How Much are Car Insurance Quotes for Electric Cars in Colorado Springs?

Deciphering which company quotes the most affordable auto insurance rates for electric cars will involve more work in order to find the most economical policy. Every insurance provider uses their own method for setting rates, so let’s take a look at the overall cheapest auto insurance companies in Colorado Springs.

We do need to point out that Colorado auto insurance rates are based on many factors that can increase the price you have to pay. Simply turning a year older, increasing liability limits, or getting a ticket for careless driving may generate price changes resulting in some companies being much cheaper than others.

Best Cheap Insurance Rates for EV’s

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Rankings for the cheapest Colorado auto insurance companies
Rank Company Cost Per Year
1 The Hartford $825
2 Grange $958
3 USAA $1,009
4 GEICO $1,141
5 Nationwide $1,143
6 Auto-Owners $1,168
7 Travelers $1,183
8 State Farm $1,222
9 American Family $1,262
10 Progressive $1,336
11 Amica $1,394
12 California Casualty $1,444
13 Allied $1,453
14 Farmers $1,613
15 Colorado Farm Bureau $1,624
16 MetLife $1,866
17 Allstate $2,076
18 Encompass $2,231
19 Safeco $2,472
20 Titan $2,630
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The Hartford may offer some of the cheapest car insurance rates in Colorado Springs at around $825 per year. Grange, USAA, GEICO, and Nationwide would also be considered some of the lowest-priced Colorado Springs, CO auto insurance companies.

In the above rates, if you are a policyholder with USAA and switched to The Hartford, you could see savings of in the neighborhood of $184. Insureds with GEICO could save as much as $316 a year, and Nationwide insureds might lower prices by up to $318 a year.

To find out how your current rates compare, click here to begin a quote or quote rates from the companies below.

These estimates are averaged across all drivers and vehicles and do not take into consideration a specific location for electric cars. So the car insurance company that has the cheapest rates for you may not even be in the list above. That helps illustrate why you need to compare as many prices as possible using your own specific driver and vehicle information.

The vehicle model on the policy is probably the most important factor in finding cheaper car insurance for electric cars. Vehicles with higher performance characteristics, poor safety ratings, or a track record of large liability claims will cost much more to insure than safer, lower-performance models.

The list below ranks insurance premiums for the most cost-effective automobiles to insure in Colorado.

Cheapest Vehicles to Insure in Colorado Springs, CO
Vehicle Make and Model Estimated Cost for Full Coverage
Volkswagen Jetta S 2.5 Station Wagon $1,240
Ford F-150 XLT Regular Cab 2WD $1,260
Ford Escape XLT 2WD $1,308
Honda CR-V LX 4WD $1,317
Chevrolet Impala LT $1,354
Jeep Wrangler Unlimited Sport 4WD 4-Dr $1,400
Nissan Altima 2.5 S 4-Dr Sedan $1,425
Toyota Tacoma X-Runner 2WD $1,435
Hyundai Elantra SE 4-Dr Sedan $1,425
Toyota Prius $1,449
GMC Sierra SLE Crew Cab 2WD $1,451
Toyota Corolla XRS $1,458
Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD $1,548
Ford Fusion S 4-Dr Sedan $1,553
Ford Explorer Limited 2WD $1,582
Dodge Ram 2500 Mega Cab SLT 2WD $1,619
Honda Odyssey EX-L $1,633
Chevrolet Malibu Hybrid $1,658
Toyota RAV4 Limited 4WD $1,665
Chevrolet Equinox LTZ AWD $1,663
Hyundai Sonata GLS 4-Dr Sedan $1,665
Dodge Grand Caravan SXT $1,692
Ford Fusion Hybrid 4-Dr Sedan $1,709
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Premium data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Prices do not factor in your specific Colorado Springs, CO location which can increase or decrease prices significantly.

