I really doubt anyone looks forward to buying auto insurance, especially when they are aware that the cost is too high.
A recent auto insurance study discovered that almost 70% of drivers have remained with the same auto insurance company for a minimum of four years, and about 40% of consumers have never taken the time to shop around. Consumers in Colorado could save as much as 35% each year by just comparing quotes, but they don’t understand how simple it is to find lower-cost auto insurance rates.
How to find low-cost Jaguar XK insurance in Colorado Springs
The preferred way to get low-cost Jaguar XK insurance in Colorado Springs is to do a yearly price comparison from providers that insure vehicles in Colorado. You can shop around by following these steps.
- First, spend a few minutes and learn about how auto insurance works and the changes you can make to drop your rates. Many rating factors that cause rate increases such as inattentive driving and a substandard credit score can be remedied by improving your driving habits or financial responsibility. This article gives more ideas to help find cheaper rates and find missing discounts.
- Second, get rate quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only provide price estimates from one company like GEICO and Allstate, while independent agents can quote rates from multiple companies.
- Third, compare the new rate quotes to your existing rates and see if you can save money. If you can save money and make a switch, make sure coverage is continuous and does not lapse.
The most important part of this process is to use identical coverages on each quote request and and to get price estimates from as many auto insurance providers as possible. Doing this guarantees a fair price comparison and a better comparison of the market.
Lots of insurers contend for your insurance dollar, so it can be very hard to choose a company and uncover the absolute best price available on Jaguar XK insurance in Colorado Springs.
If you currently have a car insurance policy, you will definitely be able to find the best rates using the ideas covered in this article. Locating the best rates in Colorado Springs can be easy if you know a few tricks. But Colorado consumers benefit from understanding the way insurance companies set your policy premium and use this information to your advantage.
Insurance Rate Influencing Factors
Lots of factors are part of the calculation when you get your auto insurance bill. Some of the criteria are obvious like a motor vehicle report, but others are not as apparent like your vehicle usage and annual miles driven.
The factors shown below are some of the items auto insurance companies consider when setting your prices.
Better prices on safer vehicles – Vehicles with good safety scores cost less to insure. Safer cars protect occupants better and any reduction in injury severity translates into savings for insurance companies passed on to you as lower rates.
Your liability insurance limits – A critical coverage on your policy, liability insurance kicks in if ever a court rules you are at fault for personal injury or accident damage. It will provide for a legal defense starting from day one. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so drivers should buy more than the minimum limits required by law.
Married drivers pay lower premiums – Being married helps lower the price when shopping for auto insurance. Having a spouse translates into being more mature and responsible and statistics prove drivers who are married file infrequent claims.
Don’t get traffic citations – Attentive drivers receive lower rates as compared to careless drivers. Having a single moving violation can increase the cost of insurance twenty percent or more. Drivers who have serious citations such as DUI or reckless driving may be required to file a proof of financial responsibility form (SR-22) to the state department of motor vehicles in order to prevent a license revocation.
The information below highlights how traffic violations and accidents drive up Jaguar XK annual premium costs for different age groups. The costs are based on a single male driver, comp and collision included, $500 deductibles, and no discounts are applied.
High coverage deductibles equal low rates – Physical damage coverage, also called ‘full coverage’, covers your vehicle from damage. Some examples of covered claims are a dented fender, flood damage, or theft. Deductibles for physical damage represent how much money you are willing to pay if a covered claim is submitted. The more you pay before a claim is paid (deductible), the less money you will pay for auto insurance.
Do you really need the extra coverages? – There are a lot of extra coverages that can add up but may not be useful. Add-on coverages like replacement cost coverage, death and dismemberment, and motor club memberships could be just wasting money. They may sound like good ideas when talking to your agent, but if you’ve never needed them in the past consider taking them off your policy.
Location can impact price – Being located in less populated areas of the country is a good thing when trying to find low car insurance rates. Fewer people means reduced accidents and also fewer theft and vandalism claims. People who live in big cities tend to have more auto accidents and more time behind the wheel. More time commuting translates into higher accident risk.
