By: Ishan Mukhopadhyay Nov. 13, 2018
In its recent analysis on car insurance policies in Boulder, CO, Raltin shows that married male drivers pay the lowest premium of $318, whereas 21-year-old single male drivers incur the most expensive premium of $6,435. To conduct the study, Raltin uses data published by the Colorado Department of Regulatory Agencies Division of Insurance.
Car insurance premiums are based on factors such as car model, driver age, coverage limit, deductible value, annual miles, and marital status. The vehicle chosen for the study is a 2012 Ford Fusion S FWD, 2.5 liter Duratec L4 Engine, 6-speed car. In addition, the following assumptions are made: the underinsured motorist per occurrence limit ranges between $50,000 and $3,00,000; the uninsured motorist per person limit is $25,000, $50,000, or $100,000; the property damage limit is $50,000; the per occurrence bodily injury limit ranges from $50,000 to $300,000; the bodily injury per person limit is $25,000, $50,000, or $100,000. In addition, the age range for all driver segments is between 21 and 68 years. Further, all drivers have a clean driving history and no accident record in the past three years. The drivers report driving about 30 miles to and from work every day.
35-year-old married male drivers: For this cohort, the cheapest premium starts from $318 and is offered by Shelter General Insurance Company, whereas the most expensive premium is $3,046 offered by LM General Insurance Company. The difference between the 75th and 25th percentiles in insurance premium is $369.
68-year-old married women drivers: Among all the cohorts, this driver group has the lowest difference between the 25th and 75th percentile at $296. Shelter General Insurance offers the cheapest insurance premium ($313) and LM General Insurance Company quotes the most expensive premium ($2,674).
21-year-old single male drivers: Privilege Underwriters Reciprocal Exchange offers the cheapest premium of $801 for this cohort and American Hallmark Insurance Company provides the most expensive premium at $6,435. The median premium for this cohort is Hartford Fire Insurance Company’s $1,602 . This cohort reports the highest savings between the 75th and 25th percentile at $723.
21-year-old single female drivers: For this cohort of young drivers, Privilege Underwriters Reciprocal Exchange offers the cheapest premium at $644 and American Hallmark Insurance company provides the most expensive premium at $5,113. The median premium for this category of drivers is Amica Mutual Insurance’s $1,391. The difference between the 75th and 25th percentile in insurance premiums is $612.
The following chart compares the prices for each cohort.
|Cohort||Cheapest Car Insurance Companies in Boulder, CO||Most Expensive Car Insurance Companies in Boulder, CO||Car Insurance Companies Offering Median Premium in Boulder, CO||25th Percentile of Car Insurance Premiums in Boulder, CO||75th Percentile of Car Insurance Premiums in Boulder, CO||Dollar Difference between 25th and 75th Percentiles||Percentage Difference between 25th and 75th Percentiles|
|21-year-old single female drivers||Privilege Underwriters Reciprocal Exchange ($644)||American Hallmark Insurance Company ($5,113)||Amica Mutual Insurance Company ($1,391)||IDS Property Casualty ($1,115)||Encompass Indemnity Company ($1,727)||$612||54.89%|
|35-year-old married male drivers||Shelter General Insurance Company ($318)||LM General Insurance Company ($3,046)||Amica Mutual Insurance Company ($865)||SECURA Supreme Ins. Co. ($654)||State Farm Mutual Insurance Company ($1,023)||$369||56.42%|
|21-year-old single male drivers||Privilege Underwriters Reciprocal Exchange ($801)||American Hallmark Insurance Company ($6,435)||Hartford Fire Insurance Company ($1,602)||SECURA Ins. A. Mut. Co. ($1,253)||State Farm Fire and Casualty Company ($1,976)||$723||57.7%|
|68-year-old married women drivers||Shelter General Insurance Company ($313)||LM General Insurance Company ($2,674)||Country Preferred Insurance Company ($753)||California Casualty Indemnity Exchange ($588)||State Farm Fire and Casualty Company ($884)||$296||50.34%|
The Raltin survey received a multitude of responses from insurance customers. Among them, one consumer wrote “I’m satisfied with my auto insurance. I do not intent to change it.” Such high level of satisfaction toward an insurance policy is rare to find. Nevertheless, before deciding on the most suitable policy, it is import to carefully compare policies offered by other providers in the state.