Cutting costs on Honda Odyssey insurance in Colorado Springs can seem to be quite difficult for drivers who have little experience online comparison shopping. Consumers have so many options available that it can quickly become a big hassle to compare coverage rates on Honda Odyssey insurance.
Amazingly, a recent NerdWallet.com study showed that the vast majority of consumers have bought car insurance from the same company for at least the last four years, and almost half have never compared rate quotes at all. With the average car insurance premium being $1,813, Colorado Springs drivers could save themselves 35% a year just by shopping around, but they just assume it takes a lot of time to do a rate comparison.
Low-cost companies for Honda Odyssey insurance
The companies shown below offer quotes in Colorado. If the list has multiple companies, we recommend you visit several of them to get the most competitive price.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Odyssey EX W/Rear Entertainment||$126||$282||$396||$24||$118||$946||$79|
|Odyssey EX-L W/Rear Entertainment||$246||$496||$362||$22||$108||$1,234||$103|
|Odyssey EX-L W/Navigation||$260||$662||$396||$24||$118||$1,460||$122|
|Get Your Own Custom Quote Go|
Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Prices do not factor in the specific area where the vehicle is garaged which can decrease or increase premiums greatly.
Policy deductible comparison
The chart below illustrates how choosing a deductible and can raise or lower Honda Odyssey insurance costs for different age groups. Data assumes a single male driver, comp and collision included, and no policy discounts are applied.
Full coverage or liability only
The illustration below visualizes the comparison of Honda Odyssey auto insurance rates with full physical damage coverage compared to only buying liability only. The premium estimates are based on no claims or violations, $100 deductibles, married male driver, and no other discounts are factored in.
When to stop buying physical damage coverage
There is no set rule to delete comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let's say your Honda Odyssey book value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $2,000 after you pay the deductible. If it's costing in excess of $200 a year for physical damage coverage, then you might want to consider buying only liability coverage.
There are some conditions where buying only liability insurance is not a good idea. If you still owe a portion of the original loan, you have to keep full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should keep full coverage in place.
Drive safe and save
The illustration below demonstrates how speeding tickets and at-fault accidents can affect Honda Odyssey annual premium costs for different age groups. The rate quotes are based on a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.
Honda Odyssey insurance discounts in Colorado Springs
Insurance can be prohibitively expensive, but you can get discounts that can help lower your rates. Certain credits will be shown when you purchase, but once in a while a discount must be inquired about before they will apply.
- Discount for Swiching Early - A few companies allow discounts for buying a new policy before your current coverage expires. This discount can save up to 10%.
- First Accident Forgiveness - This one isn't a discount, but companies like Allstate and State Farm may permit one accident before hitting you with a surcharge so long as you are claim-free for a set time period.
- Multi-car Discount - Drivers who insure multiple cars on one policy qualifies for this discount.
- Low Mileage Discounts - Driving less could be rewarded with substantially lower insurance rates.
- Theft Prevention System - Cars, trucks, and SUVs with anti-theft systems have a lower chance of being stolen and that can save you a little bit as well.
- College Student Discount - College-age children who are attending college and do not have a car may be able to be covered for less.
- Drive Safe and Save - Accident-free drivers may receive a discount up to 45% as compared to drivers with claims.
- Driver Safety - Successfully completing a course that instructs on driving safety could cut 5% off your bill and make you a better driver.
- Good Student Discount - This discount can get you a discount of up to 25%. This discount can apply up to age 25.
- Paperless Signup - Certain insurance companies will give you a small discount get Colorado Springs car insurance on the web.
As a disclaimer on discounts, many deductions do not apply to the entire policy premium. A few only apply to individual premiums such as collision or personal injury protection. So even though you would think you would end up receiving a 100% discount, you aren't that lucky. Any qualifying discounts will help lower the amount you have to pay.
Larger insurance companies and a selection of discounts are outlined below.
- Farmers Insurance discounts include electronic funds transfer, alternative fuel, mature driver, teen driver, and multi-car.
- Esurance has savings for multi-policy, defensive driver, emergency road assistance, Switch & Save, and online shopper.
- State Farm policyholders can earn discounts including driver's education, student away at school, good student, defensive driving training, good driver, and multiple policy.
- GEICO has discounts for anti-theft, defensive driver, good student, air bags, membership and employees, five-year accident-free, and anti-lock brakes.
- Allstate may offer discounts for premier discount, premier plus, anti-theft, early signing, 55 and retired, new car, and farm vehicle.
When quoting, ask each company what discounts are available to you. Discounts may not apply to policies in Colorado Springs. To choose insurance companies with discount rates in Colorado Springs, click here.
Why You Might Pay Higher Rates in Colorado Springs
Many factors are part of the calculation when premium rates are determined. A few of the factors are predictable such as your driving history, although some other factors are less apparent like your continuous coverage or how financially stable you are. One of the most helpful ways to save on car insurance is to to have a grasp of some of the elements that help determine the price you pay for car insurance. If you have some idea of what impacts premium levels, this enables you to make decisions that could result in cheaper rates.
Shown below are some of the things that factor into premiums.
- Lower rates with a multi-policy discount - The majority of insurance companies afford a discount to insureds who carry more than one policy such as combining an auto and homeowners policy. Even with this discount, it's still a good idea to compare other company rates to verify if the discount is saving money.
