2012 Chevrolet Colorado Insurance Rates

Looking for the cheapest insurance rates for your Chevrolet Colorado? Have you had enough of trying to scrape together enough money each month for car insurance? You are in the same boat as many other drivers.

Insurance companies such as State Farm, Farmers Insurance, GEICO and Allstate all claim big savings, bombarding you with fancy advertisements and consumers find it hard to ignore the flashy ads and find the best price available.

More discounts equal less premium

Auto insurance companies do not list all available discounts in an easy-to-find place, so we researched both the well known and the harder-to-find savings tricks you should be using.

  • Life Insurance – Companies who offer life insurance give better rates if you take out life insurance.
  • Safety Course Discount – Taking a driver safety course can save you 5% or more depending on where you live.
  • Good Students Pay Less – A discount for being a good student can get you a discount of up to 25%. The discount lasts well after school through age 25.
  • Passive Restraint Discount – Factory air bags and/or automatic seat belt systems can get savings of up to 25% or more.
  • Claim Free – Good drivers with no accidents pay much less compared to bad drivers.
  • Lower Rates for Military – Having a deployed family member could mean lower rates.
  • Paperwork-free – A few companies will give a small break just for signing your application over the internet.
  • Sign Early and Save – Some companies give discounts for switching policies before your current expiration date. It can save you around 10%.
  • Anti-theft Discount – Vehicles with anti-theft systems are stolen less frequently and earn discounts up to 10%.
  • Payment Method – By paying your policy upfront instead of paying each month you could save 5% or more.

A little note about advertised discounts, many deductions do not apply to the entire policy premium. Most only cut specific coverage prices like physical damage coverage or medical payments. Even though it may seem like all those discounts means the company will pay you, you won’t be that lucky.

Companies who might offer some of the above discounts include:

Before buying, ask all companies you are considering which discounts they offer. Some discounts might not be offered in your state.

Why you might be paying too much to insure your Chevy Colorado

Consumers need to have an understanding of the different types of things that go into determining insurance coverage rates. Knowing what controls the rates you pay allows you to make educated decisions that may reward you with much lower annual insurance costs.

  • More claims means more premium – Insurance companies award cheaper rates to people who do not rely on their insurance for small claims. If you are a frequent claim filer, you can expect either policy cancellation or increased premiums. Car insurance is intended to be relied upon for major claims that would cause financial hardship.
  • Your job and insurance rates – Jobs such as judges, business owners and dentists are shown to have the highest average rates in part from high stress levels and lots of time spent at work. Other occupations like actors, historians and the unemployed pay the least on Colorado coverage.
  • Your car’s features help determine rates – Purchasing a vehicle with a theft deterrent system can save you a little every year. Anti-theft features such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping car theft.
  • Don’t get talked into coverage you don’t need – There are quite a few add-on coverages that you can buy on your insurance coverage policy. Coverages like rental car reimbursement, towing coverage and motor club memberships are examples of these. These coverages may sound good when talking to your agent, but if you don’t need them get rid of them and save.
  • Consolidate policies to earn discounts – Many companies will give a discount to policyholders who have multiple policies with them, otherwise known as a multi-policy discount. Even with this discount, you still need to compare rates to make sure you are getting the best deal.

It’s not one size fits all

When choosing the right insurance coverage for your vehicles, there is no perfect coverage plan. Everyone’s situation is a little different so your insurance should reflect that These are some specific questions could help you determine whether or not you would benefit from professional advice.

  • Is my state a no-fault state?
  • What vehicles should carry emergency assistance coverage?
  • Is my nanny covered when driving my vehicle?
  • Exactly who is provided coverage by my policy?
  • Is a blown tire covered by insurance?
  • Does my car insurance cover rental cars?
  • How can I get high-risk coverage after a DUI?
  • Does my insurance cover damage caused when ticketed for reckless driving?

If you can’t answer these questions but a few of them apply then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area.

Is there deception in advertising?

Progressive, GEICO, Allstate and State Farm constantly bombard you with ads in print and on television. All the companies make an identical promise that you’ll save big if you switch your coverage to them. But how can every company say the same thing? It’s all in the numbers.

Different companies have a preferred profile for the type of driver that is profitable for them. For example, a profitable customer might be profiled as between 25 and 40, owns a home, and has a high credit rating. A driver who matches those parameters will get very good rates and as a result will probably save a lot of money.

Consumers who are not a match for these standards will have to pay higher rates and ends up with business not being written. The ads say “people who switch” but not “drivers who get quotes” save money. That is how companies can claim big savings. Because of the profiling, you absolutely need to get quotes from several different companies. It’s not possible to predict which company will fit your personal profile best.

Auto insurance specifics

Having a good grasp of your auto insurance policy aids in choosing the right coverages for your vehicles. The terms used in a policy can be confusing and coverage can change by endorsement. Listed below are typical coverage types available from auto insurance companies.

Uninsured/Underinsured Motorist coverage

Your UM/UIM coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important.

Medical payments coverage and PIP

Med pay and PIP coverage provide coverage for bills such as funeral costs, pain medications and prosthetic devices. The coverages can be used in conjunction with a health insurance policy or if you do not have health coverage. It covers all vehicle occupants as well as if you are hit as a while walking down the street. PIP is only offered in select states but can be used in place of medical payments coverage

Collision protection

This covers damage to your Colorado resulting from colliding with an object or car. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things like colliding with a tree, backing into a parked car and sustaining damage from a pot hole. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to choose a higher deductible in order to get cheaper collision rates.

Comprehensive coverage

Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims like damage from flooding, fire damage, theft, hitting a bird and rock chips in glass. The highest amount you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Auto liability insurance

This can cover injuries or damage you cause to other people or property in an accident. This coverage protects you against other people’s claims. It does not cover damage to your own property or vehicle.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 100/300/100 that means you have $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property.

Liability coverage protects against claims such as funeral expenses, medical services and repair costs for stationary objects. How much liability should you purchase? That is a decision to put some thought into, but consider buying as much as you can afford.

Best coverage at the best price

We’ve covered many ways to save on 2012 Chevy Colorado insurance. The key concept to understand is the more rate quotes you have, the higher the chance of saving money. Drivers may discover the lowest priced car insurance comes from a company that doesn’t do a lot of advertising. These smaller insurers may cover specific market segments cheaper than the large multi-state companies such as State Farm or Progressive.

When buying insurance coverage, don’t be tempted to reduce needed coverages to save money. There are a lot of situations where drivers have reduced uninsured motorist or liability limits and learned later they didn’t have enough coverage. Your focus should be to get the best coverage possible at a price you can afford, not the least amount of coverage.

Discount insurance can be found both online as well as from independent agents, so you should compare both in order to have the best chance of saving money. Some insurance companies don’t offer you the ability to get quotes online and many times these small insurance companies only sell through independent insurance agents.

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