Do you think you bought an overpriced insurance policy? Believe me when I say there are many Colorado Springs drivers thinking the same thing.
Astonishing but true according to a recent study, nearly 70% of consumers renewed their policy with the same company for well over three years, and approximately 40% of consumers have never even compared rates from other companies. Colorado drivers could save themselves 35% a year by just comparing quotes, but they assume it's a waste of time to compare rates online. Multiple car insurance companies compete for your hard-earned dollar, and it can be difficult to compare rates and get the best coverage at the lowest rate possible on Scion iQ insurance in Colorado Springs.
Consumers need to compare premium rates periodically since prices change frequently. Despite the fact that you may have had the best rate on Scion iQ insurance in Colorado Springs two years ago a different company probably has better premium rates today. There is a lot of wrong information about iQ insurance on the web, but by reading this article, you're going to learn some of the best techniques to quit paying high insurance rates in Colorado Springs.
If you have insurance now or are shopping for new coverage, you can use this information to reduce premiums without having to cut coverage. Buying the cheapest car insurance in Colorado Springs is actually quite easy if you know where to start. Smart shoppers just have to know the most time-saving way to compare different rates online.
All the larger car insurance companies like State Farm, GEICO and Progressive allow you to get coverage prices online. Getting online rates for Scion iQ insurance in Colorado Springs doesn't take much effort because you just enter your coverage information on the page. After the form is submitted, the quote system automatically orders your driving and credit reports and returns a price. This simplifies rate comparisons, and it's absolutely necessary to get many rate quotes if you want to find the best possible rates on car insurance.
To find out how much you're overpaying now, compare rate quotes from the providers shown below. If you have your current policy handy, we recommend you enter the coverage information just like they are on your policy. Using the same limits helps guarantee you will receive a price comparison based on the exact same insurance coverage.
The following companies can provide price quotes in Colorado. If several companies are displayed, we recommend you get rate quotes from several of them to find the cheapest auto insurance rates.
Why you need vehicle insurance in Colorado
Despite the high insurance cost for a Scion iQ in Colorado Springs, insurance serves an important purpose.
First, the majority of states have minimum liability requirements which means you are required to carry a specific level of liability protection if you don't want to risk a ticket. 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.
Second, if your car has a lienholder, almost every bank will make it mandatory that you have full coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the lender may insure your Scion at a much higher premium rate and force you to pay for it.
Third, insurance protects not only your vehicle but also your financial assets. It will also reimburse you for medical expenses for both you and anyone you injure as the result of an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees if you are sued as the result of your driving. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will pay to have it repaired.
The benefits of insuring your car are without a doubt worth the cost, especially for larger claims. Unknowingly, the average driver overpays more than $865 each year so you should quote your policy with other companies at every renewal to ensure rates are competitive.
What Impacts Scion iQ Insurance Rates?
Smart consumers have a good feel for some of the factors that aid in calculating your policy premiums. If you have some idea of what positively or negatively impacts your premiums, this enables you to make decisions that could result in lower rates.
Listed below are some of the things utilized by car insurance companies to help set your premiums.
- Being married brings a discount - Getting married may earn you lower rates compared to being single. It demonstrates that you tend to be more financially stable and statistics prove married drivers tend to have fewer serious accidents.
- Be proud to be claim-free - If you file claims often, you can expect either policy cancellation or increased premiums. Insurance companies in Colorado give discounts to people who file claims infrequently. Insurance coverage is meant to be used in the event of the large, substantial claims.
- Cheaper auto insurance rates using alarm systems - Choosing to buy a car with anti-theft technology or alarm system can save you some money. Theft deterrent systems such as GM's OnStar, tamper alarm systems and vehicle immobilizers help track and prevent vehicle theft.
- Rates may be higher where you live - Being located in areas with lower population can be a good thing when it comes to auto insurance. Less people living in that area translates into fewer accidents and also fewer theft and vandalism claims. People in densely populated areas regularly have much more traffic and more time behind the wheel. Longer commute distances translates into higher accident risk.
- Your job and auto insurance rates - Did you know your career choice can influence rates? Jobs such as military personnel, police officers, and stock brokers are shown to have higher premium rates in part from stressful work requirements and lengthy work days. Other careers like actors, historians and performers have lower than average premiums.
- Auto insurance policy lapses increase auto insurance rates - Having an insurance coverage lapse can be a quick way to increase your auto insurance rates. In addition to paying higher premiums, getting caught without coverage may result in a fine, jail time, or a revoked license.
- Buy a safe car and pay less - Vehicles with high crash test scores get lower rates. The safest vehicles protect occupants better and reduced instances of injuries means lower claim amounts and lower rates for you. If your Scion is rated at least four stars on Safercar.gov it may cost less to insure.
- Are you male or female? - Over the last 50 years, statistics have shown that women are safer drivers than men. However, this does not mean women are BETTER drivers than men. They both are responsible for auto accidents at a similar rate, but the male of the species cause more damage. Not only that, but men also get more serious tickets like reckless driving and DUI. Males from age 16 to 21 cause the most accidents and thus pay the highest rates.
- Scion iQ historical loss data - Insurance companies analyze historical claim data as a way to help calculate a profitable premium price. Vehicles that the data shows to have higher claim amounts or frequency will be charged more to insure. The next table illustrates the loss history for Scion iQ vehicles.
