Best Ways to Save on Miami Chevy Colorado Insurance

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Discount Chevy Colorado insuranceThe best way we recommend to get budget Chevy Colorado insurance is to compare prices at least once a year from different companies that sell auto insurance in Miami.

  1. Spend some time learning about how car insurance works and the modifications you can make to keep rates low. Many risk factors that drive up the price like high-risk driving behaviors and poor credit can be rectified by being financially responsible and driving safely.
  2. Request rate estimates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give rate quotes from one company like GEICO or Farmers Insurance, while independent agencies can quote prices from multiple insurance companies.
  3. Compare the new rate quotes to your existing policy to see if cheaper Colorado coverage is available in Miami. If you can save some money and change companies, make sure coverage is continuous and does not lapse.
  4. Provide proper notification to your current company to cancel the current policy and submit a signed application and payment for the new coverage. Be sure to put the proof of insurance paperwork in an easily accessible location.

A key point to remember is to make sure you're comparing the same physical damage deductibles and liability limits on each price quote and and to get quotes from as many carriers as you can. Doing this enables a fair price comparison and many rates to choose from.

A recent auto insurance study discovered that over 70% of consumers have remained with the same auto insurance company for a minimum of four years, and almost half have never even compared rates from other companies. U.S. consumers can save hundreds of dollars each year just by shopping around, but they just don't understand the benefits if they switched.

Finding the cheapest car insurance coverage in Miami is really quite simple as long as you have a good starting point. If you have car insurance now, you should be able to save money using this strategy. Vehicle owners just need to use the proper way to compare rate quotes online.

Facts and figures for Chevy Colorado insurance

The coverage information below highlights a range of prices for Chevy Colorado models. Learning a little about how car insurance premiums are determined can help customers make smart choices when selecting a policy.

Chevrolet Colorado Insurance Rates in Miami, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Colorado LT 2WD $186 $380 $400 $24 $120 $1,110 $93
Colorado LT Extended Cab 2WD $220 $462 $400 $24 $120 $1,226 $102
Colorado LT 4WD $220 $380 $340 $20 $102 $1,062 $89
Colorado LT Crew Cab 2WD $220 $462 $400 $24 $120 $1,226 $102
Colorado LT Extended Cab 4WD $220 $380 $340 $20 $102 $1,062 $89
Colorado LT Crew Cab 4WD $252 $462 $340 $20 $102 $1,176 $98
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Data variables include married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Prices do not factor in specific garaging location which can impact premium rates greatly.

Higher deductibles lower rates

When buying insurance, a common question is which comprehensive and collision deductibles to buy. The rates below can help you visualize the premium difference between high and low insurance deductibles. The first rate comparisons uses a $250 deductible for comprehensive and collision coverage and the second data table uses a $1,000 deductible.

Chevrolet Colorado insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Colorado LT 2WD $240 $446 $418 $24 $124 $1,277 $106
Colorado LT Extended Cab 2WD $280 $544 $418 $24 $124 $1,415 $118
Colorado LT 4WD $280 $446 $354 $20 $106 $1,231 $103
Colorado LT Crew Cab 2WD $280 $544 $418 $24 $124 $1,415 $118
Colorado LT Extended Cab 4WD $280 $446 $354 $20 $106 $1,231 $103
Colorado LT Crew Cab 4WD $322 $544 $354 $20 $106 $1,371 $114
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Chevrolet Colorado insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Colorado LT 2WD $148 $280 $418 $24 $124 $994 $83
Colorado LT Extended Cab 2WD $174 $342 $418 $24 $124 $1,082 $90
Colorado LT 4WD $174 $280 $354 $20 $106 $934 $78
Colorado LT Crew Cab 2WD $174 $342 $418 $24 $124 $1,082 $90
Colorado LT Extended Cab 4WD $174 $280 $354 $20 $106 $934 $78
Colorado LT Crew Cab 4WD $200 $342 $354 $20 $106 $1,022 $85
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Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Estimates do not factor in specific location information which can raise or lower insurance rates greatly.

Based on the figures above, using a $250 deductible costs approximately $26 more each month or $312 each year than choosing the higher $1,000 deductible. Due to the fact that you would have to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you usually have more than 29 months between claims, you would save more money if you elect the higher deductible.

Cost of full coverage

The illustration below shows the difference between Chevy Colorado car insurance rates with and without full coverage. The price estimates are based on a clean driving record, no claims, $500 deductibles, marital status is single, and no discounts are factored in.

Are you wasting money paying for full coverage?

There is no specific rule to delete physical damage insurance, but there is a broad guideline. If the yearly cost of full coverage is more than about 10% of the vehicle's replacement cost less your deductible, then you may want to consider only buying liability coverage.

