It’s a well-known fact that young drivers aged 18 to 24 pay more for car insurance. But did you know that in Denver they pay $200 more a year for it than drivers who are 35 to 44? Or that drivers with tickets and accidents in the Mile-High City pay $180 more each year than those with clean records?
Another surprising statistic related to Denver residents: those who own new cars built between 2015 and 2017 spend nearly $200 more per year on auto insurance than those with 2000-to-2004 models.
QuoteWizard discovered these and other interesting facts after surveying Denver drivers to see how much they spend on car insurance. We also asked them to share their age, gender, driving history, as well as vehicle year, make, and model.
Added together, that information paints a vivid picture of what a variety of the city’s inhabitants pay for auto policies. Keep reading to see how your rates compare to theirs, who has the cheapest car insurance in Denver, Colorado, and more.
Average Monthly Denver Car Insurance Rate
This year alone, the US has seen a large dip in gas prices. This has resulted in a spike in car insurance rates to compensate for the increase in vehicles on the road.
According to a AAA study on driving costs, insurance rates are up 9.6 percent so far in 2016, with the average American paying $1,222 per year. That’s a $107 increase from last year.
Along similar lines, the US Bureau of Labor Statistics recently reported that car insurance rates rose more than five percent between March 2015 and 2016.
Denver is no exception. The average driver here pays $134 per month, which comes out to around $1,608 per year—well above the national average.
Average Monthly rates in Denver= $134
The average Denver driver pays $134 per month on car insurance. But this takes into consideration the entire population of the city. Meaning it accounts for all factors, including age, gender, location, driving offences, and more.
For a more detailed account of the population, here’s how much residents of specific genders and ages spend on car insurance.
Men = $140
Men in Denver pay an average of $140 per month on car insurance. This is $6 more than the typical Denverite. The reason: Men are more reckless on the road than women. They also tend to get into more accidents.
Denver women pay about $129 per month on car insurance. This is $5 less than the average. Women tend to get in less accidents than men—so this data reflects this notion.
Rates by Age Group
Age plays a huge factor in determining auto insurance rates. Here’s what that means for Denver residents.
Aged 18-24 = $147
It shouldn’t be shocking to hear that 18- to 24-year-olds spend $156 more per year on car insurance than the average Denver driver. Insurers charge this age range higher rates because they have the least experience on the road. And, statistically, they get in the most number of accidents.
In fact, according to the Centers for Disease Control and Prevention, “People ages 15 to 24 represent only 14 percent of the US population. However, they account for 30 percent ($19 billion) of the total costs of motor vehicle injuries among males and 28 percent ($7 billion) of the total costs of motor vehicle injuries among females.”
Aged 25-34= $128
Luckily, as you get older, you start to see your insurance rates decrease. This holds true in Denver. Drivers there between the ages of 25 and 34 can expect to pay $19 less per month than 18- to 24-year-olds.
The idea is that as you get older and gain more experience driving, you’re less likely to rack up tickets and accidents on your record.
Aged 35-44= $129
While your rates decrease between ages 25 and 34, they tend to increase slightly around age 35. Possible factors? As you get older, you usually make more money. And a larger salary often means more money for nicer vehicles—hence higher premiums.
Aged 45-54= $137
People in the 45-to-54 age range follow the trend the 35- to 44-year-olds set for them. Meaning, their rates continue to increase. This age bracket pays $8 more per month than 25- to 34-year-olds, and only $10 less than 18- to 24-year-olds.
Possible explanations include this group purchasing nicer vehicles than their younger counterparts, as well as adding children to their insurance policies. Also, young drivers can be expensive to insure, as we’ve discovered from the 18-to-24 age range.
This age range’s average premium is in the same ballpark as its predecessors. Again, this likely is tied to the fact that getting older usually means someone has more experience on the road. But they also tend to buy more expensive vehicles, which ties into their higher rates.
The Cheapest Car Insurance Companies in Denver
Some of the factors used to determine car insurance rates include age, gender, occupation, vehicle location, place of residence, and more. And each company uses their own systems to aggregate this information into appropriate premiums.
For this reason, no two people and no two insurance companies will have the same rates. But you can expect to pay a similar amount to others in the same age range. And we’ve got the lowdown on how much Denverites of different ages will pay for car insurance.
Rates for 18-24 Year Olds
In the 18-to-24 age range, Progressive provides the cheapest car insurance in Denver at $115 per month, while Farmers provides the most expensive at $265. This is a monstrous $150 difference per month, or $1,380 per year.
