Having to pay for expensive car insurance in Colorado Springs can stress out your bank account and make it tough to pay other bills.
Unfortunately, a large majority of drivers have been with the same company for over three years, and just short of a majority have never shopped around. The average driver in Colorado Springs could pocket roughly 35% a year just by shopping around, but they assume it's a waste of time to find cheaper car insurance rates. Online insurance companies like State Farm, Progressive and GEICO all promote huge savings with advertising and consumers find it hard to see through the cute green geckos and mayhem and do the work needed to find the best deal.
If you are already insured or need new coverage, follow these tips to find better prices without reducing protection. Locating the most cost-effective car insurance policy in Colorado Springs is really not that difficult. Shoppers only need to know the most efficient way to compare rate quotes from many different companies.
The companies shown below provide comparison quotes in Colorado Springs, CO. If multiple companies are listed, it's highly recommended you visit as many as you can in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|TL 3.5 W/Technology Package||$264||$556||$396||$24||$118||$1,358||$113|
|TL 3.7 SH AWD||$262||$534||$330||$20||$98||$1,244||$104|
|TL 3.7 SH W/Technology Package AWD||$278||$570||$362||$22||$108||$1,340||$112|
|Get Your Own Custom Quote Go|
Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Table data does not factor in the specific area where the vehicle is garaged which can affect coverage rates substantially.
How high should deductibles be?
The example below illustrates how your choice of deductibles and can increase or decrease Acura TL insurance rates for each age group. The costs are based on a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
Rate difference between full and liability-only coverage
The diagram below illustrates the comparison of Acura TL insurance costs with full physical damage coverage compared to only buying liability only. Data assumes no accidents or driving violations, $1,000 deductibles, married female driver, and no discounts are applied to the premium.
When to stop paying for full coverage
There is no specific rule to drop comp and collision coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than around 10% of the vehicle's replacement cost less your deductible, then it might be time to buy liability only.
For example, let's say your Acura TL replacement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $3,000 after paying the physical damage deductible. If you are paying in excess of $300 a year to have full coverage, then it might be time to buy liability only.
There are some cases where eliminating full coverage is not financially feasible. If you still have a lienholder on your title, you have to maintain full coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not drop full coverage.
Insurance premiums for males and females
The chart below illustrates the difference between Acura TL car insurance costs for male and female drivers. The data is based on a clean driving record, no claims, full coverage, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
Insurance is not optional in Colorado
Despite the high insurance cost for a Acura TL in Colorado Springs, buying insurance is mandatory in Colorado but it also protects more than you think.
- Most states have minimum liability requirements which means the state requires a minimum amount of liability protection in order to drive the car. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you bought your TL with a loan, more than likely the lender will require that you buy full coverage to ensure the loan is repaid in case of a total loss. If the policy lapses, the bank or lender will purchase a policy for your Acura for a lot more money and force you to pay much more than you were paying before.
- Insurance protects both your assets and your vehicle. Insurance will pay for medical expenses that are the result of an accident. Liability insurance will also pay for a defense attorney if you are sued as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive and/or collision insurance will pay to have it repaired.
The benefits of buying insurance more than offset the price you pay, particularly when you have a large claim. Unknowingly, the average driver is currently overpaying as much as $850 per year so compare rates each time the policy renews to ensure rates are inline.
Brand name doesn't guarantee savings
Colorado consumers can't get away from ads that claim the cheapest premium rates by State Farm, Allstate and GEICO. They all tend to make the same promise about how much you will save just by switching your car insurance policy to them.
How can each company charge lower premium rates? This is the trick they use.
Different companies have a preferred profile for the right customer that will be a good risk. An example of a desirable insured might have to be between the ages of 40 and 55, has had continuous coverage, and drives a lower-performance vehicle. Any driver who matches those parameters gets the lowest premium rates and therefore will save a lot of money.
Drivers who don't qualify for the requirements will probably have to pay a higher rate with the end result being business not being written. The ads state "drivers who switch" not "everyone that quotes" save the amount stated. That's the way insurance companies can lure you into getting a quote. This emphasizes why you need to get Colorado Springs car insurance quotes from several different companies. It's not possible to predict which insurance companies will have the lowest rate quotes.
Save a ton with discounts
Insuring your fleet can be pricey, but there's a good chance there are discounts to cut the cost considerably. Certain discounts will be applied when you quote, but a few must be requested specifically before they will apply.
- ABS Braking Discount - Anti-lock brake equipped vehicles can stop better under adverse conditions and qualify for as much as a 10% discount.
- Save with a New Car - Buying a new car model can save up to 30% compared to insuring an older model.
- Own a Home and Save - Simply owning a home can save a few bucks since home ownership is proof of financial responsibility.
