Figuring out which insurers offer the cheapest auto insurance rates for 16 year olds calls for a little more sweat than just quoting one company's rates. Each auto insurer has their own process for determining prices, so let's take a look at the most affordable auto insurance companies in Colorado Springs.
Keep in mind that Colorado Springs auto insurance rates are calculated based on many things that will increase or decrease the price you pay for coverage. Simply getting older, buying a home instead of renting, or having an at-fault accident may prompt premium changes that can cause some rates to be more affordable than others.
Find the Cheapest Auto Insurance for Teens
The Hartford may offer some of the most affordable car insurance rates in Colorado Springs at around $825 a year. Grange, USAA, Nationwide, and GEICO also are some of the cheapest Colorado Springs, CO auto insurance companies.
As illustrated above, if you are a customer of Nationwide and switched to The Hartford, you may see a yearly price reduction of in the neighborhood of $296. Colorado drivers with GEICO could save as much as $316 a year, and Auto-Owners policyholders might realize rate reductions of up to $331 a year.
These estimates are averages for all types of insureds and vehicles and and are not calculated with a specific location for 16 year olds. So the company that can offer you the best price may not even be in the top 21 companies shown above. That emphasizes why you need to get rate quotes from many companies using your own specific driver and vehicle information.
The make and model of vehicle you are trying to insure is a large consideration that determines whether or not you can buy the most economical insurance for 16 year olds. Vehicles with high performance, a lack of modern safety features, or a history of substantial liability claims will cost much more to insure than safer models.
The next table presents insurance rates for some of the most economical vehicles to insure in Colorado.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$4,888|
|Ford Escape XLT 2WD||$4,898|
|Honda CR-V EX-L 4WD||$4,933|
|Volkswagen Jetta S 2.5 Station Wagon||$5,230|
|Ford Edge SE 2WD||$5,459|
|Dodge Grand Caravan SE||$5,505|
|Honda Odyssey EX||$5,756|
|Honda Civic DX 4-Dr Sedan||$5,765|
|Chevrolet Equinox LT AWD||$5,802|
|Toyota RAV4 Limited 2WD||$5,811|
|Toyota Tacoma Double Cab 4WD||$5,802|
|Toyota Camry LE||$5,807|
|Ford F-150 Lariat Super Cab 4WD||$5,845|
|Ford Explorer Eddie Bauer AWD||$5,852|
|Ford Focus SES 4-Dr Sedan||$6,053|
|Toyota Corolla S||$6,099|
|Chevrolet Impala LTZ||$6,106|
|Hyundai Elantra SE 4-Dr Sedan||$6,099|
|Chevrolet Malibu LTZ||$6,142|
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Data variables include single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium costs do not factor in specific location information which can impact premium rates greatly.
Looking at the data, you can expect cars like the Honda Accord, Ford Escape, Honda CR-V, and Volkswagen Jetta will be some of the cheaper vehicles to insure for new drivers. The price for an auto insurance policy will tend to be higher just due to the fact that there is more claim exposure for 16 year olds, but in general those particular vehicles will probably have the lowest prices compared to other vehicles.
For new drivers, one of the largest factors that are looked at to determine auto insurance rates is your zip code in Colorado Springs. More densely populated places tend to pay slightly more, whereas areas with lower crime rates and fewer weather claims receive better rates.
The following table shows the priciest cities in Colorado for 16 year olds to buy car insurance in. Colorado Springs ranks #10 with an annual premium of $1,316 on average, which is about $110 monthly.
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Premium costs are estimated as specific Colorado Springs zip code can modify rates noticeably.
The illustration below highlights how deductible selection can change insurance premiums when searching for cheap insurance for 16 year olds. Data assumes a single female driver, comprehensive and collision coverage, and no discounts are taken into consideration.
The chart above illustrates that a 40-year-old driver could save $280 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $422 by selecting a $1,000 deductible. Young drivers, like the Age 20 chart data, could roll back prices $706 every year by selecting a higher deductible. When increasing deductibles, it is important to have enough funds in savings to offset the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Discount Colorado Springs insurance
Insurers that provide coverage for 16 year olds may also give you discounts that could lower prices by as much as 40% or more if you can meet the requirements. The best auto insurance companies and their offered discounts can be found below.
- State Farm may include discounts for accident-free, multiple autos, multiple policy, student away at school, good student, and anti-theft.
- Farmers Insurance offers discounts including multi-car, business and professional, teen driver, switch companies, youthful driver, mature driver, and homeowner.
- GEICO policyholders can earn discounts including defensive driver, membership and employees, federal employee, multi-vehicle, anti-lock brakes, and military active duty.
- American Family may offer discounts for early bird, Steer into Savings, multi-vehicle, good student, and mySafetyValet.
- Nationwide may have discounts that include accident-free, defensive driving, Farm Bureau membership, good student, and multi-policy.
- Progressive offers discounts for good student, continuous coverage, homeowner, multi-vehicle, online signing, multi-policy, and online quote discount.
The chart below shows the difference between insurance costs with and without discounts applied to the rates. The information is based on a female driver, no claims or driving violations, Colorado state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with passive restraint, good student, paid-in-full, paperless filing, continuous coverage, and anti-theft discounts applied. When drivers take advantage of discounts, the average amount saved each year on auto insurance for 16 year olds is 28% or $511.
Careless drivers pay higher rates
The best way to score the best auto insurance rates in Colorado for new drivers is to be a safe driver and avoid accidents and traffic violations. The diagram below shows how speeding tickets and at-fault collisions drive up premium costs for different age groups. The rates are based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.
In the previous chart, the average cost of a car insurance policy in Colorado per year with no accidents and a clean driving record is $2,465. Receive one speeding ticket and the average cost hikes up to $2,778, an increase of $313 each year. Now get one accident along with the one speeding ticket and the annual cost of auto insurance for 16 year olds goes up to an average of $3,666. That's an increase of $1,201, or $100 per month, just for not driving attentively!