This would be a real easy article to write if we could just tell you the one company in Colorado Springs that has the cheapest rate quotes in Colorado. Unfortunately, it’s not that simple as there are a lot of unknown elements such as whether or not you have had gaps between policies, whether you are a man or a woman, and if you need full coverage or just liability. We will try to teach you about some of these topics and will hopefully give you a good beginning to your search for cheaper coverage.
The car, truck, or SUV requiring coverage is one of the primary factors when trying to find the cheapest car insurance for drivers with a bad driving record. Vehicles with average performance, advanced safety features, or low incidents of liability claims will cost less to insure than adrenaline junky models. The table below estimates car insurance rates for a selection of the most cost-effective vehicles to insure in Colorado.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$4,274|
|Honda CR-V EX 4WD||$4,433|
|Ford Focus S 4-Dr Sedan||$4,789|
|Volkswagen Jetta 2.0T Station Wagon||$4,832|
|Toyota RAV4 Limited 2WD||$4,835|
|Dodge Grand Caravan CV||$4,946|
|Chevrolet Malibu LS||$5,060|
|Ford F-150 Lariat Crew Cab 4WD||$5,110|
|Ford Explorer Limited 4WD||$5,115|
|Chevrolet Impala LS||$5,130|
|Jeep Grand Cherokee Laredo 4WD||$5,183|
|Chevrolet Silverado LS Extended Cab 4WD||$5,190|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$5,212|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$5,239|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$5,245|
|Honda Odyssey EX-L W/Navigation||$5,289|
|Ford Edge Sport AWD||$5,294|
|Hyundai Elantra GLS 4-Dr Sedan||$5,289|
|GMC Sierra SLT Extended Cab 2WD||$5,340|
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Above prices assume single female driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Table data does not factor in zip code location which can affect rates greatly.
Based upon the table data, you can figure that makes and models like the Ford Escape, Honda CR-V, Toyota Prius, and Ford Focus are most likely to be a few of the most budget-friendly vehicles to insure for bad drivers. Prices will be more costly because of the fact that there is more liability risk for drivers with a bad driving record, but generally speaking those models will probably have the lowest insurance rates compared to other types of vehicles.
Finding dependable, low-priced car insurance is challenging, and finding out which company quotes the cheapest insurance rates for drivers with a bad driving record involves a bit more work.
Every car insurance company has a proprietary formula for determining rates in each state, so let’s rank the most competitive insurance companies in Colorado Springs. We do need to point out that Colorado Springs insurance rates are determined by lots of factors that may substantially change the cost of a policy. This is why it is important to compare rates when trying to get the cheapest auto insurance rates for drivers with a bad driving record. Insurance rates are influenced by many different factors and can decrease or increase without notice, so the most economical company three years ago may now be quite expensive.
Lowest Insurance Price Quotes for Imperfect Drivers
The Hartford quotes some of the best car insurance rates in Colorado Springs at around $850 a year. Grange, USAA, Nationwide, and Auto-Owners also rank well as some of the best Colorado Springs, CO insurance companies.
As illustrated above, if you currently have coverage with Nationwide and switched to Grange, you could see annual savings of in the vicinity of $131. Customers with Auto-Owners might save as much as $190 a year, and Travelers policyholders might cut rates by $205 a year.
Be aware that those premiums are averages across all types of drivers and the different vehicles they drive and and are not figured with a specific vehicle garaging location for drivers with a bad driving record. So the auto insurance company that can offer you the best price may not even be in the top 21 companies in the list above. That point stresses why you need to get rate quotes from many companies using your own personal information and vehicle type.
The illustration below shows how choosing a deductible can impact insurance premiums when researching cheap insurance for drivers with a bad driving record. The costs are based on a married female driver, full coverage, and no other discounts are factored in.
The chart above illustrates that a 40-year-old driver could lower rates by $240 a year by increasing from a $100 deductible up to a $500 deductible, or save $362 by switching to a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could reduce their rates as much as $594 each year by using a higher deductible.
If you do make the decision to raise your deductibles, it is essential to have enough savings set aside to allow you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Types of discounts on Colorado Springs auto insurance
Insurance providers that provide policies for drivers with a bad driving record may have rate discounts that may potentially lower prices by as much as 35% or more if you meet specific eligibility requirements. A list of insurance companies and a partial list of their discounts include:
- American Family offers premium reductions for multi-vehicle, bundled insurance, early bird, good student, and air bags.
- State Farm offers discounts for Drive Safe & Save, student away at school, multiple autos, safe vehicle, and driver’s education.
- 21st Century may have discounts that include early bird, good student, automatic seat belts, student driver, defensive driver, homeowners, and theft prevention.
- Travelers may offer discounts for multi-car, good student, early quote, IntelliDrive, save driver, student away at school, and payment discounts.
- GEICO may include discounts for multi-vehicle, membership and employees, seat belt use, emergency military deployment, five-year accident-free, anti-theft, and defensive driver.
The diagram below visualizes the comparison of insurance prices with and without some available policy discounts. The data assumes a female driver, three speeding tickets and one accident, Colorado state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with paperless filing, homeowner, multiple vehicle, anti-theft, passive restraint, and paid-in-full discounts applied. When these discounts are applied to the policy premium, the average savings per year on insurance for drivers with a bad driving record is 28% or $723.
Why you should be shopping around
Colorado Springs, CO insurance rates are impacted by many things which can substantially change your annual premium. Turning one year older, getting married, or getting a reckless driving citation may prompt premium changes that may make certain companies cheaper than before.
Additionally, companies file new rates multiple times each year to reflect underwriting profits or losses. Higher than normal claim frequency or severity may cause additional price hikes, while profitable underwriting can produce cheaper Colorado Springs car insurance rates.
To illustrate this point, the data below shows which companies have the cheapest car insurance in Colorado Springs, CO for a 40-year-old male driver with no accidents, a clean driving record, and solid credit. When comparing rates based on his personal profile, The Hartford offers the most affordable car insurance rates in Colorado Springs at $1,008 each year. This is $570 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners also make the list of the top five cheapest Colorado Springs, CO auto insurance companies.
Now let’s give the driver from the above example an accident claim, poor credit, and a speeding ticket. Because each company uses their own formula to determine rates, analyzing rates may now show a different ranking of companies as shown below.
Travelers now has the cheapest car insurance in Colorado Springs, CO with State Farm, American Family, Progressive, and Amica also being competitive. This shows why it is crucial to compare many different companies to find the lowest insurance quotes for drivers with a bad driving record. Prices consist of many different factors and change dramatically, so the most affordable company the last time you shopped around may now cost much more than other companies.
Tips for finding cheaper insurance for drivers with a bad driving record
Here are some penny-pinching suggestions that can help you find cheaper car insurance.
- Increase your policy deductibles
- Do not get tickets or violations
- Increase your credit rating
- Safer vehicles generally have cheaper insurance rates
- At-fault accidents will increase rates
- Comparison shop at least every other year
The final tip is certainly necessary, as was stressed in this write-up. Auto insurance rates fluctuate considerably, so you should be ready to buy from a different company if you find a cheaper price.
We understand brand loyalty, but it’s not a great idea if that loyalty results in overpaying big bucks every year. Now is a great time to compare prices and find cheaper auto insurance for drivers with a bad driving record in Colorado Springs.