Finding cost effective car insurance is not always easy, and determining which company quotes the cheapest auto insurance rates in Colorado Springs will take even more shopping around. Every insurance provider uses their own calculation to determine rates, so let's begin by taking a look at the auto insurance companies with the overall best prices in Colorado.
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,640|
|Quote Your Rates Go|
The Hartford may offer some of the best car insurance rates in Colorado Springs at around $850 each year. Grange, USAA, Nationwide, and GEICO also qualify as some of the most economical Colorado Springs, CO insurance companies.
As the example above demonstrates, if you are a customer of GEICO and switched to Grange, you might see a yearly savings of about $238. Colorado drivers with Auto-Owners might save as much as $243 a year, and Travelers insureds might lower prices by $258 a year.
To find out how your current rates compare, click here to start your free quote or click through to the companies below.
It's important to note that these premium estimates are averaged for all insureds and vehicles and are not factoring in an exact zip code location in Colorado Springs. So the company that fits your situation best may not even be in the list above. That underscores the importance of why you need to compare prices as often as possible using your own driver and vehicle profiles.
For drivers in Colorado Springs, one of the largest things that aid in calculating the annual cost of car insurance is where your car is garaged. Areas with more people or even just a higher incidence of claims tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents have the gratification of cheaper auto insurance rates.
The illustration below shows the most expensive places in Colorado in which to buy car insurance. Colorado Springs ranks #10 with a yearly cost of $1,277 for the average policyholder, which is about $106 per month.
|Compare Rates Now Go|
Table data uses approximated as the specific area where the vehicle is garaged can revise coverage rates greatly.
Why you should be comparing rates
Colorado auto insurance rates are based on many factors which can substantially change the cost of your policy. Improving your credit score, buying a different home, or having an at-fault accident may prompt premium changes resulting in some companies being cheaper than before. In addition to those changes, car insurance companies file new Colorado auto insurance rates without warning to adjust for gains or losses. Larger than normal claims can cause additional premium costs, while a lower level of claims can result in lower-cost Colorado Springs car insurance rates.
As an example, the chart below shows the company with the cheapest car insurance in Colorado Springs, CO for a 40-year-old female driver with no prior accidents, a clean driving record, and solid credit. If we estimate rates based on her current risk profile, The Hartford may have the best car insurance rates in Colorado Springs at $1,070 annually. This is $508 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are the remainder of the best Colorado Springs, CO auto insurance companies.
The chart below compares rates after we give the driver in the first example a couple of claims, a lower credit rating, and an imperfect driving record. Because each company has their own formula for filing rates in each state, analyzing rates may now show a slightly different list of affordable Colorado Springs car insurance companies as shown below.
Auto-Owners now has the best car insurance rate in Colorado Springs with State Farm, American Family, Progressive, and USAA now rounding out the top five. This shows why drivers need to shop around to get the most budget-friendly auto insurance rates in Colorado Springs. Insurance rates are determined by many risk factors and can change substantially, so the best price the last time you checked may now be quite expensive.
The make and model of vehicle to be insured is one of the biggest factors when comparison shopping for the most affordable car insurance in Colorado Springs. Vehicles with reasonable performance levels, good crash test ratings, or a low likelihood of liability claims will cost quite a bit less to insure than fast, unsafe models.
The next table features auto insurance premiums for a handful of the cheaper automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$1,221|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,366|
|Honda Accord EX 4-Dr Sedan||$1,381|
|Ford Escape Limited 2WD||$1,416|
|Honda CR-V EX-L 2WD||$1,426|
|Chevrolet Equinox LS 2WD||$1,446|
|Toyota RAV4 2WD||$1,451|
|Ford F-150 Lariat Super Cab 4WD||$1,476|
|Ford Explorer XLT 4WD||$1,495|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,553|
|GMC Sierra 3500HD SLE Crew Cab 2WD||$1,580|
|Dodge Grand Caravan Hero||$1,583|
|Chevrolet Silverado LT Extended Cab 4WD||$1,589|
|Ford Edge Limited 2WD||$1,598|
|Honda Odyssey EX||$1,604|
|Ford F-350 XL Super Cab Turbo Diesel 2WD||$1,608|
|Compare Cheap Rates Go|
Cost estimates assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Premium amounts do not factor in the specific area where the vehicle is garaged which can alter coverage rates significantly.
Looking at the rates, you can infer that makes and models like the Hyundai Elantra, Jeep Wrangler, and Honda Accord are most likely going to be the cheapest vehicles to insure for drivers in Colorado Springs.
The diagram below demonstrates how deductibles can affect annual premium costs when trying to find cheap insurance in Colorado Springs. The rate quotes are based on a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.
As shown above, a 40-year-old driver could lower their car insurance rates by $390 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $586 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old example, could reduce their rates as much as $1,304 each year by selecting a higher deductible. When using a larger deductible, it's a good idea to have spare funds to enable you to cover the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Does it make sense to buy full coverage?
Finding cheaper insurance is the goal of the majority of vehicle owners, and one of the fastest ways to reduce the cost of insurance in Colorado Springs is to not buy full coverage. The chart below shows the comparison of yearly insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The costs are based on no accidents, no driving violations, $250 deductibles, marital status is single, and no other discounts are factored in.
If we average the cost for all age groups, physical damage insurance costs $2,465 per year more than carrying just liability coverage. At some point, about every driver wonders if you should buy full coverage at all. There is no definitive rule for dropping comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of having full coverage is 10% or more of the vehicle's replacement cost less your deductible, then you might consider buying liability only.
Insurance rate increases from tickets or accidents
The obvious way to obtain the cheapest insurance prices in Colorado for drivers in Colorado Springs is to drive safely and avoid tickets and accidents. The example below demonstrates how speeding tickets and accident claims can influence auto insurance rates for each age group. The premiums assume a single female driver, full physical damage coverage, $1,000 deductibles, and no discounts are factored in.
The data in the chart shows the average cost of an auto insurance policy in Colorado Springs per year with no accidents and a clean driving record is $1,410. Receive two speeding tickets and the average cost rises to $1,875, an increase of $465 each year. Then throw in two accidents along with the two speeding tickets and the 12-month cost of insurance in Colorado Springs jumps again to an average of $3,822. That's an increase of $2,413, or $201 per month, just for a couple of infractions!