Are you interested in auto insurance in Denver, CO? An auto policy protects against financial loss in the event of an accident. Also, they’re able to cover the cost of a replacement if the vehicle were ever stolen. Colorado requires drivers to carry a minimum level of coverage to drive legally. As the driver, you’ll be responsible for the monthly premiums and any deductibles.
How Are Premiums Determined on Auto Insurance in Denver, CO?
Depending on your circumstances, the amount companies charge for premiums will vary. They usually consider someone’s age, driving experience, driving record, and more.
Gap insurance is another policy required by finance companies if you’re taking out a loan to buy a car. If you have gap coverage, it’ll cover the difference between what you owe and what it’s worth.
Financing an expensive car means you’ll likely have higher premiums, too. Poor driving records would add even more to what you’re paying as well.
You Can Lower Premiums by Choosing a Higher Deductible
A deductible is what’s needed before a policy pays out to its holders. In other words, it’s the amount you have to pay before the insurance company sends anything. Most policies have deductibles between $1,000 and $10,000.
The larger your deductible, the lower your monthly premiums, usually. However, you’ll also have to pay more before receiving any benefits if they’re ever needed.
The Thompson Group offers a wide variety of insurance products throughout Denver, CO. Visit them to learn more.
