By: Ishan Mukhopadhyay Nov. 15, 2018
“I’m satisfied with my auto insurance. I would not change it,” reported a satisfied insurance holder in response to a Raltin survey.
However, it is rather rare to find a completely satisfied consumer in the city of Colorado, where prices tend to drastically vary every year, making careful comparisons of recent policy prices by multiple providers necessary.
In a recent analysis on car insurance premiums in Arvada, Colorado, Raltin found that drivers can save between $501 and $895, depending on their choice of company.
Raltin calculates this savings value for each driver category by evaluating the difference between the median and cheapest prices. The lowest difference between the cheapest and median car insurance prices is $501 for 68-year-old married female drivers and the highest difference is $895 for 21-year-old single male drivers.
The analysis uses information from the Colorado’s Department of Regulatory Agencies, Division of Insurance. Many factors contribute to the estimation of a car insurance quote: for example, car model, coverage value, premium period, daily and annual mileage, driver age, and marital status. The car chosen for this survey is a 2012 Ford Fusion, four-door sedan S FWD, 2.5L duratec I4 engine, 6-speed automatic transmission. This study is based on the following criteria: property damage limit per accident is $50,000; bodily injury coverage per accident limit is $50,000; daily mileage is between 20 and 30 miles and the annual mileage is about 7,500 miles; comprehensive and collision deductible is $500; and medical payment coverage per accident is $5,000.
A company-wise analysis of car insurance prices reveals that Privilege Underwriters Reciprocal Exchange charges the cheapest premium of $836 for 21-year-old single male drivers. USAA General Indemnity Company offers a median premium of $1,731 for this cohort. In other words, this cohort can save $895 by choosing the right company. The second highest saving is $879 for 21-year-old single female drivers with a clean driving record. Privilege once again offers the cheapest premium for this cohort at $674.
Next, 21-year-old single male drivers save a significant $5,549 by buying the median insurance premium instead of the most expensive one. American Hallmark Insurance Company offers the most expensive premium of $7,280 for the same driver cohort. The median premium is offered by USAA at $1,731.
Among the four driver categories analyzed, Privilege offers the cheapest premium to 21-year-old single male drivers and 21-year-old single female drivers with no accident history, while Shelter General Insurance offers the cheapest to 35-year-old married male drivers and 68-years-old married women drivers.
The following graph compares premium rates across companies in Arvada, Colorado.
The following table compares car insurance premiums by key companies in Arvada, CO, along with the company names and the difference between the median and the cheapest or most expensive rates.
|Cohort||Cheapest Car Insurance Companies in Arvada, CO||Second Cheapest Car Insurance Companies in Arvada, CO||Median Car Insurance Companies in Arvada, CO||Second Most Expensive Car Insurance Companies in Arvada, CO||Most Expensive Car Insurance Companies in Arvada, CO||Difference b/w Cheapest and Median Prices||Difference in Price b/w Most Expensive and Median Prices|
|21-year-old single female drivers||Privilege Underwriters Reciprocal Exchange ($674)||Owners Insurance Company ($873)||American Family Insurance Company ($1,553)||LM Insurance Corporation ($6,072)||LM General Insurance Company ($6,312)||$879||$4,759|
|35-year-old married male drivers||Shelter General Insurance Company ($329)||Privilege Underwriters Reciprocal Exchange ($363)||Shelter Mutual Insurance Company ($948)||American Hallmark Insurance Company ($2,766)||LM General Insurance Company ($3,824)||$619||$2,876|
|21-year-old single male drivers||Privilege Underwriters Reciprocal Exchange ($836)||Owners Insurance Company ($1,023)||USAA General Indemnity Company ($1,731)||Metropolitan Property and Casualty Insurance Company ($4,248)||American Hallmark Insurance Company ($7,280)||$895||$5,549|
|68-year-old married women drivers||Shelter General Insurance Company ($324)||Privilege Underwriters Reciprocal Exchange ($340)||American Family Insurance Company ($825)||Bristol West Insurance Company ($1,586)||LM General Insurance Company ($3,411)||$501||$2,586|