Who Has Affordable Colorado Springs Car Insurance Rates for Drivers Under 25?

The words “economical” and “insurance” really shouldn’t be used in the same sentence, in particular when looking for the cheapest car insurance for drivers under 25. To help control this cost, let’s learn about some things that can significantly affect car insurance rates, and find a way to lower the price of your next policy.

Finding good, budget auto insurance is not the easiest thing to accomplish, and deciding which companies have the best auto insurance rates for drivers under 25 calls for even more rate comparisons. Each insurance company uses a slightly different approach for determining prices, so let’s begin by taking a look at the lowest cost auto insurance companies in Colorado Springs, CO.

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Rankings for the cheapest car insurance companies in Colorado
Rank Company Cost Per Year
1 The Hartford $834
2 Grange $958
3 USAA $999
4 Nationwide $1,155
5 Auto-Owners $1,168
6 GEICO $1,176
7 State Farm $1,209
8 Travelers $1,219
9 American Family $1,275
10 Progressive $1,322
11 Amica $1,340
12 California Casualty $1,458
13 Allied $1,483
14 Farmers $1,613
15 Colorado Farm Bureau $1,624
16 MetLife $1,866
17 Allstate $2,015
18 Encompass $2,253
19 Safeco $2,447
20 Titan $2,630
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The Hartford may have some of the cheapest car insurance rates in Colorado Springs at around $834 a year. Grange, USAA, Nationwide, and Auto-Owners would also make the list of some of the lowest-priced Colorado Springs, CO insurance companies.

In the above rates, if you currently buy coverage from Grange and switched to The Hartford, you might achieve an annual savings of around $124. Insureds with USAA might save as much as $165 a year, and Nationwide customers might realize rate reductions of up to $321 a year.

If you want to see how much you could save, click here to begin a quote or click through to the companies below.

Remember that these estimates are averaged across all types of insureds and vehicles and do not factor in a specific zip code for drivers under 25. So the car insurance company that is best for you may not even be in the top 21 companies in the list above. That is why you need to get rate quotes using your own personalized driver profile and vehicle information.

The car, truck, or SUV requiring insurance is one of the primary factors when shopping around for affordable coverage for drivers under 25. Vehicles with lower performance, modern passenger safety features, or a low likelihood of liability claims will cost less to insure than higher performance models.

The next list ranks car insurance rates for a number of the most affordable automobiles to buy insurance for.

Cheapest Vehicles to Insure in Colorado Springs, CO
Make, Model, and Trim Level Estimated Cost for Full Coverage
Honda CR-V LX 2WD $2,984
Ford Escape Limited 4WD $3,250
Ford F-150 STX Regular Cab 2WD $3,274
Toyota Prius $3,296
Jeep Wrangler Sahara 4WD 2-Dr $3,317
Dodge Grand Caravan CV $3,325
Chevrolet Impala LS $3,496
Ford Edge Limited 2WD $3,501
Chevrolet Equinox LT AWD $3,540
Toyota Camry LE $3,549
Volkswagen Jetta S 4-Dr Sedan $3,540
Toyota RAV4 Limited 4WD $3,547
Chevrolet Malibu LS $3,540
Jeep Grand Cherokee Laredo 4WD $3,547
Toyota Tacoma Double Cab TRD Off-Road Package 4WD $3,586
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Data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, and claim-free. Price information does not factor in garaging location in Colorado Springs, CO which can revise premium rates significantly.

Based upon the table data, you can presume that cars like the Honda CR-V, Ford Escape, and Ford F-150 are most likely going to be some of the more affordable vehicles to insure for drivers age 25 and younger. Prices will tend to be higher just because there is more inherent risk for drivers under 25, but generally speaking those makes and models will have the least expensive rates available.

For drivers age 25 and younger, one of the largest things that aid in calculating the cost of insurance is where you choose to live. Areas with more people or even just a higher incidence of claims tend to have higher rates, whereas more rural areas benefit from lower coverage costs.

The information below ranks the most costly cities in Colorado for drivers under 25 in which to buy car insurance. Colorado Springs shows up at #5 with a yearly cost of $1,316 for the average insured, which is about $110 monthly.