For each policy coverage, the claim amount for all vehicles as a whole is a value of 100. Percentages below 100 imply a favorable loss record, while numbers above 100 indicate more frequent claims or an increased chance of a larger loss.
Car Insurance Loss Data for Scion iQ Models
Specific Scion Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Scion iQ 77 81 75
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
These discounts can lower Scion iQ insurance rates
Insurance is expensive, but there may be some discounts that can help lower your rates. Some of these discounts will be visible at the time of quoting, but less common discounts must be asked about in order for you to get them. If you check and find you aren't receiving every discount you deserve, you are paying more than you should be.
- Memberships - Affiliation with qualifying clubs or civic groups could earn you a nice discount when getting a Colorado Springs auto insurance quote.
- Full Payment Discount - By paying your policy upfront instead of paying each month you can avoid monthly service charges.
- Passive Restraints and Air Bags - Vehicles with factory air bags or automatic seat belts can qualify for discounts of 20% or more.
- Military Discounts - Being deployed with a military unit could qualify you for better insurance rates.
- Early Switch Discount - Some larger companies give discounts for renewing your policy early. It's a savings of about 10%.
- Telematics Discount - Insureds who allow driving data collection to spy on driving manner by using a small device installed in their vehicle such as Drivewise from Allstate or Snapshot from Progressive could possibly reduce rates if their driving habits are good.
Drivers should understand that most of the big mark downs will not be given to the entire policy premium. A few only apply to specific coverage prices like medical payments or collision. Even though the math looks like all the discounts add up to a free policy, it just doesn't work that way.
Popular insurance companies and a summarized list of policyholder discounts are detailed below.
- Farm Bureau may include discounts for youthful driver, renewal discount, safe driver, multi-policy, 55 and retired, driver training, and multi-vehicle.
- MetLife includes discounts for good student, accident-free, defensive driver, multi-policy, claim-free, and good driver.
- Progressive discounts include good student, continuous coverage, online signing, online quote discount, and homeowner.
- AAA has savings for AAA membership discount, multi-policy, education and occupation, anti-theft, and good driver.
- American Family policyholders can earn discounts including defensive driver, good driver, air bags, good student, and Steer into Savings.
- GEICO may offer discounts for driver training, good student, multi-vehicle, membership and employees, multi-policy, five-year accident-free, and defensive driver.
- State Farm may have discounts that include good driver, safe vehicle, defensive driving training, Drive Safe & Save, good student, and student away at school.
If you are trying to find cheaper Colorado Springs auto insurance quotes, ask all companies you are considering which discounts you may be entitled to. A few discounts might not be offered on policies in every state. To locate insurance companies who offer cheap Scion iQ insurance quotes in Colorado Springs, click this link.
When do I need to have guidance from a local insurance agent?
Some consumers just want to get advice from a local agent and that is recommended in a lot of cases Insurance agents are very good at helping people manage risk and help you file claims. A nice benefit of comparing rates online is that drivers can save money and get cheap insurance quotes but still work with a licensed agent.
To help locate an agent, after submitting this form (opens in new window), your coverage information gets sent to agents in your area who will return price quotes for your insurance coverage. It makes it easy because there is no need to drive around since rate quotes are delivered directly to you. If you have a need to get a rate quote from a specific insurance provider, you can always search and find their rate quote page and give them your coverage information.
Choosing the best insurer requires more thought than just the premium amount. A good agent in Colorado Springs will have answers to these questions.
- Will the quote change when the policy is issued?
- Will their companies depreciate repairs to your car based on the mileage?
- Does the agency support the community they serve?
- Do they see any coverage gaps in your plan?
- Are aftermarket or OEM parts used to repair vehicles?
- Are all drivers listed on the coverage quote?
- How many companies do they write for?
Don't give up on cheap premiums
A few companies may not provide online quoting and most of the time these small insurance companies provide coverage only through independent agencies. The cheapest Scion iQ insurance in Colorado Springs is possible online and from local agencies, so you should compare both in order to have the best chance of saving money.
We covered many tips how you can shop for Scion iQ insurance online. The most important thing to understand is the more you quote Colorado Springs auto insurance, the higher your chance of finding inexpensive Colorado Springs auto insurance quotes. You may even be surprised to find that the best price on auto insurance is with a smaller regional carrier. Smaller companies can often insure niche markets at a lower cost than their larger competitors like Progressive and GEICO.
Even more information can be found by following these links:
- Distracted Driving Statistics (Insurance Information Institute)
- What Auto Insurance is Cheapest in Grand Junction, Colorado? (FAQ)
- Who Has Cheap Colorado Auto Insurance for Low Income Drivers? (FAQ)
- What Car Insurance is Cheapest for 17 Year Olds in Colorado? (FAQ)
- Who Has Cheap Car Insurance for a Nissan Sentra in Colorado? (FAQ)
- Who Has Affordable Auto Insurance Quotes for a Jeep Wrangler in Colorado? (FAQ)
- How Much are Colorado Auto Insurance Rates for Police Officers? (FAQ)
- What Auto Insurance is Cheapest in Centennial, Colorado? (FAQ)
- How Much is Auto Insurance for Used Cars in Colorado? (FAQ)
- Pickups fall short in headlight tests (Insurance Institute for Highway Safety)
- Comprehensive Coverage (Liberty Mutual)