The words “affordable” and “insurance” really don’t belong together, specifically when you are looking for the best coverage prices for low credit scores. In an attempt to save some money, let’s familiarize you with a few of the factors that significantly impact auto insurance rates, and find a way to reduce the cost of the next policy you buy.
The car, truck, or SUV to be insured is one of the largest considerations in finding low-cost car insurance for low credit scores. Vehicles with reasonable performance levels, a plethora of safety features, or a positive history of liability claims will cost significantly less to insure than high performance models.
The information below outlines insurance costs for the most affordable vehicles to insure in Colorado.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 2WD | $1,404 |
| Toyota Prius | $1,520 |
| Honda CR-V LX 4WD | $1,549 |
| Chevrolet Impala LT | $1,625 |
| Volkswagen Jetta S 4-Dr Sedan | $1,635 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $1,681 |
| Chevrolet Silverado LTZ Crew Cab 4WD | $1,742 |
| Chevrolet Equinox LTZ 2WD | $1,749 |
| Chevrolet Silverado 3500HD LT Crew Cab 2WD | $1,773 |
| Toyota Tacoma Double Cab 4WD | $1,779 |
| Chevrolet Malibu Hybrid | $1,788 |
| Toyota RAV4 Limited 4WD | $1,779 |
| Dodge Grand Caravan Hero | $1,785 |
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Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Estimates do not factor in specific location information which can impact prices significantly.
Based upon the rates shown, we can presume that models like the Ford Escape, Toyota Prius, Honda CR-V, and Chevrolet Impala are likely to be some of the less-costly vehicles to insure for bad credit.
For bad credit, one of the big considerations that are looked at to help calculate the annual cost of car insurance is where you call home in Aurora. Regions with more people or even just more weather-related claims are more likely to have higher rates, whereas areas with less people or fewer weather incidents have the gratification of cheaper auto insurance rates.
The illustration below rates the most expensive cities in Colorado for low credit scores to buy car insurance in. Aurora is ranked #3 having an annual price of $1,375 for the average insured, which is about $115 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Pueblo | $1,397 |
| 2 | Denver | $1,397 |
| 3 | Aurora | $1,375 |
| 4 | Northglenn | $1,329 |
| 5 | Commerce City | $1,328 |
| 6 | Ken Caryl | $1,326 |
| 7 | Lakewood | $1,324 |
| 8 | Colorado Springs | $1,316 |
| 9 | Littleton | $1,306 |
| 10 | Security-Widefield | $1,304 |
| 11 | Thornton | $1,281 |
| 12 | Centennial | $1,278 |
| 13 | Arvada | $1,269 |
| 14 | Castle Rock | $1,261 |
| 15 | Brighton | $1,247 |
| 16 | Westminster | $1,246 |
| 17 | Highlands Ranch | $1,241 |
| 18 | Parker | $1,220 |
| 19 | Broomfield | $1,215 |
| 20 | Boulder | $1,171 |
| 21 | Longmont | $1,144 |
| 22 | Grand Junction | $1,120 |
| 23 | Greeley | $1,110 |
| 24 | Fort Collins | $1,100 |
| 25 | Loveland | $1,096 |
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Rate quotes are approximated as specific location information can alter prices greatly.
Determining which companies have the cheapest auto insurance rates for low credit scores will require a little more effort than just getting one or two price quotes. Every car insurance company has a proprietary method for determining rates in each state, so let’s rank the overall cheapest auto insurance companies in Aurora, CO.
It’s a good idea to be aware that Aurora auto insurance rates are calculated based on many things that can increase the price you have to pay. Simply turning a year older, buying a home instead of renting, or getting caught speeding can trigger changes in premium that can make some companies more affordable than before.
Best Car Insurance Prices in Colorado
The Hartford may offer some of the cheapest car insurance rates in Aurora at around $850 annually. This is $728 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Travelers would also make the list of some of the best Aurora, CO insurance companies.
As depicted above, if you buy coverage from Grange and switched to The Hartford, you may realize a yearly price reduction of about $137. Insureds with USAA may save as much as $149 a year, and Nationwide insureds might see rate reductions of $271 a year.
To find out how much you can save, click here to get quotes or quote prices from the following companies.
Bear in mind that those premium estimates are averages for all types of insureds and vehicles and and are not figured with an exact zip code location for low credit scores. So the car insurance company that fits your age and vehicle best may not even be in the list above. That underscores the importance of why you need to get rate quotes using your own driver and vehicle profiles.
Rate comparison of full coverage and liability-only
Paying a lower price for auto insurance is probably important to the majority of people, and one common way to pay lower rates for insurance for low credit scores is to not pay for full coverage. The chart below shows the difference between car insurance rates with full physical damage coverage and with liability coverage only. The data is based on no claims or violations, $500 deductibles, marital status is single, and no discounts are factored in.
If we average the cost for ages 20 through 70, full coverage on your policy costs an extra $2,209 per year over and above liability coverage. That may make you wonder if buying full coverage is worth the expense. There is no set guideline for excluding physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your vehicle’s replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $7,000 after the policy deductible has been paid. If you are paying in excess of $700 annually for full coverage, then you might consider buying liability only.
How careless driving impacts Aurora auto insurance rates
The easiest method to score affordable auto insurance prices for bad credit is to drive carefully and avoid at-fault accidents and violations. The chart below shows how traffic citations and at-fault fender-benders influence insurance rates for different age categories. The prices are based on a single female driver, comp and collision included, $100 deductibles, and no other discounts are factored in.
The chart shows that the average cost of car insurance in Aurora per year with no accidents or violations is $2,600. Get written up for two speeding tickets and the average cost increases to $3,501, an increase of $902 each year. Then add in two accidents along with the two speeding tickets and the 12-month cost of auto insurance for low credit scores jumps again to an average of $6,682. That’s an increase of $4,082, or $340 per month, just for not being more responsible behind the wheel!
How to find economical auto insurance for low credit scores
Here are a few money-saving solutions that can help Colorado drivers get lower-cost coverage.
- Pay less by remaining claim-free
- Vehicles with safetly features generally cost less to insure
- Do not pay for full coverage if not needed
- Bundle car and home insurance and save money
- Keep your driving record clean
- Avoid accidents
- Compare prices frequently to find the best deal
The final tip is notably necessary, as we pointed out in this write-up. Prices go up and down frequently, so don’t be afraid to buy a policy from a new company if a lower price can be found. We understand brand loyalty, but it isn’t a good idea if your bullheadedness ends up costing you potentially thousands of dollars a year. In just a few minutes you could shop around and find cheaper car insurance for low credit scores in Aurora.