Determining which companies have the most affordable auto insurance rates for business use requires a little more sweat than just picking a company at random.
Every insurance company has their own guidelines for setting prices, so let’s look at the rankings for the auto insurance companies with the overall cheapest rates in Colorado Springs, CO.
Best Cheap Insurance Rates for Business Use
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $825 |
| 2 | Grange | $987 |
| 3 | USAA | $999 |
| 4 | Nationwide | $1,143 |
| 5 | Travelers | $1,171 |
| 6 | GEICO | $1,176 |
| 7 | Auto-Owners | $1,204 |
| 8 | State Farm | $1,246 |
| 9 | American Family | $1,262 |
| 10 | Progressive | $1,322 |
| 11 | Amica | $1,381 |
| 12 | California Casualty | $1,458 |
| 13 | Allied | $1,497 |
| 14 | Farmers | $1,565 |
| 15 | Colorado Farm Bureau | $1,624 |
| 16 | MetLife | $1,811 |
| 17 | Allstate | $2,076 |
| 18 | Encompass | $2,231 |
| 19 | Safeco | $2,472 |
| 20 | Titan | $2,738 |
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The Hartford generally has some of the lowest car insurance rates in Colorado Springs at around $825 annually. Grange, USAA, Nationwide, and Travelers would also make the list of some of the most economical Colorado Springs, CO insurance companies.
As shown in the table above, if you are currently insured with Nationwide and switched to The Hartford, you might see savings of roughly $318. Policyholders with Travelers might save as much as $346 a year, and GEICO insureds might reduce prices by as much as $351 a year.
If you want to find out if you’re overpaying, click here to start your free quote or feel free to get quotes from the companies below.
Understand that those policy prices are averaged for all drivers and vehicles in Colorado and do not factor in a specific zip code for business use. So the insurer that has the cheapest rates for you may not even be in the list above. That point stresses why you need to get rate quotes using your own specific driver and vehicle information.
The car, truck, or SUV you are seeking coverage for is probably the most important factor when shopping around for low-cost insurance for business use. Vehicles with lots of horsepower, a lack of modern safety features, or high incidents of liability claims will cost quite a bit more to insure than safer models. The table below features insurance costs for a number of the cheapest vehicles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,182 |
| Honda Odyssey LX | $1,300 |
| Ford F-150 FX2 Super Cab 2WD | $1,327 |
| Chevrolet Impala LS | $1,372 |
| Honda CR-V EX 4WD | $1,381 |
| Nissan Altima 2.5 4-Dr Sedan | $1,399 |
| Ford Fusion S 4-Dr Sedan | $1,407 |
| Jeep Grand Cherokee Laredo 4WD | $1,399 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,473 |
| Toyota Prius | $1,497 |
| Chevrolet Silverado LTZ Crew Cab 4WD | $1,500 |
| Chevrolet Silverado 2500HD LT Crew Cab 4WD | $1,509 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,500 |
| Dodge Grand Caravan CV | $1,517 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,526 |
| Ford Edge SEL AWD | $1,571 |
| Toyota Camry Hybrid | $1,601 |
| Toyota RAV4 Sport 2WD | $1,609 |
| Dodge Ram 2500 Mega Cab SLT 4WD | $1,626 |
| Ford Explorer Limited 4WD | $1,633 |
| Ford F-250 XLT Crew Cab 2WD | $1,672 |
| Ford Focus S 4-Dr Sedan | $1,677 |
| Toyota Corolla LE | $1,685 |
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Prices do not factor in garaging location in Colorado Springs, CO which can influence insurance rates considerably.
Based upon the rates shown, we can assume that vehicles like the Ford Escape, Honda Odyssey, Ford F-150, and Chevrolet Impala are most likely going to be the most economical vehicles to insure for using your car for business. The price for an auto insurance policy will be higher anyway because of the fact that there is a higher risk for business use, but generally speaking those particular models will have the lowest prices compared to other types of vehicles.
Careless drivers pay higher rates
The recommended way to earn affordable auto insurance premiums in Colorado for using your car for business is to drive safe and avoid at-fault accidents and violations. The information below highlights how speeding tickets and fender-benders can drive up auto insurance costs for each different age category. The costs are based on a single male driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.
In the previous chart, the average cost of an auto insurance policy per year with no accidents or violations is $1,967. Add in one speeding ticket and the average cost rises to $2,221, an increase of $254 each year. Now get two accidents along with the one speeding ticket and the 12-month cost of auto insurance for business use jumps again to an average of $4,618. That’s an increase of $2,652, or $221 per month, just for not driving safely!
Cost of full coverage in Colorado Springs
Saving money when shopping for auto insurance should be important to the majority of people, and one of the quickest ways to reduce the cost of insurance for business use is to not buy full coverage. The example below illustrates the comparison of auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no violations or claims, $1,000 deductibles, marital status is single, and no discounts are factored in.
If averaged out across all ages, full coverage costs an additional $1,476 per year more than just buying liability only. That is a large expense and it proposes the question if it’s a good idea to buy full coverage. There is no exact formula of when to exclude full coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
There are some scenarios where removing full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not remove full coverage.
Who has the cheapest Colorado Springs car insurance?
Colorado auto insurance rates are determined by lots of factors that may substantially change your annual premium. Getting older, increasing deductibles, or getting into an accident can cause premium changes resulting in some rates now being more affordable than the competition.
Not only may your risk profile change, but car insurance companies change premium rates as often as every three months in order to be able to pay unexpected claims. An unexpected high level of claims can cause more expensive prices, while a lower level of claims may cause cheaper Colorado Springs car insurance rates.
The graph below shows the companies that have the cheapest car insurance in Colorado Springs, CO for a 30-year-old female driver with no violations or accidents, and a decent credit rating. If we look at prices based on her personal profile, The Hartford may have the lowest car insurance rates in Colorado Springs at $1,059 a year. This is $519 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are the remaining top five cheapest Colorado Springs, CO auto insurance companies.
Let’s now give the driver from the first rate comparison a chargeable claim, poor credit, and a traffic ticket or two. Since every car insurance company has a unique approach for filing rates in each state, comparing insurance quotes will most likely result in a different list of the cheapest companies as shown below.
Travelers now has the best price in Colorado Springs with State Farm, American Family, Amica, and Grange also being competitive. This demonstrates why consumers need to take the time to compare rates to get the lowest car insurance rates for business use.
Auto insurance prices are calculated by many factors and can change without notice, so the cheapest option a year ago may now be one of the higher cost companies.