Who Has the Cheapest Car Insurance Rates in Highlands Ranch?
Highlands Ranch, CO was established as its own entity just under 30 years ago. Twelve miles south of Denver, Highlands Ranch is a suburb of Mile High City. It has a population of over 96,700 as of the 2010 census. Out of that population, 73.2% of residents aged 16 and older have jobs. They also have similar commute times to the rest of the nation, taking 25.5 minutes to get to work, which is just under the national average of 26.6 minutes.
What are the Insurance Requirements in Highlands Ranch?
Drivers in Colorado are required to carry motor vehicle insurance to drive legally. The minimum requirements are as follows:
Although the minimum requirements legally get you on the road, the coverage could be inadequate. The coverage only offers payments for those who suffer losses in an accident. There is no coverage for the at-fault driver’s vehicle or personal property. Also, the coverage might not cover all the expenses incurred in the accident. If this is the case, the at-fault driver might have to cover the overage out of his own pocket.
Most Expensive and Least Expensive Insurance Rates by Zip Code
Cheap Car Insurance in Highlands Ranch by Insurer
The least expensive policies in the state come from GEICO. A minimum coverage policy starts at $335, while a full-coverage policy starts at $813. The next least expensive insurance company is State Farm with a minimum coverage premium of $356 and full coverage that starts at $1,241. Drivers who are searching for insurance coverage should not just consider the price, but also look at the company’s track record with paying claims as well as the customer service experience.
Low Cost Auto Insurance for Bad Credit in Highlands Ranch
The state of Colorado allows insurance companies to take potential insured drivers’ credit ratings into consideration when providing insurance quotes. This means that a driver with an excellent credit score will get better rates than a driver with a blemished credit history. Full coverage premiums for drivers with less-than-perfect credit can range from a low of $1,469 from GEICO to $3,839 from Farmers Insurance. For those with credit issues, shopping around is essential to ensure you find the best and most affordable policy.
Differences Between the Two Main Coverages
What is Liability Only Coverage?
Liability-only coverage is the cheapest option for automobile insurance. This coverage level only covers vehicles that are not at fault in an accident. Thus, if you carry liability-only coverage and cause an accident, the other driver will be covered by your policy. Any damage done to your car must be covered out of pocket, if at all.
Another way to think of liability insurance is that it protects you from claims made by another driver. Without the protection of insurance, you might be sued if you were to collide with another vehicle.
What is Full Coverage?
Full Coverage is a commonly used term which covers more than just the damage you might cause in an accident, or the coverage you are liable for. If your policy covers your liability to another vehicle, the damage done to your vehicle (collision insurance), and any incidental damage done to your car by any non-auto elements (comprehensive coverage), then you have a policy that is indeed full coverage. If you have a new car, you may wish to cover it with such a policy, as you might want the peace of mind that any damage will be covered by insurance.
What You Need to Know About the Differences Between the Car Insurance Types
The difference between full and liability coverage is quite dramatic. With liability, insurers gamble that they will only have to pay for one car in an accident. With a comprehensive or full coverage policy, insurance companies know that they are taking on more liability exposure and so their rates reflect the increased risk. In the case of a comprehensive policy, they might even have to cover claims for damages that don’t arise from a traffic incident.
Average Annual Car Insurance Rates in Colorado by City
Check Out Car Insurance Companies in Highlands Ranch and Reviews
Helpful Highlands Ranch, Colorado Vehicle Resources:
Live Traffic Accidents by City
DMV (Find Locations, Vehicle Registration, Titles and Insurance Info)