Comparing rates for reasonably-priced car insurance is not the easiest thing to accomplish, and determining which company offers the cheapest car insurance rates for high school students calls for a bit more work.
Every insurance provider has their own unique process for setting prices, so we need to take a look at the most affordable car insurance companies in Colorado Springs, CO.
Best Car Insurance Prices for Students
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,624|
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The Hartford normally has some of the lowest car insurance rates in Colorado Springs at around $850 each year. Grange, USAA, GEICO, and Nationwide would also make the list of some of the lowest-priced Colorado Springs, CO car insurance companies.
In the above example, if you are a policyholder with Nationwide and switched to Grange, you might achieve an annual savings of about $165. Insureds with Auto-Owners may save as much as $226 a year, and Travelers insureds might lower prices by $241 a year.
These policy prices are averaged for all types of drivers and the different vehicles they drive and are not factoring in a specific zip code for high school students. So the auto insurance company that can offer the best rates for your situation may not even be in the top 21 companies shown above. That point stresses why you need to compare prices as often as possible using your own driver information and specific vehicle type.
The car, truck, or SUV that needs insurance is a large consideration in finding the lowest-priced insurance for high school students. Vehicles with limited speed and performance, excellent safety ratings, or a track record of few liability claims will cost substantially less to insure than high performance models.
The table below showcases car insurance prices for a handful of the more affordable vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$4,133|
|Honda CR-V EX 4WD||$4,171|
|Ford Escape Limited 4WD||$4,433|
|Toyota Tacoma 2WD||$4,863|
|Ford Edge Limited 2WD||$4,873|
|Toyota RAV4 Limited 4WD||$4,901|
|Chevrolet Silverado LT Extended Cab 4WD||$4,911|
|Chevrolet Impala LT||$4,901|
|Chevrolet Equinox LT AWD||$4,909|
|Volkswagen Jetta S 4-Dr Sedan||$4,901|
|Ford Explorer Limited AWD||$4,942|
|Dodge Grand Caravan Crew||$4,947|
|Hyundai Elantra Blue 4-Dr Sedan||$5,125|
|Honda Civic LX-S 4-Dr Sedan||$5,130|
|Toyota Corolla XLE||$5,163|
|Honda Odyssey EX-L||$5,171|
|Nissan Altima 2.5 S 4-Dr Sedan||$5,163|
|Ford F-150 Lariat Crew Cab Platinum 2WD||$5,204|
|Jeep Grand Cherokee SRT-8 4WD||$5,211|
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Above prices assume single female driver age 17, 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 garaging location in Colorado Springs, CO which can decrease or increase premiums considerably.
Based upon these rates, we can infer that cars like the Honda Accord, Honda CR-V, Ford Escape, and Toyota Prius are likely to be the cheaper vehicles to insure for teenagers. Auto insurance rates will tend to be more expensive anyway because there is more inherent risk for high school students, but in general those models will have the best insurance prices compared to other types of vehicles.
For teenagers, one of the largest components that are looked at to determine the cost of insurance is where your car is garaged. Cities with more crime and/or more people will most likely pay more, whereas areas with lower crime rates and fewer weather claims have the gratification of cheaper auto insurance rates.
The next table lists the highest-priced areas in Colorado for high school students to buy an auto insurance policy in. Colorado Springs ranks #12 with a yearly premium of $1,277 on average, which is about $106 monthly.
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Premium costs are comparative as zip code location can influence coverage rates substantially.
The illustration below illustrates how your choice of deductibles can influence insurance costs when getting quotes for cheap insurance for high school students. The premiums are based on a single female driver, full coverage, and no discounts are taken into consideration.
A 40-year-old driver could lower rates by $376 a year by increasing from a $100 deductible to a $500 deductible, or save $566 by switching to a $1,000 deductible. Younger drivers, like the 20-year-old, could potentially save $966 every year by choosing a larger deductible amount. If you do make the decision to raise your deductibles, it is a good idea to have additional savings on hand to cover the extra out-of-pocket expense associated with higher deductibles.
