For people who own their homes, one of the more important considerations that are looked at to determine the cost of insurance is where you normally keep your vehicle in Colorado Springs. Areas with high crime rates or more dense population tend to have higher auto insurance costs, whereas areas that tend to be more rural have the luxury of cheap car insurance rates.
The information below lists the most expensive areas in Colorado for homeowners to purchase auto insurance in. Colorado Springs is ranked at #8 with an annual cost of $1,316 for the average insurance policy, which is around $110 monthly.
|Rank||City||Premium Per Year|
|Get a Custom Quote Go|
Rate quotes are comparative as specific Colorado Springs garaging address can alter prices noticeably.
Figuring out which insurers offer the most affordable auto insurance rates for homeowners will take a bit more effort than just quoting one company's rates. Each auto insurer has a unique approach for determining prices, so let's look at the rankings for the auto insurance companies with the overall cheapest rates in Colorado Springs, CO.
It's important to understand that Colorado auto insurance rates are impacted by many things which can substantially decrease or increase the price you have to pay for coverage. Simply getting older, moving to a different location, or getting a speeding ticket can cause premium changes resulting in some rates now being cheaper than before.
Find the Cheapest Car Insurance for Homeowners
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,624|
|Get a Custom Quote Go|
The Hartford quotes some of the lowest car insurance rates in Colorado Springs at around $825 per year. This is $753 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO would also be considered some of the more affordable Colorado Springs, CO auto insurance companies.
In the above example, if you are a customer of Nationwide and switched to The Hartford, you might achieve a yearly savings of in the neighborhood of $284. Drivers with GEICO could save as much as $316 a year, and Auto-Owners customers might reduce prices by as much as $367 a year.
To see if you're overpaying, click here or click through to the companies below.
It's important to note that these rates are averages for all ages of drivers and types of vehicles and do not factor in an exact zip code location for homeowners. So the company that can offer the best rates for your situation may not even be in the top 21 companies in the list above. That emphasizes why you need to compare rates from multiple companies using your own specific driver information and vehicle.
The information below demonstrates how deductibles can impact insurance rates when researching cheap insurance for homeowners. The costs are based on a married female driver, full physical damage coverage, and no other discounts are factored in.
A 40-year-old driver could reduce rates by $288 a year by increasing from a $100 deductible up to a $500 deductible, or save $436 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old example, could possibly save as much as $712 or more by using a higher deductible. When using a larger deductible, it will be required to have enough spare savings to allow you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Get discounts on Colorado Springs auto insurance rates
Car insurance companies that offer coverage for homeowners may also provide price discounts that may potentially lower prices by as much as 25% or more if you meet certain criteria. Large auto insurance companies and a partial list of their discounts can be found below.
- Progressive offers discounts for continuous coverage, good student, multi-policy, homeowner, online quote discount, online signing, and multi-vehicle.
- The Hartford offers premium reductions for defensive driver, driver training, vehicle fuel type, air bag, good student, and anti-theft.
- Mercury Insurance has discounts for good student, annual mileage, location of vehicle, type of vehicle, accident-free, good driver, and ease of repair.
- GEICO offers discounts including membership and employees, five-year accident-free, military active duty, air bags, defensive driver, emergency military deployment, and good student.
- AAA includes discounts for pay-in-full, education and occupation, AAA membership discount, multi-policy, anti-theft, good student, and good driver.
- State Farm may offer discounts for multiple policy, good student, passive restraint, multiple autos, safe vehicle, and accident-free.
The information below illustrates the difference between insurance premiums with and without discounts applied to the policy rates. The prices are based on a female driver, no claims or driving violations, Colorado state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, accident-free, vehicle safety, anti-theft, defensive driving course, and homeowner discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on auto insurance for homeowners is 28% or $484.
Why it's important to shop around
Colorado auto insurance rates are influenced by many factors that control the price you have to pay. Simply having a birthday, having a claim, or getting into an accident may generate price changes that may make certain companies cheaper than others. And not only may your rating factors change, but insurers modify rates as needed in order to protect their financial rating. Larger than normal claims can result in rate hikes, while profitable underwriting can result in more affordable Colorado Springs car insurance rates.
For example, the bar chart below analyzes the cheapest car insurance in Colorado Springs, CO for a 30-year-old male driver with a good driving record, no prior claims, and a good credit rating. If we estimate prices based on his current risk factors, The Hartford may offer the lowest car insurance rates in Colorado Springs at $998 annually. This is $580 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are the remaining best Colorado Springs, CO auto insurance companies.
The example below compares rates after we give the driver in the first example a chargeable accident, a lower credit rating, and a couple of points charged on his driving record. Due to the fact that every auto insurer has a different formula to determining premium rates, analyzing rate quotes may result in a slightly different list of the cheapest Colorado Springs car insurance companies as shown below.
GEICO now has the cheapest car insurance in Colorado Springs with State Farm, American Family, Progressive, and Grange also having competitive pricing. This example proves why Colorado drivers need to do a thorough rate comparison to find the most budget-friendly car insurance quotes for homeowners. Prices can be determined by many factors and change substantially, so the cheapest company a year ago may now be priced much higher than other options.
Ideas for buying more affordable auto insurance for homeowners
It's not impossible to find cheaper rates, and here are many money-saving solutions that can help drivers locate low-cost auto insurance.
- Buy your auto and home insurance from the same company and save
- If your vehicles are older, consider dropping full coverage
- Save money by staying claim-free
- Higher credit scores can equal lower rates
- Higher comprehensive and collision coverage deductibles will save money
- Safe vehicles generally have lower rates
- Compare rate quotes frequently
The last tip is especially vital, as was pointed out in this article. Prices charged by companies in Colorado Springs vary greatly, so don't be unwilling to buy from a different company if a better deal can be had. Having brand loyalty is commendable, but is isn't recommended if that devotion results in you overpaying thousands of dollars over several years. If you have a few minutes, now is a great time to compare prices and find cheaper car insurance for homeowners.
If you aren't sure which coverage you need and prefer to have the advice of a professional agent when shopping for cheaper insurance for people who own their homes, the agents listed below can most likely aid you in deciding which car insurance company is the best fit.
To find a Colorado Springs insurance agent near you, click the button at the bottom of the list.
Mary Beth Stiltner Insurance Agency
1880 Dublin Blvd # C - Colorado Springs, CO 80918 - (719) 528-1555
State Farm: Austin Morgan
1806 Dominion Way Suite A - Colorado Springs, CO 80918 - (719) 630-1800
Roberto Martinez - State Farm Insurance Agent
1216 Academy Blvd N - Colorado Springs, CO 80909 - (719) 574-0210
A Better Choice Auto Insurance
1863 N Circle Dr - Colorado Springs, CO 80909 - (719) 667-1301
O'Donnell Agency Inc
707 S Tejon St - Colorado Springs, CO 80903 - (719) 227-7100