For Uber vehicles, one of the largest factors that determine auto insurance rates is your zip code. Areas with more people or higher crime rates likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower rates.
The next table rates the most costly cities in Colorado for Uber drivers to buy an auto insurance policy in. Colorado Springs comes in at #9 with the yearly price of $1,316 for the average policy, which is approximately $110 monthly.
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Rates are estimated as the vehicle garaging location can revise coverage prices substantially.
Trying to find reasonably-priced auto insurance is not most people’s favorite thing to do, and deciding which companies quote the most affordable car insurance rates for Uber drivers will take even more work. Every car insurance company uses slightly different criteria to set their prices, so to begin we’ll rank the car insurance companies with the overall best prices in Colorado.
It’s important that you understand Colorado Springs, CO car insurance rates are calculated based on many things that may substantially change the price you pay. This price variation is why it is crucial to perform an extensive rate comparison when trying to get the most affordable insurance quotes for Uber drivers. Prices are influenced by many factors and change dramatically, so the best company six months ago may now be quite expensive.
Find the Best Cheap Insurance for Your Uber Vehicle
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,640|
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The Hartford quotes some of the lowest car insurance rates in Colorado Springs at around $825 annually. Grange, USAA, Nationwide, and Auto-Owners are also some of the more affordable Colorado Springs, CO insurance companies.
As illustrated above, if you currently have a policy with Auto-Owners and switched to Grange, you may see savings of approximately $178. Drivers with Travelers may save as much as $193 a year, and GEICO policyholders might cut rates by $198 a year.
These estimates are averaged across all types of insureds and vehicles and do not factor in an exact location for Uber drivers. So the insurer that is best suited for you may not even be in the top 21 companies in the list above. That underscores the importance of why you need to get auto insurance quotes using your own specific driver and vehicle information.
Cost of full coverage
Finding the cheapest car insurance is the goal of most people, and a good way to pay less for insurance for Uber drivers is to only pay for liability coverage. The chart below illustrates the difference between car insurance costs with and without full coverage. The premiums assume no claims or violations, $500 deductibles, single marital status, and no discounts are taken into consideration.
As an overall average, full coverage costs an additional $2,245 per year over and above liability coverage. Many people question if you should buy full coverage at all. There is no written rule that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
There are some circumstances where dropping full coverage is not a good plan. If you still owe money on your vehicle, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should keep full coverage in place.
Get discount Colorado Springs car insurance
Insurance providers that offer quotes for Uber drivers may provide rate discounts that can reduce rates by as much as 35% if you are eligible for them. Companies and their offered discounts are outlined below.
- GEICO offers premium reductions for military active duty, federal employee, daytime running lights, emergency military deployment, multi-vehicle, good student, and air bags.
- USAA offers discounts for loyalty savings, driver training, multi-policy, vehicle storage, and good student.
- Progressive may offer discounts for online quote discount, good student, continuous coverage, multi-vehicle, homeowner, online signing, and multi-policy.
- American Family discounts include accident-free, Steer into Savings, good student, multi-vehicle, bundled insurance, and early bird.
- Esurance may have discounts that include anti-theft, paid-in-full, multi-policy, online quote, and multi-car.
- Farmers Insurance offers discounts including mature driver, homeowner, distant student, good student, bundle discounts, multi-car, and early shopping.
- State Farm policyholders can earn discounts including Steer Clear safe driver discount, defensive driving training, multiple autos, accident-free, Drive Safe & Save, and driver’s education.
The illustration below illustrates the difference between car insurance rates with and without some available policy discounts. The premiums are based on a female driver, no accidents, no driving violations, Colorado state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with safe-driver, marriage, multiple vehicle, multiple policy, accident-free, and passive restraint discounts applied. When discounts are factored in, theamount saved on car insurance for Uber drivers is 28% or $437.
The chart below illustrates how choosing a deductible can increase or decrease insurance rates when quoting cheap insurance for Uber drivers. Data assumes a single female driver, full coverage, and no discounts are applied.
The data above shows that a 40-year-old driver could lower their car insurance rates by $376 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $566 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old example, could roll back prices up to $966 every year by choosing larger deductibles on their policy.
If you do decide to increase your deductibles, it will be necessary to have enough funds in savings to be able to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Why are you paying too much for Colorado Springs car insurance?
Colorado Springs car insurance rates are calculated based on many things that will increase or decrease the price of coverage. Getting older, buying higher coverage limits, or getting caught speeding can trigger price changes resulting in some rates now being cheaper than others. Not only that, but insurance companies file new Colorado car insurance rates as often as every quarter to reflect underwriting profits or losses. An unexpected high level of claims can cause rate hikes, while lower claims can cause cheaper Colorado Springs car insurance rates.
The data below shows the company with the cheapest car insurance in Colorado Springs, CO for a 45-year-old female driver with no prior accidents, a clean driving record, and a decent credit rating. Based on her current rating profile, The Hartford might offer the cheapest 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, GEICO, and Nationwide are also on the list of the most affordable Colorado Springs, CO auto insurance companies.
Now we will give the driver from the first set of rates a claim or two, a lower credit rating, and a stop sign violation. Since every car insurance company has their own guidelines for determining rates, analyzing rate quotes will most likely result in a different list of the cheapest Colorado Springs car insurance companies as shown below.
State Farm now has the best price in Colorado Springs, CO with Travelers, American Family, Amica, and USAA also having competitive pricing. This example demonstrates why consumers need to take the time to shop around when trying to get the cheapest car insurance rates for Uber drivers. Insurance rates are impacted by many factors and can increase or decrease at any time, so the most affordable company when you bought your policy may now be costing you a lot of money.