- Responsible Driver Discount - Drivers without accidents could pay up to 40% less than drivers with accident claims.
- Include Life Insurance and Save - Larger insurance companies have lower prices if you buy a life insurance policy as well.
- Senior Citizen Discount - Seniors may be able to get reduced rates.
- Low Mileage - Fewer annual miles on your Acura may allow you to get cheaper rates.
- Seat Belts Save more than Lives - Requiring all passengers to buckle their seat belts may be able to save a few bucks on the medical payments or PIP coverage costs.
Policy discounts save money, but most credits do not apply to the whole policy. Most only apply to individual premiums such as physical damage coverage or medical payments. Despite the appearance that adding up those discounts means a free policy, you're out of luck. But all discounts will definitely reduce the premium cost.
If you would like to see a list of providers who offer free Acura TL insurance quotes in Colorado Springs, click here.
Are auto insurance agents a thing of the past?
Many people just prefer to talk to an insurance agent and that is not a bad decision Most agents are trained risk managers and help file insurance claims. The best thing about comparing rates online is that you can find cheap rate quotes but still work with a licensed agent.
To make it easy to find an agent, after completing this quick form, your information gets sent to local insurance agents who want to provide quotes for your coverage. There is no reason to find an agent on your own since rate quotes are delivered instantly to you. If you wish to compare prices from a specific company, don't hesitate to go to their quote page and complete a quote there.
Finding the right provider needs to be determined by more than just a cheap price. Some important questions to ask are:
- Are they primarily personal or commercial lines agents in Colorado Springs?
- Where would your vehicle be repaired?
- Are claims handled at the agent's location?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- How long have they been in business?
- Is the agency involved in supporting local community causes?
- Can you get a list of referrals?
If you want to use a good Colorado Springs insurance agent, it can be helpful to understand the different types of agencies and how they can write your policy. Colorado Springs agents are classified as either independent or exclusive. Either can sell insurance policies, but we need to point out the differences since it may influence the type of agent you choose.
Exclusive agencies normally can only provide a single company's rates such as Farmers Insurance, American Family, State Farm and Allstate. Exclusive agents cannot place coverage with different providers so always compare other rates. Exclusive agents are trained well on their company's products which helps them sell on service rather than price.
The following are Colorado Springs exclusive insurance agencies who may provide you with rate quotes.
Independent Insurance Agencies
Agents in the independent channel do not write with just one company so they can write business with a variety of different insurance companies and find you the best rates. To transfer your coverage to a different company, your policy is moved internally which requires no work on your part. When searching for an agent, we highly recommend that you compare prices from multiple independent agents so that you can do a thorough price comparison.
Listed below is a short list of independent agents in Colorado Springs that are able to give price quotes.
ALINK Insurance Services- Colorado Springs Location
2407 W Colorado Ave - Colorado Springs, CO 80904 - (719) 473-6262 - View Map
Your situation helps dictate your coverage
When choosing proper insurance coverage for your personal vehicles, there really is not a cookie cutter policy. Coverage needs to be tailored to your specific needs so your insurance needs to address that. For example, these questions could help you determine whether you might need an agent's assistance.
- When should I buy a commercial auto policy?
- Why am I required to buy liability insurance?
- When should I drop full coverage on my Acura TL?
- Does every company file a SR-22 automatically?
- Do I benefit by insuring my home with the same company?
- What are good deductibles for a Acura TL?
If you can't answer these questions then you might want to talk to an agent. If you want to speak to an agent in your area, simply complete this short form or click here for a list of car insurance companies in your area. It is quick, free and may give you better protection.
Quote more and you will save more
When shopping online for car insurance, don't be tempted to skimp on coverage in order to save money. There have been many situations where an insured dropped uninsured motorist or liability limits only to find out that their decision to reduce coverage ended up costing them more. The aim is to purchase a proper amount of coverage for the lowest price but still have enough coverage for asset protection.
We just showed you some good ideas how you can find lower-cost Acura TL insurance in Colorado Springs. It's most important to understand that the more you quote Colorado Springs car insurance, the better your comparison will be. Consumers could even find that the lowest rates are with a small mutual company. These smaller insurers can often insure niche markets at a lower cost compared to the large companies like Progressive or GEICO.
Budget-conscious Acura TL insurance can be purchased on the web as well as from independent agents in Colorado Springs, and you should be comparing both to have the best chance of lowering rates. Some insurance providers do not offer online quoting and usually these smaller providers sell through local independent agents.
- Tools for Teen Driving Safety (State Farm)
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- How to Avoid Buying a Flooded Car (Insurance Information Institute)
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- Where can I buy Insurance? (Insurance Information Institute)