For example, let's say your Chevy Colorado replacement cost is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $6,000 after the deductible is paid. If premium cost is more than $600 annually to have full coverage, then it could be time to drop full coverage.

There are some conditions where dropping full coverage is not advised. If you still owe a portion of the original loan, you have to keep full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not drop full coverage.

Informed Consumers Know How to Get Car Insurance Cheaper

Many factors are considered when you quote your car insurance policy. Some factors are common sense such as your driving record, but others are less obvious like your continuous coverage or how financially stable you are. Smart consumers have a good feel for some of the things that aid in calculating car insurance rates. If you know what determines base rates, this empowers consumers to make smart changes that may result in lower car insurance prices.

The items below are a partial list of the pieces car insurance companies consider when setting your rates.

  • Low deductibles mean high premiums - The deductibles you choose define the amount the insured will be required to pay before your car insurance pays a claim. Physical damage protection, also known as collision and other-than-collision, covers damage that occurs to your car. Some examples of covered claims would be rear-ending another vehicle, animal collisions, and damage caused by road hazards. The more you are required to pay out-of-pocket, the better rate you will receive.
  • Getting married reduces risk - Having a spouse may cut your premiums on car insurance. It demonstrates that you tend to be less irresponsible and it's proven that married drivers get in fewer accidents.
  • Better credit means lower rates - Having a bad credit score is a large factor in calculating your car insurance rates. If your credit rating is low, you could pay less to insure your Chevrolet Colorado by taking the time to improve your credit score. People with high credit scores tend to file fewer claims and have better driving records than drivers with worse credit.
  • Driving citations drive up premiums - Your driving citation history influences premium rates substantially. Having just one citation may increase your cost by twenty percent. Drivers with clean records tend to pay less for car insurance compared to bad drivers. People who have license-revoking citations such as DUI, reckless driving or excessive speeding may find they need to file a SR-22 with the DMV in their state in order to drive a vehicle legally.

    The chart below demonstrates how citations and at-fault claims can affect Chevy Colorado car insurance rates for each age group. The price estimates are based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no other discounts are factored in.

  • The more you drive the more you pay - The more you drive your Chevy in a year the more you'll pay to insure it. Most companies charge rates determined by how the vehicle is used. Autos that do not get driven very much cost less to insure than those used for commuting. It's a good idea to make sure your car insurance coverage states how each vehicle is driven, because improper ratings can cost you money. Incorrect rating for your Colorado may be wasting your money.
  • Vehicle theft costs us all - Purchasing a vehicle with a theft deterrent system can get you a discount on your car insurance. Systems that thwart thieves such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack can thwart car theft and help bring rates down.
  • Always keep your coverage in place - Driving without insurance coverage in place is illegal and you will pay a penalty because you let your insurance expire. And not only will your rates increase, the inability to provide proof of insurance might get you fines or a revoked license. You could then be forced to prove you have insurance by filing a SR-22 with the Florida motor vehicle department.
  • Is your vehicle built for speed? - The performance level of the vehicle you need to insure makes a substantial difference in your auto insurance rates. Low performance passenger cars normally have pretty low rates, but there are many factors that impact the final cost.

    The following chart assumes a married male driver age 20, full coverage with $1000 deductibles, and no discounts or violations. It illustrates Chevrolet Colorado insurance premiums compared to other vehicles that have a range of performance risks.

  • Chevy Colorado claim statistics - Companies use historical loss data to help calculate premium prices. Models that historically have a trend towards higher claims will be charged more to insure. The next table illustrates the historical loss data for Chevy Colorado vehicles.

    For each coverage category, the loss probability for all vehicles, regardless of make or model, equals 100. Numbers below 100 mean the vehicle has better than average losses, while percentage values above 100 point to more losses or tendency to have higher losses.

    Auto Insurance Loss Data for Chevrolet Colorado Models
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Chevrolet Colorado Crew Cab 2WD 73 57 64
    Chevrolet Colorado Crew Cab 4WD 90 89 86 67
    Chevrolet Colorado Ext Cab 2WD 55
    Chevrolet Colorado Ext Cab 4WD 67

    Empty fields indicate not enough data collected
    Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Shop around and save

When buying insurance coverage, never reduce coverage to reduce premium. There are many occasions where drivers have reduced uninsured motorist or liability limits and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your objective should be to buy enough coverage for the lowest cost, but don't skip important coverages to save money.

We just presented a lot of information how to save on Chevy Colorado insurance in Miami. The most important thing to understand is the more rate comparisons you have, the better your chances of lowering your premium rates. Consumers could even find that the lowest auto insurance rates come from a lesser-known regional company. Some small companies can often insure niche markets at a lower cost than their larger competitors like GEICO and State Farm.

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