because you found the best price last year the chances are good that you can find a lower rate today. Starting right now, block out anything you think you know about auto insurance because we’re going to show you the quickest way to lower your annual insurance bill.

Choosing the best insurance company for you in Lakewood is not that difficult. If you currently have a car insurance policy, you should be able to cut costs considerably using this information. Nevertheless, Colorado car owners do need to learn the methods companies use to sell insurance online and take advantage of how the system works.

How insurance companies determine rates

It’s important that you understand the factors that play a part in calculating the price you pay for auto insurance. Knowing what influences your rates enables informed choices that can help you get big savings.

Shown below are a few of the “ingredients” auto insurance companies consider when setting your rates.

  • Older drivers save more – Young drivers in Colorado tend to be careless and easily distracted when driving so they pay higher auto insurance rates. If you’ve ever had to add a teen driver to your auto insurance policy can be very expensive. More mature drivers are more cautious drivers, statistically cause fewer accidents and receive fewer citations.
  • Car features impact rates – Purchasing a vehicle with an alarm system can save you a little every year. Anti-theft features like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping your vehicle from being stolen.
  • Women pay lower rates – The statistics show that men are more aggressive behind the wheel. However, don’t assume that women are better drivers. They both cause accidents in similar numbers, but the men cause more damage and cost insurance companies more money. Men also statistically get cited for more serious violations such as DWI and reckless driving.
  • Adjust deductibles and save – Deductibles for physical damage define the amount you are willing to pay out-of-pocket before a claim is paid by your company. Coverage for physical damage, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. Some examples of claims that would be covered would be running into the backend of another car, damage from fire, or theft. The higher the amount the insured has to pay upfront, the less your company will charge you for insurance.
  • Never let your coverage lapse – Driving without insurance is a misdemeanor and as a result your rates will increase for letting your coverage have a gap. And not only will insurance be more expensive, failure to provide proof of insurance might get you a license revocation or jail time.You may then be required to provide proof of insurance in the form of an SR-22 filing with the Colorado motor vehicle department to get your license reinstated.
  • Your job and insurance rates – Occupations like lawyers, executives and stock brokers have the highest rates in part from high stress levels and lots of time spent at work. On the other hand, occupations such as pilots, students and retirees get better rates.

Cheap Lakewood Auto Insurance Comparisons

There are several ways to compare auto insurance quotes, but one way is less time-consuming than others. You could spend your day discussing policy coverages with local insurance agents in Lakewood, or you could save time and use online quoting to get pricing more quickly.

Many insurance companies are enrolled in a marketplace that allows shoppers to complete one form, and every company provides a quote based on the submitted data. This system prevents you from having to do quote requests for each company.

To find out what other companies charge click to open in new window.

The one disadvantage to comparing rates this way is you don’t know exactly which providers to get pricing from. If you wish to select specific providers to compare rates, we put together a list of companies who write auto insurance in Colorado. Click here for list of insurance companies in Colorado.

It’s up to you how you get prices quotes, just make absolute certain that you use identical deductibles and coverage limits for every company. If each company quotes different deductibles it’s impossible to decipher which rate is best in Lakewood. Slightly different limits can result in a big premium difference. Keep in mind that getting more free quotes will improve the odds of getting lower pricing.

Lots of discounts mean lots of savings

Auto insurance companies don’t always advertise every available discount very clearly, so here is a list both well-publicized and the more hidden savings tricks you should be using.

  • Lower Rates for Military – Having a family member in the military may qualify for rate reductions.
  • Memberships – Affiliation with a qualifying organization is a good way to get lower rates when buying auto insurance.
  • College Student – Youth drivers who are attending college and do not have a car can receive lower rates.
  • Discounts for Safe Drivers – Safe drivers may receive a discount up to 45% less than less cautious drivers.
  • Pay Upfront and Save – If you pay your entire premium ahead of time instead of making monthly payments you may reduce your total bill.
  • Auto/Home Discount – If you insure your home and vehicles with the same insurance company you may earn at least 10% off all policies.

A little note about advertised discounts, some credits don’t apply to the overall cost of the policy. Most only apply to individual premiums such as medical payments or collision. So when it seems like adding up those discounts means a free policy, companies don’t profit that way.

To see a list of insurance companies with the best auto insurance discounts in Lakewood, click this link.

Situations that might require an agent

When buying coverage, there isn’t really a “perfect” insurance plan. Coverage needs to be tailored to your specific needs.

For instance, these questions could help you determine whether you will benefit from professional help.

  • Who is covered by my policy?
  • Are all vehicle passengers covered by medical payments coverage?
  • When would I need rental car insurance?
  • When does my teenage driver need to be added to my policy?
  • What is the difference between comprehensive and collision coverage?
  • Am I covered when driving someone else’s vehicle?
  • Do I benefit by insuring my home with the same company?
  • Do I need PIP coverage since I have good health insurance?

If you’re not sure about those questions then you might want to talk to an agent. To find lower rates from a local agent, complete this form.

Additional detailed information can be found at the Colorado DORA Division of Insurance website. Consumers can find disaster information, view agent and company licensing information, and download brochures.

Other informative sites include this page for Colorado auto insurance and this list of insurance agents in Lakewood, CO.

Do the work, save more money

As you shop your coverage around, it’s not a good idea to buy less coverage just to save a little money. In too many instances, an accident victim reduced full coverage only to regret at claim time that it was a big error on their part. Your focus should be to buy a smart amount of coverage at an affordable rate, not the least amount of coverage.

People change insurance companies for many reasons like unfair underwriting practices, delays in paying claims, an unsatisfactory settlement offer or lack of trust in their agent. It doesn’t matter what your reason, finding the right auto insurance provider is less work than it seems.

You just read some good ideas how you can compare auto insurance prices online. The key thing to remember is the more you quote, the better your comparison will be. Consumers could even find that the best prices are with the least-expected company.