- Marriage can save on car insurance - Your spouse can actually save you money on car insurance. Having a significant other translates into being more financially stable and it's proven that married couples file fewer claims.
- Avoid tickets and save - Attentive drivers pay lower auto insurance prices as compared to those with violations. Having a single speeding ticket or other violation may increase your cost substantially. Drivers who get multiple violations like DWI, reckless driving or hit and run convictions may find that they have to to prove financial responsibility with their state DMV in order to prevent their license from being revoked.
- Bad credit will cost you - Having a bad credit score is a large factor in determining premium rates. If your credit history is lower than you'd like, you could pay less to insure your Honda Odyssey by repairing your credit. Consumers who have very high credit ratings tend to be more responsible than drivers with worse credit.
- Drive less and get lower rates - The more miles you rack up on your Honda in a year's time the higher your rate. A lot of companies calculate prices based upon how the vehicle is primarily used. Vehicles used primarily for pleasure use qualify for better rates than cars that get driven a lot. An incorrectly rated Odyssey may be wasting your money. Ask your agent if your car insurance coverage correctly shows the correct usage, because it can save money.
- Insurance loss statistics a Honda Odyssey - Insurers use statistical claims data to help calculate premium rates. Models that tend to have a higher amount or frequency of claims will have a higher cost to insure.
The table below illustrates the insurance loss data for Honda Odyssey vehicles. For each coverage category, the statistical loss for all vehicles, as a total average, is equal to 100. Values below 100 suggest a positive loss record, while numbers above 100 indicate higher probability of having a loss or a tendancy for claims to be larger.
Honda Odyssey Insurance Loss Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Honda Odyssey 78 83 75 82 78 71
Statistics from IIHS.org for 2013-2015 Model Years
Will just any policy work for me?
Always keep in mind that when comparing proper insurance coverage, there is no one size fits all plan. Everyone's situation is a little different so your insurance needs to address that. For instance, these questions can help discover whether your personal situation would benefit from professional advice.
- Does my policy cover my teen driver if they drive my company car?
- How much underlying liability do I need for an umbrella policy?
- Do I have coverage when pulling a U-Haul trailer?
- When should I remove my kid from my policy?
- Am I covered when using my vehicle for business?
- Do I need higher collision deductibles?
- Does my Honda Odyssey need full coverage?
- How can I find cheaper teen driver insurance?
If you can't answer these questions but you know they apply to you, you may need to chat with a licensed insurance agent. To find an agent in your area, simply complete this short form or you can go here for a list of companies in your area.
You may require the services of an agent
Some people just prefer to talk to a local agent and we recommend doing that A good thing about getting free rate quotes online is the fact that you can find lower prices but also keep your business local.
To find an agent, once you fill out this simple form, the quote information is submitted to local insurance agents who will return price quotes and help you find cheaper coverage. There is no need to contact any agents because prices are sent directly to your email. You can find the lowest rates AND a local agent. If for some reason you want to compare rates from a specific company, you can always find their quoting web page and give them your coverage information.
Selecting an insurer requires more thought than just a cheap price quote. Here are some questions to ask:
- Has the agent ever had any license suspensions?
- How many years have they been established?
- Will they take your side in the event of a claim?
- Does the company use OEM repair parts?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
The following are agents in Colorado Springs that can give you price quote information for Honda Odyssey insurance in Colorado Springs.
- Benson Insurance Group, LLC
5155 N Academy, #110 - Colorado Springs, CO 80918 - (719) 622-3079 - View Map
- Peter Martinez - State Farm Insurance Agent
106 N Circle Drive - Colorado Springs, CO 80909 - (719) 633-0300 - View Map
- American Family Insurance - Michael Janzen Agency Inc.
1045 W Garden of the Gods Rd Ste M - Colorado Springs, CO 80907 - (719) 528-6387 - View Map
- American Family Insurance - Ed Reed
202 E Cheyenne Mountain Blvd k - Colorado Springs, CO 80906 - (719) 540-8400 - View Map
If you receive reasonable responses to these questions and an affordable coverage quote, you've probably found an insurer that is a good match to properly insure your vehicles.
Allstate and Progressive regularly use ads on TV and radio. They all seem to seem to make the promise that drivers will save a bundle if you change your insurance policy to them. It sounds good, but how can they all make the same claim?
Different companies provide the lowest rates for the type of driver that earns them the most money. An example of a desirable risk might be between the ages of 30 and 45, insures multiple vehicles, and drives newer vehicles. A propective insured who meets those qualifications will most likely get cheap premium rates and will probably pay quite a bit less when switching companies.
Consumers who may not quite match the requirements will get a higher premium with the end result being the customer not buying. If you listen to the ad wording, they say "people that switch" but not "everyone who gets a quote" save money. That's why companies can truthfully make those statements. This really emphasizes why you need to do a rate comparison at every renewal. Because you never know the company that will have better car insurance rates than you're paying now.
Cheaper auto insurance rates are possible
There are still a few companies who don't offer online quoting and most of the time these smaller providers only sell through local independent agencies. More affordable auto insurance in Colorado Springs can be purchased from both online companies and from local insurance agents, and you should compare rates from both to get a complete price analysis.
When buying insurance coverage, do not buy lower coverage limits just to save a few bucks. There have been many cases where an insured dropped uninsured motorist or liability limits only to find out that it was a big mistake. Your goal is to purchase a proper amount of coverage at an affordable rate but still have enough coverage for asset protection.
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