How much does car insurance cost in Colorado Springs, CO?
Rank City Premium Per Year
1 Denver $1,439
2 Aurora $1,417
3 Pueblo $1,397
4 Lakewood $1,324
5 Colorado Springs $1,316
6 Commerce City $1,314
7 Thornton $1,307
8 Centennial $1,304
9 Northglenn $1,303
10 Littleton $1,293
11 Security-Widefield $1,291
12 Ken Caryl $1,287
13 Westminster $1,272
14 Parker $1,270
15 Highlands Ranch $1,267
16 Arvada $1,256
17 Castle Rock $1,248
18 Brighton $1,247
19 Boulder $1,195
20 Broomfield $1,179
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Rate quotes are estimated as specific Colorado Springs garaging address can lower or raise insurance rates considerably.

Careless driving habits raise auto insurance rates

The obvious way to snag the cheapest auto insurance premiums in Colorado Springs for drivers age 25 and younger is to drive carefully and have a clean driving record. The chart below highlights how traffic violations and accident claims impact insurance rates for each different age group. The premium estimates are based on a married female driver, comp and collision included, $1,000 deductibles, and no other discounts are factored in.

In the previous example, the average cost of auto insurance in Colorado per year with no accidents and a clean driving record is $1,501. Add in two speeding tickets and the average cost rises to $2,125, an increase of $625 each year. Then add one accident along with the two speeding tickets and the 12-month cost of auto insurance for drivers under 25 goes up to an average of $2,770. That’s an increase of $1,269, or $106 per month, just for not being more responsible behind the wheel!

Should you buy full coverage?

Paying less for auto insurance is the goal of the majority of vehicle owners, and a great way to pay less for insurance for drivers under 25 is to not buy full coverage. The information below visualizes the comparison of yearly insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are not married, and no policy discounts are applied.

Averaged for all age groups, full coverage costs an extra $1,598 per year over having just liability coverage. Lot’s of drivers question if physical damage coverage is worth the money. There isn’t a written rule to delete physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s pretend your vehicle’s claim settlement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $5,000 after paying the physical damage deductible. If you are paying over $500 a year for physical damage coverage, then you might consider buying liability only.

There are some scenarios where only buying liability is not advised. If you have an outstanding loan on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should not opt for liability only.

The diagram below highlights how deductible selection can increase or decrease insurance costs when quoting cheap insurance for drivers under 25. The premiums are based on a married male driver, comp and collision included, and no discounts are applied.

The chart above illustrates that a 30-year-old driver could lower their car insurance rates by $272 a year by increasing from a $100 deductible up to a $500 deductible, or save $412 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old example, could reduce their rates $814 every year just by choosing higher deductibles when buying full coverage.

If you do make the decision to raise your deductibles, it’s a good idea to have plenty of money set aside to offset the extra out-of-pocket expense that deters many people from opting for higher deductibles.

Chances are good that you’re overpaying for Colorado Springs car insurance

Colorado auto insurance rates are determined by lots of factors which can substantially decrease or increase the policy premium. Improving your credit rating, getting married, or having an accident can produce rate changes that can make some companies more affordable than others.

And not only may your rating factors change, but insurance companies modify pricing without warning to adjust for heavy claims or excess profits. Heavier than normal losses can cause a rate increase, while a better loss history may result in cheaper Colorado Springs car insurance rates.

The data below compares the cheapest car insurance in Colorado Springs, CO for a 45-year-old male driver with a good driving record, no prior claims, and a good credit history. When comparing rates based on his current risk factors, The Hartford has the best 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 GEICO round out the rest of the best Colorado Springs, CO auto insurance companies.

The example below compares rates after we give the driver from the first rate comparison a claim, bad credit, and a traffic ticket or two. Since each company has a different process to set their prices, comparing rates may now present a new list of companies as shown below.

Travelers now has the cheapest auto insurance in Colorado Springs, CO with State Farm, American Family, Progressive, and Amica now being in the top five. This demonstrates why consumers need to take the time to take the time to shop around when trying to get cheap auto insurance quotes for drivers under 25.

Prices consist of many things and change dramatically, so the most affordable company the last time you checked may now not even be in the top five.