Full coverage versus liability only rates
Saving on car insurance should be important to the majority of drivers, and an easy way to pay lower rates for insurance for high school students is to not buy full coverage. The chart below illustrates the comparison of car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The premiums assume no driving violations, no at-fault accidents, $500 deductibles, single status, and no discounts are applied to the premium.
If averaged for all ages, comprehensive and collision coverage on your policy costs an extra $2,209 per year over having just liability coverage. That proposes the question if buying full coverage is a good investment. There is no clear-cut rule of when to stop paying for physical damage coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than around 10% of replacement cost minus your deductible, then it might be time to buy liability only.
For example, let’s say your vehicle’s claim settlement value is $3,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $2,000 after paying your policy deductible. If you are paying over $200 annually for physical damage coverage, then it might be time to consider dropping full coverage.
Why are you paying too much for Colorado Springs car insurance?
Colorado Springs car insurance rates are impacted by many factors that can increase the price you pay for coverage. Simply having a birthday, becoming a homeowner, or getting caught speeding may generate price changes that may make certain companies more affordable than before. Not only that, but companies file new Colorado auto insurance rates multiple times each year in order to be able to pay unexpected claims. Higher than normal claim frequency or severity may result in additional price hikes, while a better loss history may result in lower-priced Colorado Springs car insurance rates.
As an example, the data below shows which company has the cheapest car insurance in Colorado Springs, CO for a 35-year-old female driver with a clear driving record, no claims, and a high credit rating. When comparing rates based on her current rating profile, The Hartford might offer the lowest car insurance rates in Colorado Springs at $1,001 a year. This is $577 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are also included in the best Colorado Springs, CO auto insurance companies.
Now let’s give the driver from the first rate comparison an at-fault accident, a lower credit rating, and a few blemishes on her driving record. Due to the fact that every insurance company uses their own calculation to determining premium rates, analyzing rate quotes may now result in a new list of cheap Colorado Springs auto insurance companies as shown below.
Travelers now has the best auto insurance rate in Colorado Springs, CO with State Farm, American Family, Progressive, and Amica also having competitive pricing. This shows why it is crucial to spend some time comparing rates when trying to get the lowest car insurance rates for high school students. Car insurance prices are determined by many things and change frequently, so the most economical company the last time you shopped around may now be quite expensive.
How to find budget-friendly car insurance for high school students
It is possible to find better rates, and here are a few thrifty ideas that can help drivers locate more affordable auto insurance.
- Improve your credit score
- Do not get traffic tickets
- Raise deductibles
- Buy vehicles with five-star safety ratings
- Staying accident-free helps keep rates low
- Older vehicles may not need full coverage
- Shop around for cheaper prices
That last idea is extraordinarily valuable, as we discussed in the article above. Rates in Colorado Springs vary greatly, so don’t hesitate to buy a different policy if a cheaper rate is available.
Many drivers prefer to stick with one company, but it’s not a good idea if that faithfulness ends up costing you hundreds of dollars a year. Now is a great time to compare rates and find cheaper auto insurance for high school students.
If you have questions and prefer to get some professional input when shopping around for cheaper insurance for high school students, the insurance agencies below can probably answer your questions and help you decide which coverage fits your budget. To locate a Colorado Springs car insurance agency close to you, click the button at the bottom of the list or click here to compare price quotes.
American Family Insurance – Jim Whitlock Agency LLC
8540 Scarborough Dr Ste 220 – Colorado Springs, CO 80920 – (719) 591-6336
J.R. Rodney State Farm®
1825 Main St #D – Colorado Springs, CO 80911 – (719) 392-7366
American Family Insurance – Dean Skaret Agency Inc.
2340 Academy Blvd N – Colorado Springs, CO 80909 – (719) 597-4330
O’Donnell Agency Inc
707 S Tejon St – Colorado Springs, CO 80903 – (719) 227-7100
Spencer Galloway – State Farm Insurance Agent
3918 Academy Blvd N – Colorado Springs, CO 80917 – (719) 632-3700