Establishing which companies have the lowest-priced auto insurance rates for a company car takes more work than just picking a company at random. Each auto insurance company uses a different method for filing rates in each state, so to begin we’ll rank the auto insurance companies with the most affordable rates in Colorado Springs.
Find the Cheapest Car Insurance in Colorado
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,624|
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The Hartford offers some of the lowest car insurance rates in Colorado Springs at around $834 a year. This is $744 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are also some of the more affordable Colorado Springs, CO auto insurance companies.
As shown above, if you are a policyholder with GEICO and switched to Grange, you may realize annual savings of about $163. Drivers with Nationwide may save as much as $177 a year, and Auto-Owners policyholders might see rate reductions of $190 a year.
Remember that these rates are averaged across all ages of drivers and types of vehicles and and are not figured with a specific location for a company car. So the car insurance company that can offer you the lowest price may not even be in the top 21 companies in the list above. That points out the importance of why you need to compare rates from multiple companies using your own specific driver information and vehicle.
For your employer’s vehicle, one of the more important considerations that help determine auto insurance rates is your address in Colorado Springs. More populated areas tend to pay more, whereas areas with fewer weather claims and lower vehicle theft rates receive better rates.
The table below ranks the most expensive places in Colorado for a company car to purchase a policy in. Colorado Springs makes the list at #13 with an annual cost of $1,277 for the average insured, which is about $106 monthly.
|Rank||City||Average Per Year|
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Rates are estimated as specific location information can impact premiums substantially.
The vehicle driven is a significant factor that determines if you can find economical insurance for a company car. Vehicles with high performance features, a lack of advanced safety features, or an increased likelihood of liability claims will cost substantially more to insure than more economical and safe models.
The next table presents auto insurance costs for a number of the cheapest vehicles to insure in Colorado.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford F-150 XLT Super Cab 4WD||$1,354|
|Toyota Camry LE||$1,399|
|Ford Explorer Limited AWD||$1,426|
|Ford Focus SES 4-Dr Sedan||$1,446|
|Ford Escape Limited 4WD||$1,465|
|Hyundai Elantra SE Touring Station Wagon||$1,473|
|Toyota Corolla LE||$1,473|
|Honda Odyssey EX-L||$1,482|
|Honda CR-V EX-L 4WD||$1,485|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,500|
|GMC Sierra SLE Regular Cab 4WD||$1,506|
|Ford Fusion Sport 4-Dr Sedan||$1,500|
|Jeep Wrangler Unlimited Rubicon 4WD 4-Dr||$1,547|
|Chevrolet Impala LS||$1,571|
|Toyota RAV4 Sport 4WD||$1,601|
|Chevrolet Equinox LT 2WD||$1,608|
|Dodge Grand Caravan Hero||$1,601|
|Toyota Tacoma 2WD||$1,677|
|Ford Edge Limited 2WD||$1,685|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 2WD||$1,697|
|Chevrolet Malibu Hybrid||$1,712|
|Jeep Grand Cherokee Limited 2WD||$1,717|
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Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Estimates do not factor in garaging location in Colorado Springs, CO which can raise or lower auto insurance rates significantly.
Based upon the table data, cars like the Ford F-150, Toyota Camry, and Ford Explorer will be some of the more affordable vehicles to insure for your employer’s vehicle.
How to get discounts on Colorado Springs auto insurance rates
Auto insurance companies that provide policies for a company car may also provide premium discounts that could lower prices by as much as 35% or more if you can meet the requirements. A list of companies and their possible discounts are detailed below.
- American Family includes discounts for defensive driver, mySafetyValet, accident-free, air bags, good student, multi-vehicle, and bundled insurance.
- Farm Bureau discounts include multi-vehicle, 55 and retired, good student, safe driver, multi-policy, and youthful driver.
- State Farm offers discounts for multiple policy, student away at school, defensive driving training, multiple autos, accident-free, good driver, and anti-theft.
- Travelers may include discounts for continuous insurance, good student, early quote, new car, driver training, multi-car, and student away at school.
- The Hartford offers discounts including driver training, good student, defensive driver, bundle, anti-theft, air bag, and vehicle fuel type.
- GEICO may offer discounts for defensive driver, daytime running lights, air bags, anti-theft, seat belt use, and five-year accident-free.
- Progressive has savings for good student, multi-policy, online signing, multi-vehicle, online quote discount, homeowner, and continuous coverage.
The diagram below illustrates the comparison of annual premium costs with and without policy discounts. The costs are based on a female driver, a clean driving record, no at-fault accidents, Colorado state minimum liability limits, comp and collision included, 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 accident-free, multiple vehicle, marriage, multiple policy, anti-theft, and safe-driver discounts applied. With discounts applied, theamount saved on auto insurance for a company car is 28% or $588.
Bad driving habits will cost you more
In a perfect world, the best way to find good auto insurance premiums in Colorado for your employer’s vehicle is to be a good driver and have a clean driving record. The diagram below demonstrates how speeding tickets and accidents can impact auto insurance rates for each age group. The information is based on a married female driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
The data in the chart shows the average cost of an auto insurance policy per year with no accidents or violations is $1,524. Get written up for two speeding tickets and the average cost rises to $2,158, an increase of $634 each year. Then add in two accidents along with the two speeding tickets and the yearly cost of auto insurance for a company car increases to an average of $4,787. That’s an increase of $3,263, or $272 per month, just for not maintaining a clean driving record!
What aren’t you shopping around?
Colorado Springs auto insurance rates are based on many factors which can significantly increase or decrease the price you have to pay. Simply having a birthday, buying higher coverage limits, or getting a driving violation can cause premium changes that can now make some companies affordable when they were higher priced. Not only may your risk profile change, but insurance companies change rates as often as every quarter to reflect underwriting profits or losses. A period of higher than normal claims can cause additional premium costs, while a better claims history may result in cheaper Colorado Springs car insurance rates.
To illustrate this example, the data below shows a variety of companies that have the cheapest car insurance in Colorado Springs, CO for a 35-year-old female driver with a clear driving record, no claims, and a decent credit rating. If we estimate rates based on her current risk profile, The Hartford might offer the lowest car insurance rates in Colorado Springs at $1,059 annually. This is $519 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are the remainder of the most affordable Colorado Springs, CO auto insurance companies.
The next chart shows rates after we give the driver from the first set of rates a couple of claims, a lower credit score, and an imperfect driving record. Because each company has a unique formula to determining premium rates, comparing quotes could result in a different ranking of companies as shown below.
Travelers now has the cheapest rate in Colorado Springs with State Farm, American Family, Grange, and Progressive completing the list. This example proves why it is important to compare rates to find the lowest insurance rates for a company car. Insurance prices are calculated by many things and can change without notice, so the best option a year ago may now be an over-priced policy.