Area cities rank tops for cheaper car coverage
Last Updated: 16:58 June 30, 2014
Research firm ValuePenguin.com conducted a study of auto insurance rates in the state to benchmark the average cost of car insurance in each city and identify the least and most expensive cities. The results showed that costs can vary almost 50 percent from the cheapest to the most expensive city surveyed.
Fort Collins ranked as the cheapest place to live in terms of car insurance, according to the survey. Policy holders pay an average of $1,002 a year there, 16 percent less than the statewide average of $1,186. Loveland came in second cheapest at $1,026 a year, followed by LaPorte at $1,046, Windsor at $1,059 and Longmont at $1,064.
The region dominated the next ten positions as well, with Johnstown placing sixth, Niwot seventh, Greeley eighth, Lafayette 10th, Berthoud 11th, Boulder 13th and Estes Park 15th.
Costs in No. 20 Frederick and No. 26 Broomfield came in higher than the state average.
Denver was rated most expensive for buying car insurance, at an average of $1,382 a year, about 17 percent more than the state average. It’s followed by Pueblo at $1,369, Bailey at $1,346, Aurora at $1,345 and Commerce City at $1,340.
ValuePenguin based its study on the auto insurance rates for a 30-year-old male driving in 76 cities in Colorado. He owns his own home and drives a 2010 Toyota Camry (base sedan) about 12,000 miles a year to and from work for the most part. He has had a clean driving and traffic record for the past five years and a good credit history as well.
The rates are based on roughly twice the insurance coverage mandated by the state of Colorado. Colorado requires auto insurance with a minimum of bodily injury protection of $25,000 per person up to $50,000 per accident, and $15,000 for property damage per accident. Included in the study are 15 national insurers such as GEICO, Progressive and State Farm.
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