Based on these rates, we can infer that vehicles like the Volkswagen Jetta, Ford F-150, Ford Escape, Honda CR-V, and Chevrolet Impala are likely to be a few of the cheapest vehicles to insure for eco-friendly vehicles.

Discounts on Colorado Springs insurance rates

Discounts on auto insurance for electric carsInsurance providers that offer quotes for electric cars may also offer premium discounts that could lower prices by 35% or more if you meet the requirements. The best auto insurance companies and their possible discounts can be read below.

The information below visualizes the comparison of car insurance costs with and without discounts applied to the policy premium. The premiums assume a female driver, no violations or claims, Colorado state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with vehicle safety, anti-theft, claim-free, defensive driving course, marriage, and passive restraint discounts applied. When these discounts are applied, theaverage yearly reduction on auto insurance for electric cars is 28% or $662.

Drive safe and save

In a perfect world, the best way to obtain the most affordable auto insurance rates for eco-friendly vehicles is to drive attentively and avoid traffic citations and accidents. The example below illustrates how violations and accident claims raise insurance costs for different age groups. The rates are based on a single female driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.

In the previous example, the average cost of auto insurance in Colorado per year with no violations or accidents is $1,878. Add in two speeding tickets and the average cost surges to $2,501, an increase of $623 each year. Then add in one accident along with the two speeding tickets and the annual cost of auto insurance for electric cars jumps again to an average of $3,145. That’s an increase of $1,267, or $106 per month, just for not driving attentively!

Full coverage rates compared to liability-only

Reducing premiums for auto insurance should be important to most people, and one of the easiest ways to pay lower rates for insurance for electric cars is to only pay for liability coverage. The example below compares insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The information is based on no driving violations, no at-fault accidents, $100 deductibles, drivers are single, and no policy discounts are applied.

If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs $2,743 per year over and above liability only. That proposes the question if buying full coverage is a good investment. There is no definitive rule for phasing out comp and collision coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.

For example, let’s assume your vehicle’s book value is $11,500 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $10,500 after the policy deductible has been paid. If it’s costing in excess of $1,050 a year for full coverage, the it may be a good time to stop paying for full coverage.

Don’t stick with an overpriced policy

Colorado auto insurance rates are impacted by many things that can increase the price you have to pay for coverage. Simply having another birthday, buying a new vehicle, or getting a reckless driving citation can trigger price changes that can cause some rates to be more affordable than the competition.

Not only may your risk profile change, but car insurance companies file new rates as often as every quarter to adjust for heavy claims or excess profits. A period of increased losses can cause a rate increase, while lower claim levels may cause cheaper Colorado Springs car insurance rates.

To help illustrate this point, the data below demonstrates which company has the cheapest car insurance in Colorado Springs, CO for a 30-year-old male driver with no accidents or violations, and great credit. When comparing rates based on his current rating profile, The Hartford might offer the most affordable car insurance rates in Colorado Springs at $1,012 per year. This is $566 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are the remainder of the cheapest Colorado Springs, CO auto insurance companies.

Now we will give the driver in the first example an at-fault accident, a lower credit score, and a stop sign violation. Due to the fact that each insurance company uses a different method to set policy rates, comparing quotes may now result in a different list of the cheapest companies as shown below.

Auto-Owners now has the cheapest insurance rate in Colorado Springs with State Farm, American Family, USAA, and Progressive also being competitive. This example shows why consumers need to shop around to find the most budget-friendly insurance quotes for electric cars. Auto insurance prices consist of many factors and can change substantially, so the most affordable company the last time you compared rates may now be one of the more expensive options.

The professional agents shown below can aid you in deciding which auto insurance policy would work best for you, as some people prefer to have some professional guidance when trying to find lower insurance rates for eco-friendly vehicles. It’s not always easy to find the best coverage yourself, so getting professional guidance from a licensed agent can bring satisfaction knowing you have enough protection.

To find an agent close to you, click the button following the list or click here to compare price quotes now.

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