Raltin’s analysis of the 2016 NAIC report found that car insurance premium rates can vary up to $260 between the median and the cheapest prices in Aurora, Colorado. The four companies with the highest market share according to the report are: State Farm Mutual Automobile Insurance Company, American Family Insurance Company, Progressive Preferred Insurance Company and Farmers Alliance Mutual Insurance Company. The biggest saves are for 68-year-old married females, who spend $260 less than the median rate, for investing in Progressive Preferred Insurance Company. The next biggest save for this cohort of drivers is made by buying insurance premium from Farmers Alliance Mutual Insurance Company, at $37 more than the median.
The vehicle chosen for the study is a 2012 Ford Fusion S FWD, 2.5 liter Duratec L4 Engine, 6-speed. The comprehensive collision deductible chosen is $500. The underinsured motorist per occurrence limit chosen is $50,000/$100,000/$300,000. The uninsured motorist per person limit chosen is $25,000/$50,000/$100,000. The property damage limit chosen is $15,000. The bodily injury per occurrence limit chose is $50,000/$100,000/$300,000. The bodily injury per person limit chosen is $25,000/$50,000/$100,000. All the driver segments analyzed had a driving record of no accidents or traffic convictions in the past 3 years, driving 10-15 miles to work each way.
The following table shows the 7 car insurance segments analyzed, the median premium rate for each segment, and the premiums charged by companies with the highest market share, in Aurora, CO. The figures reflect the difference between the premium values for respective companies, with the median premium value for the cohort. The boxes in light red reflect values that are higher than the median, and the ones in light green reflect values lower than the median.
|Cohort||Median||State Farm Mutual Insurance Company||American Family Insurance Company||Progressive Preferred Insurance Company||Farmers Alliance Mutual Insurance Company|
|35-year-old married males||$1865||$203||$423||$258||$177|
|68-year-old married females||$2126||$363||$343||$260||$37|
|21-year-old single males||$950||$112||$153||$131||$159|
|21-year-old single females||$1105||$184||$72||$27||$127|
State Farm Mutual Insurance Company: The premiums offered by this company are generally on the higher side of the median. The highest premium rate is for the 68-year-old married females’ cohort, at $363 more than the median. The least is for 21-year-old single females, at $112 more than the median.
American Family Insurance Company: The cheapest premiums offered by this company are for 21-year-old single females, at $72 more than the median. The most expensive are for 35-year-old married males, at $423 more than the median.
Progressive Preferred Insurance Company: As discussed above the cheapest premiums offered by this company at $260 less than the median, are for 68-year-old married females. The second cheapest are at $258, offered for 35-year-old married males.
Farmers Alliance Mutual Insurance Company: The cheapest premiums at $37 more than the median are offered for the 68-year-old married females’ cohort. This is followed by the cohort of 21-year-old single females at $127 more than the median.
The following chart compares car insurance premium rates of the four companies with the highest market share in Aurora, CO.