This just goes to show there is a lot of variance among companies, especially when pricing premiums.
Rates for 25-34 Year Olds
You may have noticed that once you reach 25, your rates tend to decrease. This is true in the Mile-High City, as there is a $118 drop in Progressive premiums between the two age groups. There is also a $46 decrease among Liberty Mutual premiums, and a $44 decrease with Allstate rates.
Rates for 35-44 Year Olds
The 35- to 44-year-old age range tends to be a mixed bag. Some companies decreased rates from the previous age range, like Liberty Mutual, Farmers, and Progressive. Their rates decreased by $15, $36, and $12, respectively.
Rates for 45-54 Year Olds
Denver drivers between the ages of 45 and 54 also see a hodgepodge of rates. About half the companies’ rates increased from the 35-to-44 age range, while half decreased. Yet another example of how rates don’t always stay consistent, even among people of similar ages.
Rates for 55-64 Year Olds
With 55- to 64-year-olds, Progressive’s and Geico’s rates went down, while Allstate’s, Liberty Mutual’s, Nationwide’s, and Farmers’ rates increased. A possible reason for this: as you age, your reflexes tend to deteriorate, and that is reflected in your insurance premiums.
That said, it’s hard to make inferences with insurance, as so many elements play into determining a specific rate.
Denverites gave Liberty Mutual the highest company rating, while they gave Nationwide the lowest. This is accurately reflected by insurance company rates by age range. Liberty Mutual has the lowest rates for the 25-to-44 age range, for example. As for Nationwide, they consistently stayed in the top two for most expensive insurance companies in all age ranges.
The Real Cost of Tickets and Accidents for Denver Drivers
Having any type of blemish on your driving record is a surefire way to raise your car insurance rates. So it shouldn’t be a surprise to hear that drivers in Denver with bad driving records pay $180 more per year on auto insurance than those with clean driving records. Read on to see how much a driving violation can raise rates.
Drivers who reported tickets or accidents = 27 percent
Average monthly cost WITH tickets or accidents = $147
Average monthly cost WITHOUT tickets or accidents = $132
In Denver, 27 percent of drivers reported having tickets or accidents on their records. And they pay an average of $15 more per month and $180 more per year than those with clean records.
In Denver, 33 percent of the population reported being at fault during an accident. Only 24 percent reported not being at fault. And out of those accidents, 31 percent reported speeding and 11 percent reported DUIs.
The lesson to learn here: be careful while you’re driving, because even a small blemish on your record can significantly raise your rates. A drunk driving conviction can raise your insurance rates as high as a mortgage payment.
Rates by Age With Tickets or Accidents
Denver drivers between the ages of 18 and 24 pay an average of $183 per month for car insurance. This is $36 more per month than the average Denverite in this age range, and $432 more per year.
People with tickets and accidents on their records tend to pay at least $20 more on auto insurance than those with clean records. While this might not seem like a lot, it can add up fast. So save yourself the money and be a responsible driver. It can save you a lot in the long run.
Driving a Newer Car in Denver Costs More to Insure
In most cases, the newer the vehicle, the more expensive the car insurance. This certainly is the case in Denver. Here is how much a newer auto will cost you in terms of your premiums if you call the city home.
Rates by Age of Car
Owning a car built between 2015 and 2017 costs $34 more to insure in Denver than those built between 1990 and 1994. Also, 2015-to-2017 car models are the most expensive for the city’s inhabitants to insure overall.
Why? Newer cars are more of a target to theft, and cost more to repair. Insurers compensate for these factors by increasing car insurance rates.
Average Rates by Car Make and Model
The make and model of your car greatly affects your rates. Here’s how different ones stack up against each other in Denver.
Top 10 most common cars by rate
As expected, perhaps, a Volkswagen Jetta costs an average of $106 per month to insure while a BMW 3 Series costs $192. That’s an $86 difference.
Between a Subaru Outback SUV and a Ford F150, there’s a $28 difference. The reason being that pickup trucks like the F150 have a lot more horsepower than an SUV like the Outback or a sedan like the Chevrolet Impala.
Most Expensive Makes to Insure in Denver
The BMW, Mercedes, and Chrysler are all luxury vehicles. Hence why their premiums are slightly higher than the average sedan.
Denver's Cheapest Car Makes to Insure
Chevrolet, Toyota, and Volkswagen are the cheapest make to insure. Possible explanations are these companies tend to make smaller and less luxurious vehicles. This makes them less powerful, and less of a theft magnet.