According to The Zebra, an independent insurance comparison website, car insurance rates continue to rise steadily across the country, with the average rate up 28 percent over the past ten years. The site’s 2022 State of Auto Insurance report sifted through auto insurance pricing data to determine that the current national average rate for an “average” driver, a 30-year-old single male driver with a 2017 Honda Accord EX, is $1,529 a year.
The average rate in Colorado is slightly higher, at $1,687 a year. That actually represents an overall decrease from the year before. Colorado is one of 13 states that saw a slight decline in auto insurance rates in 2021, the site reports, while 37 states and the District of Columbia saw increases. Louisiana had the largest price jump – up 42 percent – making it the most expensive state in the nation for car insurance.
To keep ahead of surging costs, it’s important to shop around and understand how insurance companies come up with the rates they charge, which can vary widely from one person to the next and between vehicles, too. Insurance companies determine your rate based on a variety of factors, including what kind of car you drive, your driving record, and who you are — your age, marital status, even your credit score.
It’s tempting to respond to rate increases by reducing your coverage to the minimum required by law. But as we’ve pointed out in other posts, that’s a bad idea, for several reasons. A lack of uninsured motorist coverage, for example, can cost you dearly if you happen to be hit by a driver who carries no insurance. Rather than risk being underinsured, here are some of the suggestions the report offers for cutting down on your insurance costs:
THE CAR ACCIDENT LAWYERS AT FDAZAR
For more than thirty years the attorneys at Frank Azar Car & Truck Accident Lawyers have helped thousands of injured people obtain complete and timely compensation for their losses. Our proven track record and expertise in serious injury cases have allowed us to grow into the largest personal-injury law firm in Colorado, with offices in Denver, Aurora, Thornton, Fort Collins, Greeley, Colorado Springs, and Pueblo. If you’ve been injured in a bus, car, truck, or motorcycle accident, you may be entitled to compensation. Please call the car accident attorneys at FDAzar day or night or contact us here for a free consultation and no-obligation evaluation of your case.
