By: Ishan Mukhopadhyay Oct. 02, 2018

Raltin’s recent analysis of car insurance rates for Lakewood, Colorado, revealed that drivers can save between $544 and $993 depending on the insurance companies they choose. The greatest difference between the cheapest and median car insurance prices, at $993, was for 21-year-old single male drivers. Privilege Underwriters Reciprocal Exchange offers the cheapest premium for this group at $821, while the median-priced policy at $1,814 is offered by Unitrin Auto and Home Insurance Company.

Car insurance premiums are determined by 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 is set at $500, the underinsured motorist per occurrence limit ranges between $50,000 and $300,000, and the uninsured motorist per person limit is 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 is between $25,000 and $100,000. All the driver cohorts analyzed had a driving record of no accidents or traffic convictions in the past 3 years and drove 10–15 miles to work each way.

A comparative analysis of car insurance prices based on driver backgrounds revealed that for 21-year-old single female drivers, the cheapest premium is offered by Privilege Underwriters at $662. The median rate for this cohort, offered by Amica Mutual, is $1,622. Thus, drivers belonging to this demographic, can potentially save $960.

For 35-year-old married male drivers, the most expensive premium is offered by LM Insurance Corporation at $7,526. Drivers can save up to $2,910 by buying the median-priced premium for this cohort, priced at .

The Raltin survey also found that for all four of the driver cohorts analyzed, Privilege Underwriters Reciprocal Exchange offers the cheapest premiums. On the other hand, LM Insurance Corporation offers the most expensive premiums for 3 of the 4 cohorts.

The following graph compares car insurance across key companies for Lakewood, CO.

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The following table compares the car insurance premiums among key companies in Lakeweood, Colorado. In addition, the table also lists the differences between the median and cheapest or most expensive rates, offered by these companies.

CohortCheapest Car Insurance Companies in Lakewood, COSecond Cheapest Car Insurance Companies in Lakewood, COMedian Car Insurance Companies in Lakewood, COSecond Most Expensive Car Insurance Companies in Lakewood, COMost Expensive Car Insurance Companies in Lakewood, CODifference between the Cheapest and Median PricesDifference between the Most Expensive and Median Prices
68-year-old married female driversPrivilege Underwriters Reciprocal Exchange ($335)Shelter General Insurance Company ($369)ANPAC ($879)American Hallmark Insurance Company ($2,520)LM Insurance Corporation ($3,439)$544$2,560
35-year-old married male driversPrivilege Underwriters Reciprocal Exchange ($358)Shelter General Insurance Company ($375)Bristol West Insurance Company ($1,007)American Hallmark Insurance Company ($2,885)LM Insurance Corporation ($3,917)$649$2,910
21-year-old single female driversPrivilege Underwriters Reciprocal Exchange ($662)United Services Automobile Association ($822)Amica Mutual Insurance Company ($1,622)American Hallmark Insurance Company ($6,019)LM Insurance Corporation ($6,510)$960$4,888
21-year-old single male driversPrivilege Underwriters Reciprocal Exchange ($821)United Services Automobile Association ($908)Unitrin Auto and Home Insurance Company ($1,814)LM Insurance Corporation ($6,633)American Hallmark Insurance Company ($7,526)$993$5,712


ABOUT THE AUTHOR

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Ishan Mukhopadhyay

Ishan has over 5 years of experience as a freelance journalist and a content writer. He graduated from The English and Foreign Languages University and holds a Masters degree from the University of Hyderabad. Apart from the English language, Ishan's other passion is data driven journalism.

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