The vehicle model to be insured is one of the largest considerations when looking for cheaper insurance for good students. Vehicles with average performance, a plethora of safety features, or a low likelihood of having liability claims will cost less to insure than fast, unsafe models.
The data below shows car insurance rates for a selection of the cheaper vehicles to insure in Colorado.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $4,596 |
| Honda CR-V EX-L 2WD | $4,637 |
| Honda Accord EX-L 4-Dr Sedan | $4,918 |
| Toyota Prius | $4,962 |
| Dodge Grand Caravan CV | $5,170 |
| Toyota Tacoma 4WD | $5,180 |
| Chevrolet Impala LS | $5,409 |
| Ford Edge Limited 2WD | $5,419 |
| Volkswagen Jetta S 4-Dr Sedan | $5,450 |
| Toyota RAV4 Sport 4WD | $5,457 |
| Toyota Camry LE | $5,450 |
| Ford Explorer Eddie Bauer AWD | $5,494 |
| Hyundai Elantra Blue 4-Dr Sedan | $5,687 |
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Data assumes single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate quotes do not factor in specific zip code location which can lower or raise coverage rates greatly.
Looking at the data, cars like the Ford Escape, Honda CR-V, and Honda Accord are some of the most affordable vehicles to insure for student drivers.
Trying to find affordable car insurance is not always easy, and figuring out which companies have the cheapest auto insurance rates for good students will involve even more shopping around.
Every insurance provider uses their own formula to establish rates, so let’s take a look at the most budget-friendly auto insurance companies in Colorado.
Best Car Insurance Prices for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $834 |
| 2 | Grange | $958 |
| 3 | USAA | $1,029 |
| 4 | Nationwide | $1,121 |
| 5 | GEICO | $1,152 |
| 6 | Auto-Owners | $1,156 |
| 7 | Travelers | $1,183 |
| 8 | State Farm | $1,259 |
| 9 | American Family | $1,301 |
| 10 | Progressive | $1,376 |
| 11 | Amica | $1,381 |
| 12 | Allied | $1,439 |
| 13 | California Casualty | $1,502 |
| 14 | Farmers | $1,565 |
| 15 | Colorado Farm Bureau | $1,640 |
| 16 | MetLife | $1,866 |
| 17 | Allstate | $2,015 |
| 18 | Encompass | $2,165 |
| 19 | Safeco | $2,472 |
| 20 | Titan | $2,630 |
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The Hartford has some of the best car insurance rates in Colorado Springs at around $834 per year. Grange, USAA, Nationwide, and GEICO also are some of the best Colorado Springs, CO insurance companies.
In this example, if you are currently insured with GEICO and switched to Grange, you could earn yearly savings of in the vicinity of $194. Policyholders with Auto-Owners might save as much as $198 a year, and Travelers customers might reduce rates by $225 a year.
It’s important to note that these premium estimates are averages across all drivers and vehicles and are not factoring in a specific zip code for good students. So the car insurance company that has the cheapest price for you may not even be in the list above. That is why you need to get car insurance quotes using your own driver information and specific vehicle type.
Cost of full coverage in Colorado Springs
Reducing premiums for auto insurance is important to most people, and one of the fastest ways to save on the cost of insurance for good students is to not pay for full coverage. The chart below shows the comparison of yearly insurance costs when comparing full coverage to liability only. The rates are based on no driving violations, no at-fault accidents, $1,000 deductibles, drivers are not married, and no other discounts are factored in.
If the expense is averaged for all age categories, comprehensive and collision coverage on your policy costs $1,476 per year over liability only. That amount may make you wonder when is it safe to stop buying full coverage. There is no definitive rule for phasing out comprehensive and collision coverage on your policy, but there is a broad guideline. If the yearly cost for physical damage coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
The illustration below shows how choosing a deductible can affect annual premium costs when researching cheap insurance for good students. The premium estimates are based on a married male driver, comp and collision included, and no discounts are applied.
The chart above illustrates that a 50-year-old driver could cut expenses by $330 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $498 by choosing a $1,000 deductible. Even younger insureds, like the 20-year-old category, could potentially save $1,110 each year by using a higher deductible. When choosing a higher deductible, it will be important to have additional funds in a savings account to be able to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Get discounts on Colorado Springs insurance rates
Auto insurance companies that offer quotes for good students could also offer premium discounts that can lower rates by as much as 40% or more if you are eligible for them. A few of the larger companies and some of the premium reductions they offer include:
- GEICO offers discounts for defensive driver, driver training, air bags, emergency military deployment, seat belt use, and daytime running lights.
- Mercury Insurance may have discounts that include good student, professional/association, multi-policy, accident-free, multi-car, age of vehicle, and annual mileage.
- Farmers Insurance policyholders can earn discounts including electronic funds transfer, pay in full, switch companies, alternative fuel, mature driver, distant student, and homeowner.
- Auto-Owners Insurance discounts include air bags, multiple vehicles, paid in full, multi-policy, anti-lock brakes, and safe vehicle.
- Liberty Mutual may offer discounts for multi-car, newly married, teen driver discount, hybrid vehicle, new move discount, new vehicle discount, and good student.
- SAFECO offers discounts including accident prevention training, teen safety rewards, multi-car, drive less, anti-lock brakes, bundle discounts, and safe driver.
- Progressive offers premium reductions for multi-vehicle, good student, online signing, multi-policy, and online quote discount.
- USAA has savings for good student, family discount, multi-vehicle, defensive driver, military installation, loyalty savings, and annual mileage.
The illustration below illustrates the difference between premium costs with and without discounts applied. The costs are based on a male driver, no claims or driving citations, Colorado state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows the price with no discounts. The second shows the rates with vehicle safety, continuous coverage, paperless filing, anti-theft, good student, and passive restraint discounts applied. When drivers take advantage of discounts, the average amount saved each year on auto insurance for good students is 28% or $989.
How to find budget-friendly insurance for good students
The list below shows some of the better thrifty suggestions that can help drivers quote low-cost coverage.
- Safer vehicles generally have cheaper insurance rates
- Try paying for small claims out-of-pocket
- Avoid preventable accidents
- Do not get traffic violations
- Bundle home or renters insurance to earn a discount on car insurance
- Keep rates low by shopping around frequently
The last suggestion is highly crucial, as was pointed out in the prior article. Prices charged by auto insurers in Colorado Springs can be adjusted at any time, so drivers shouldn’t hesitate to buy a different policy if you can find a cheaper rate. Brand loyalty is great, but it isn’t a good idea if that faithfulness ends up costing you a considerable chunk of change every month. Now is a great time to compare prices to find cheaper auto insurance for good students.
If you aren’t sure which coverage you need and prefer to have the advice of a professional agent when trying to find lower insurance rates for good students, the professional agents shown below can provide answers to your questions and help you determine which car insurance policy is best.
To find a Colorado Springs insurance agent closest to you, click the link after the list or click here to compare price quotes now.
- Farmers Insurance – Mark Olsen
1870 Dublin Blvd e – Colorado Springs, CO 80918 – (719) 593-9916 - Brandon Kolk – State Farm Insurance Agent
12229 Voyager Pkwy Ste 100 – Colorado Springs, CO 80921 – (719) 599-3600 - American Family Insurance – Diane Christensen
1957 W Uintah St – Colorado Springs, CO 80904 – (719) 477-1636 - Aileen Baldwin – State Farm Insurance Agent
540 W Garden of the Gods Rd – Colorado Springs, CO 80907 – (719) 599-9044