Better rates for continuous auto insurance coverage – Having a gap between insurance policy dates will be a fast way to trigger a rate increase. And not only will your rates increase, failure to provide proof of insurance can result in a revoked license or a big fine. You will then be forced to prove you have insurance by filing a SR-22 with the Colorado DMV.
Loss probability for a Jaguar XK – Insurers analyze claim trends for every vehicle to help calculate a profitable premium rate. Vehicles that have increased losses will cost more for coverage. The next table illustrates the actual insurance loss data for Jaguar XK vehicles.
For each coverage category, the claim probability for all vehicles, as a total average, equals 100. Values that are below 100 suggest losses that are better than average, while percentage numbers above 100 point to more frequent losses or statistically larger claims.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Jaguar XK 2dr||167|
|Jaguar XK Convertible||119|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
The coverage table displayed below covers a range of prices for Jaguar XK models. Learning a little about how prices are determined helps drivers make smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|XK Portfolio 2-Dr Coupe||$352||$748||$304||$18||$92||$1,514||$126|
|XK 2-Dr Coupe||$352||$748||$304||$18||$92||$1,514||$126|
|XK Portfolio 2-Dr Convertible||$380||$684||$358||$22||$108||$1,552||$129|
|XK 2-Dr Convertible||$380||$684||$358||$22||$108||$1,552||$129|
|Get Your Own Custom Quote Go|
Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Premium costs do not factor in specific location which can revise rates significantly.
The chart below shows how different deductible levels and can increase or decrease Jaguar XK insurance costs for different insured age categories. The rates are based on a single female driver, full coverage, and no other discounts are factored in.
Premiums by gender and age
The example below illustrates the difference between Jaguar XK insurance prices for male and female drivers. The rate quotes are based on no accidents, no driving violations, full physical damage coverage, $250 deductibles, single status, and no discounts are factored in.
Jaguar XK full coverage rates compared to liability only
The information below illustrates the difference between Jaguar XK car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The information is based on no violations or claims, $500 deductibles, single marital status, and no discounts are applied to the premium.
When to switch to liability coverage only
There is no definitive formula of when to drop physical damage insurance, but there is a guideline you can consider. If the yearly cost for physical damage coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Jaguar XK replacement cost is $7,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $6,000 after the policy deductible has been paid. If it’s costing you more than $600 annually for full coverage, then you might consider buying liability only.
There are a few situations where eliminating full coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Affordable rates by taking advantage of discounts
Insurance is not inexpensive, but you might be missing out on some discounts that many consumers don’t even know exist. Most are applied at the time you complete a quote, but a few must be specifically requested in order for you to get them. If you do not check that you are getting every discount possible, you are just wasting money.
- Defensive Driver Discount – Taking part in a course that instructs on driving safety may get you a small discount and also improve your driving technique.
- Discount for Multiple Policies – If you insure your home and vehicles and place coverage with the same company they may give you a discount of as much as 10 to 15 percent.
- Seat Belts Save more than Lives – Buckling up and requiring all passengers to use a seat belt can save up to 15% on medical payment and PIP coverage.
- Paperwork-free – Many insurance companies provide a small discount for buying a policy and signing up on the internet.
- Sign Early and Save – Some companies reward drivers for buying a new policy prior to your current XK insurance policy expiration. This can save 10% or more.
- Accident Forgiveness Coverage – This isn’t a discount exactly, but companies like Liberty Mutual, GEICO and Allstate will allow you to have one accident before hitting you with a surcharge if you have no claims for a certain period of time.
- Anti-lock Brakes – Cars, trucks, and SUVs that have anti-lock braking systems have fewer accidents so companies give up to a 10% discount.
- Anti-theft Discount – Vehicles equipped with tracking devices and advanced anti-theft systems prevent vehicle theft and can earn a small discount on your policy.
A quick disclaimer, most discounts do not apply to all coverage premiums. Most only reduce individual premiums such as comprehensive or collision. Just because it seems like it’s possible to get free car insurance, that’s just not realistic.
