By: Ishan Mukhopadhyay Oct. 04, 2018
Raltin recently analysed car insurance policies for Pueblo, Colorado, which showed that the lowest premiums are paid by 68-year-old married female drivers, with insurance quotes starting at $373. On the other hand, the highest premiums are paid by 21-year-old single male drivers. The insurance quotes for this cohort begin at $932. Thus, a driver’s background can ensure a difference of at least $559, in premium rates. For this analysis, Raltin used data published by the Colorado Division of Insurance.
Car insurance premiums are based on the car model, coverage limits, deductible values, and the driver’s background. The vehicle chosen for this study is a 2012 Ford Fusion S FWD with a 2.5 liter Duratec L4 6-Speed Automatic Transmission engine. The comprehensive collision deductible chosen is $500. The underinsured motorist per occurrence limit ranges between $50,000 and $300,000, and the uninsured motorist per person limit between $25,000 and $100,000. The property damage limit chosen is $15,000. The per occurrence bodily injury limit ranges from $50,000 to $300,000, and the per person bodily injury limit from $25,000 to $100,000. All driver cohorts analyzed had a driving record of no accidents or traffic convictions in the past 3 years, and they drove 10–15 miles to work each way.
This Raltin analysis, conducted in terms of population cohorts, finds that the most expensive premium rate for 21-year-old single males is offered by American Hallmark Insurance at $7,091. Female drivers in the same age-group pay the second most expensive premiums. For this cohort of drivers, car insurance rates reach a maximum of $5,774 (offered by LM Insurance Corporation).
For 68-year-old married female drivers, who pay the lowest premiums among all the cohorts, the most inexpensive premium of $373 comes from Privilege Underwriters Reciprocal Exchange. The most expensive premium for this cohort is offered by LM Insurance Corporation, at $3,086.
The difference between the 25th and 75th percentile in insurance premiums shows how much a buyer can save by choosing the right insurance company. Raltin found that the greatest difference is for 21-year-old single male applicants, who can save as much as 77.23%. The second highest is for 21-year-old single female applicants, at 65.42%.
The following chart presents a comparison of prices for each cohort.
The table below lists the premiums for each cohort along with the companies that offer them.
|Cohort||Cheapest Car Insurance Companies in Pueblo, CO||Most Expensive Car Insurance Companies in Pueblo, CO||Car Insurance Companies Offering Median Rates in Pueblo, CO||25th Percentile of Car Insurance Premiums in Pueblo, CO||75th Percentile of Car Insurance Premiums in Pueblo, CO||Dollar Difference between 25th and 75th Percentiles||Percentage Difference between 25th and 75th Percentiles|
|21-year-old single male drivers||Privilege Underwriters Reciprocal Exchange ($932)||American Hallmark Insurance Company ($7,091)||Young America Insurance Company ($1,950)||The First Liberty Insurance Corporation ($1,480)||Safeway Insurance Company ($2,623)||$1,143||77.23%|
|35-year-old married male drivers||Shelter General Insurance Company ($395)||LM Insurance Corporation ($3,592)||Response Insurance Company ($1,090)||Progressive Direct Insurance Company ($823)||Unitrin Auto and Home Insurance Company ($1,360)||$537||65.25%|
|68-year-old married female drivers||Privilege Underwriters Reciprocal Exchange ($373)||LM Insurance Corporation ($3,086)||Liberty Insurance Corporation ($921)||National General Insurance Company ($723)||Farmers Alliance Mutual Insurance Company ($1,158)||$435||60.17%|
|21-year-old single female drivers||Privilege Underwriters Reciprocal Exchange ($751)||LM Insurance Corporation ($5,774)||AIG ($1,716)||The Cincinnati Insurance Company ($1,339)||National Farmers Union Property & Casualty Insurance Company ($2,215)||$876||65.42%|