How Much is Auto Insurance for Teenagers in Colorado Springs?

For teen drivers, one of the largest criteria that help determine car insurance rates is where you normally keep your vehicle in Colorado Springs. Areas with more people or higher crime rates tend to have more expensive car insurance rates, whereas areas with less people or fewer weather incidents benefit from having to pay less for coverage.

The table below ranks the highest-priced areas in Colorado for teenagers in which to buy car insurance. Colorado Springs comes in at #10 with the annual price of $1,290 for the average policy, which is around $108 per month.

Premium costs are estimated as the specific Colorado Springs residence address can impact auto insurance rates substantially.

The type of vehicle on the policy is one of the largest factors when looking for economical insurance for teenagers. Vehicles with lower acceleration and performance, good crash test ratings, or a track record of few liability claims will cost substantially less to insure than high performance models.

The list below presents car insurance premiums for a number of the most affordable vehicles to insure in Colorado.

Data based on single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in specific garaging location which can modify prices considerably.

Based upon these rates, we can infer that makes and models like the Honda Accord, Honda CR-V, Ford Escape, Toyota Prius, and Ford F-150 will be a few of the most economical vehicles to insure for teen drivers. Auto insurance rates will trend higher just due to the fact that there is more risk for teenagers, but generally speaking those particular models will probably have the best insurance prices that you are likely to find.

Finding the right insurer can be challenging considering how many companies sell coverage in Colorado. The company rank data below could help you analyze which car insurance providers to look at shopping your coverage with. These ratings only include companies with a nationwide focus, so smaller regional companies will not be included in these rankings.

Get discount Colorado Springs car insurance rates

Auto insurance companies that provide policies for teenagers may also give you special discounts that could lower prices by 40% or more if you are eligible. A few popular companies and some of the premium reductions they offer can be found below.

• Farmers Insurance has savings for switch companies, mature driver, homeowner, multi-car, good student, and teen driver.
• Esurance offers discounts for online shopper, good driver, anti-theft, renters, DriveSense, Pac-12 alumni, and claim free.
• State Farm offers discounts including good student, anti-theft, accident-free, passive restraint, Steer Clear safe driver discount, and Drive Safe & Save.
• GEICO policyholders can earn discounts including daytime running lights, federal employee, air bags, five-year accident-free, and good student.
• Allstate may offer discounts for good student, new car, economy car, teenSMART discount, auto/life discount, EZ pay plan discount, and safe driver.

The illustration below shows the comparison of auto insurance costs with and without discounts applied. The rates are based on a male driver, no violations or accidents, Colorado state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with paid-in-full, vehicle safety, paperless filing, continuous coverage, anti-theft, and passive restraint discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on insurance for teenagers is 28% or $710.

Full coverage rates vs. liability-only

Reducing premiums for insurance is important to most vehicle owners, and one common way to pay lower rates for insurance for teenagers is to not pay for full coverage. The diagram below visualizes the comparison of insurance premiums with full coverage and liability only. Data assumes no violations or claims, $500 deductibles, drivers are not married, and no discounts are taken into consideration.

Averaged for all ages 20 through 70, comp and collision coverage costs an extra $2,209 per year over and above liability only. That amount may make you wonder when is it safe to stop buying full coverage. There is no definitive guideline to delete physical damage coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.

Why are you paying too much for Colorado Springs car insurance?

Colorado Springs, CO insurance rates are based on many factors which can substantially change the price you have to pay for coverage. Simply getting older, becoming a homeowner, or having a fender bender may cause policy rate changes that can now make some companies more affordable than the competition. Not only may your risk profile change, but insurance companies change prices at least once a year to adjust for unexpected claims or profits. Higher than normal claims may cause increased policy costs, while lower claims may cause cheaper Colorado Springs car insurance rates.

To illustrate this point, the data below shows a variety of companies that have the cheapest car insurance in Colorado Springs, CO for a 30-year-old female driver with no accidents or violations, and solid credit. When comparing rates based on her personal risk profile, The Hartford may offer the most affordable car insurance rates in Colorado Springs at $1,039 each year. This is $539 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are the remaining top five cheapest Colorado Springs, CO auto insurance companies.

The next chart shows rates after we give the driver from the first example a chargeable claim, a lower credit rating, and an imperfect driving record. Since each company has a proprietary method to determine rates, analyzing rate quotes may now present a different set of affordable Colorado Springs car insurance companies as shown below.

Auto-Owners now has the cheapest insurance rate in Colorado Springs with State Farm, American Family, Progressive, and Grange also being competitive. This shows why consumers need to shop around to get affordable car insurance quotes for teenagers.

Auto insurance prices are impacted by many things and change substantially, so the cheapest option two years ago may now be costing you a lot of money.