Toyota Highlander insurance cost image courtesy of QuoteInspector.com
Buying cheap coverage for a Toyota Highlander in Colorado is fairly simple, but it is dependent upon a fairly complex equation with a lot of factors such as whether you are single or married, your claims history, and any prior driving offenses. Drivers pay approximately $1,231 a year for Highlander insurance, but that is a projection based upon a 40-year-old married male driver with full physical damage coverage and $100 deductibles.
There's a good chance you are not 40 years old and maybe not even male, single instead of married, or maybe you just want liability only instead of full coverage. Just a very minor change in rating variables could end up with a large change in policy price.
The different assumptions illustrate why the way we recommend to find the cheapest insurance price for your Toyota is to compare rates from as many companies as possible.
The trim level of your Highlander will be a contributing factor to the annual cost of coverage, so the cost to insure a Highlander 2WD will be $250 less than the price to insure the high end Highlander Hybrid Limited 4WD version, as shown below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Highlander Sport 4WD||$310||$502||$362||$22||$108||$1,304||$109|
|Highlander SE 2WD||$310||$502||$362||$22||$108||$1,304||$109|
|Highlander Sport 2WD||$310||$502||$362||$22||$108||$1,304||$109|
|Highlander Limited 2WD||$346||$592||$362||$22||$108||$1,430||$119|
|Highlander SE 4WD||$346||$592||$362||$22||$108||$1,430||$119|
|Highlander Limited 4WD||$346||$592||$362||$22||$108||$1,430||$119|
|Highlander Hybrid 4WD||$346||$592||$362||$22||$108||$1,430||$119|
|Highlander Hybrid Limited 4WD||$346||$592||$362||$22||$108||$1,430||$119|
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Data based on married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Price estimates do not factor in zip code location which can increase or decrease coverage rates significantly.
Car insurance companies ranked
Choosing the best car insurance company can be rather challenging considering how many companies there are to choose from in Colorado Springs. The rank data listed below could help you analyze which car insurance providers to look at purchasing a policy from.
These ratings include companies that insure vehicles across America, so smaller companies that only insure vehicles in Colorado will not be included in the list. To check prices from these companies and more, follow this link.
Top 10 Large Car Insurance Companies in Colorado Springs Ranked by Customer Satisfaction
- Titan Insurance - 95%
- USAA - 94%
- AAA Insurance - 91%
- Nationwide - 90%
- State Farm - 90%
- The Hartford - 89%
- GEICO - 89%
- Allstate - 88%
- 21st Century - 88%
- The General - 88%
Cost comparison with and without full coverage
Finding cheaper car insurance is important to most people, and a great way to reduce the cost of insurance for a Toyota Highlander is to buy only liability coverage. The diagram below shows the difference between insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The price estimates are based on no claims or violations, $1,000 deductibles, single marital status, and no discounts are applied to the premium.
If averaged for all ages, comp and collision coverage costs $1,770 per year more than carrying just liability coverage. That may make you wonder if you should buy full coverage at all. There is no clear-cut formula to eliminate physical damage coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of replacement cost minus your deductible, then it may be the right time to buy liability only.
For example, let's assume your vehicle's book value is $9,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would receive is $8,500 after the deductible is paid. If premium cost is more than $850 annually for your policy with full coverage, then you might want to think about dropping full coverage.
The information below shows how different deductible levels can change insurance rates when searching for cheap insurance for a Toyota Highlander. Data assumes a married male driver, full coverage, and no discounts are applied to the premium.
In the chart above, a 50-year-old driver could cut expenses by $302 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $460 by selecting a $1,000 deductible. Even younger drivers, like the age 20 example, could shave as much as $1,006 annually by choosing a higher deductible.
When using a larger deductible, it is necessary to have enough in a savings account to allow you to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
The benefits of price comparisons
Colorado Springs car insurance rates are influenced by many factors that control the cost of coverage. Improving your credit score, buying a different vehicle, or getting a few speeding tickets can trigger changes in premium that can make some companies more affordable than before. Additionally, insurance companies change rates as needed in order to maintain liquidity for claims. Heavy losses may result in additional price hikes, while a better loss history can result in more affordable Highlander insurance rates.
The data below shows the cheapest car insurance in Colorado Springs, CO for a 30-year-old female driver with no prior claims, no tickets, and a good credit history. When quoting prices based on her current risk profile, The Hartford offers the most affordable car insurance rates in Colorado Springs at $1,063 each year. This is $515 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are the rest of the cheapest Colorado Springs, CO auto insurance companies.
In this example, we will give the driver from the first rate comparison an accident surcharge, slightly worse credit, and a traffic ticket or two. Due to the fact that every insurance company uses their own method for determining prices, comparing quotes may now show a completely different list of affordable companies as shown below.
State Farm now has the cheapest rate in Colorado Springs with Travelers, American Family, Grange, and Progressive completing the list. This example illustrates why consumers need to perform an extensive rate comparison to get the most budget-friendly car insurance rates for a Toyota Highlander. Prices are made up of many different factors and can increase or decrease at any time, so the most economical option the last time you checked may now be priced much higher than other options.
The professional agents shown below can probably help you make a decision which car insurance company is the best fit, since some drivers have questions and prefer to get some help when buying car insurance for a Toyota Highlander. It can be time-consuming to find coverage yourself, and getting professional guidance from a licensed agent can give peace of mind knowing your policy gives you adequate asset protection. To locate a Colorado Springs insurance agent by location nearest to you, click the link at the bottom or click here to compare price quotes now.
- Farmers Insurance - Mark Olsen
1870 Dublin Blvd e - Colorado Springs, CO 80918 - (719) 593-9916
- Ross Silva Agency - American Family Insurance
2746 E Bijou St - Colorado Springs, CO 80909 - (719) 597-2800
- Allstate Insurance: Dave Lohman
76 S Sierra Madre St b - Colorado Springs, CO 80903 - (719) 471-9271
- Farmers Insurance - Patricia Szeredy
6632 Delmonico Dr - Colorado Springs, CO 80919 - (719) 268-0080
- American Family Insurance - Ed Reed
202 E Cheyenne Mountain Blvd k - Colorado Springs, CO 80906 - (719) 540-8400
How to find budget-friendly car insurance for a Toyota Highlander
Lowering your rates is not difficult, and here are a few penny-pinching solutions that can help you find cheaper auto insurance.
- Full coverage may not be needed on older vehicles
- Claim-free policyholders usually earn a discount
- Good credit can help you save money
- Buy your auto and home insurance from the same company and save
- Safe vehicles cost less to insure
- Higher deductibles mean lower rates
- Compare rates often to find the best deal
The last tip is especially crucial, as was noted in the prior article. Coverage rates can be adjusted at any time, so don't be tentative to switch to a new company if you find a better deal. Having a favorite company is fine, but it's not a good idea if that loyalty ends up costing thousands of dollars over the life of your policy. It takes less than five minutes to shop around and find cheaper auto insurance for a Toyota Highlander in Colorado Springs.