The diagram below illustrates the comparison of Jaguar XK car insurance rates with and without discounts applied to the policy rates. The prices are based on a male driver, no claims or driving violations, Colorado state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, homeowner, marriage, multi-car, and claim-free discounts applied.
A list of insurance companies and a partial list of their discounts can be read below.
- State Farm policyholders can earn discounts including accident-free, driver’s education, multiple policy, anti-theft, multiple autos, and Drive Safe & Save.
- Liberty Mutual may include discounts for safety features, good student, new move discount, newly married, exclusive group savings, and new vehicle discount.
- American Family offers discounts including good student, TimeAway discount, mySafetyValet, air bags, and early bird.
- Progressive has savings for multi-policy, online signing, homeowner, good student, multi-vehicle, continuous coverage, and online quote discount.
- Farmers Insurance may offer discounts for mature driver, youthful driver, multi-car, homeowner, and bundle discounts.
- Auto-Owners Insurance offers discounts for safe driver, teen driver, group or association, air bags, student away at school, and paid in full.
- SAFECO discounts include bundle discounts, anti-theft, homeowner, safe driver, and drive less.
Before purchasing a policy, check with all companies you are considering to apply every possible discount. Some of the discounts discussed earlier may not apply to policies everywhere. If you would like to see a list of insurance companies that can offer you the previously mentioned discounts in Colorado, follow this link.
Cheaper auto insurance is out there
As you prepare to switch companies, never reduce coverage to reduce premium. There are a lot of situations where drivers have reduced physical damage coverage and learned later that their decision to reduce coverage ended up costing them more. Your aim should be to purchase plenty of coverage at the best possible price but still have enough coverage for asset protection.
Throughout this article, we presented a lot of techniques to get a better price on Jaguar XK insurance in Colorado Springs. The key thing to remember is the more providers you compare, the higher your chance of finding low cost Colorado Springs auto insurance quotes. Drivers may even discover the best price on auto insurance is with a small local company. Smaller companies may often insure only within specific states and give better rates than the large multi-state companies such as Progressive or GEICO.
Cheap Jaguar XK insurance in Colorado Springs can be purchased from both online companies and also from your neighborhood Colorado Springs agents, so get free Colorado Springs auto insurance quotes from both of them to have the best selection. Some companies don’t offer online quoting and most of the time these regional carriers work with local independent agencies.
How to save on Jaguar XK insurance in Colorado Springs
If you want to save money, the best way to find affordable Jaguar XK insurance is to make a habit of comparing prices annually from companies who can sell car insurance in Colorado Springs. Price quotes can be compared by completing these steps.
First, learn about individual coverages and the factors you can control to keep rates in check. Many rating factors that result in higher rates such as traffic tickets, fender benders, and an imperfect credit history can be eliminated by being financially responsible and driving safely.
Second, request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO or State Farm, while agents who are independent can quote prices from multiple companies.
Third, compare the new quotes to the premium of your current policy and see if there is a cheaper rate in Colorado Springs. If you can save money and make a switch, verify that coverage does not lapse between policies.
A good piece of advice is that you’ll want to make sure you compare similar deductibles and liability limits on each quote and to quote with as many auto insurance providers as possible. Doing this provides the most accurate price comparison and the best price quote selection.
More tips and info about auto insurance is available in the articles below:
- Prom Night Tips for Teen Drivers (State Farm)
- Who Has Cheap Colorado Springs Auto Insurance Rates for Infrequent Drivers? (FAQ)
- Who Has Cheap Car Insurance Rates for 4×4 Vehicles in Colorado Springs? (FAQ)
- How Much are Car Insurance Rates for a Toyota Highlander in Colorado Springs? (FAQ)
- How Much are Car Insurance Quotes for a Subaru Outback in Colorado Springs? (FAQ)
- What Car Insurance is Cheapest for College Students in Colorado Springs? (FAQ)
- How do I File a Claim? (Insurance Information Institute)
- Auto Insurance Basics (Insurance Information Institute)
- Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)