Who Has Cheap Car Insurance for Drivers with Bad Credit in Colorado Springs?

The words “bargain” and “insurance” probably shouldn’t be used in the same sentence, specifically when trying to find the best insurance rates for drivers with bad credit. Because it’s so expensive, let’s teach you a few of the things that help determine car insurance rates, and figure out some ideas to slash the price of the next policy you buy.

One of the more important components that determine the amount you pay for auto insurance is your zip code in Colorado Springs. Areas with more people or higher crime rates tend to have higher auto insurance costs, whereas areas with lower crime rates and fewer weather claims can boast about having cheaper rates.

The following table shows the priciest cities in Colorado for drivers with bad credit to buy auto insurance in. Colorado Springs ranks #11 with an annual cost of $1,290 for the average policyholder, which is around $108 monthly.

How much does car insurance cost in Colorado Springs, CO?
Rank City Annual Rate
1 Pueblo $1,455
2 Aurora $1,403
3 Denver $1,397
4 Lakewood $1,337
5 Commerce City $1,328
6 Ken Caryl $1,326
7 Thornton $1,320
8 Arvada $1,308
9 Security-Widefield $1,304
10 Centennial $1,304
11 Colorado Springs $1,290
12 Northglenn $1,290
13 Westminster $1,272
14 Littleton $1,267
15 Parker $1,257
16 Brighton $1,247
17 Highlands Ranch $1,241
18 Castle Rock $1,211
19 Boulder $1,207
20 Broomfield $1,179
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Rate quotes are approximated as zip code location can influence prices significantly.

Comparing rates for affordable car insurance is hard enough, and figuring out which company offers the best auto insurance rates for drivers with bad credit calls for a bit more work. Every auto insurer has a unique formula to set their prices, so we need to take a look at the most affordable auto insurance companies in Colorado Springs.

It’s a good idea to know that Colorado Springs auto insurance rates are influenced by many factors which can significantly increase or decrease the cost of coverage. Simply having another birthday, having a teen driver, or getting into an accident can trigger rate changes that may make certain companies more expensive than others.

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Cheapest Colorado car insurance ranked by price
Rank Company Cost Per Year
1 The Hartford $825
2 Grange $987
3 USAA $1,039
4 Nationwide $1,121
5 GEICO $1,176
6 Auto-Owners $1,204
7 Travelers $1,207
8 State Farm $1,246
9 American Family $1,275
10 Progressive $1,322
11 Amica $1,353
12 California Casualty $1,458
13 Allied $1,497
14 Farmers $1,565
15 Colorado Farm Bureau $1,624
16 MetLife $1,866
17 Allstate $1,994
18 Encompass $2,253
19 Safeco $2,547
20 Titan $2,711
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The Hartford normally has some of the lowest car insurance rates in Colorado Springs at around $825 annually. Grange, USAA, Nationwide, and GEICO are also some of the cheaper Colorado Springs, CO car insurance companies.

As shown above, if you buy coverage from Nationwide and switched to Grange, you might see an annual savings of about $134. Drivers with GEICO could save as much as $189 a year, and Auto-Owners insureds might lower prices by up to $217 a year.

Bear in mind that those rates are averages across all types of drivers and the different vehicles they drive and do not factor in a specific location for drivers with bad credit. So the company that fits your needs best may not even be in the top 21 companies in the list above. That underscores the importance of why you need to compare prices as often as possible using your own personal information and vehicle type.

The vehicle requiring insurance is probably the biggest factor when trying to find affordable auto insurance for drivers with bad credit. Vehicles with lower performance, a great safety record, or a track record of few liability claims will cost substantially less to insure than fast, unsafe models.

The table below shows car insurance costs for some of the cheapest vehicles to insure in Colorado.

Cheapest Vehicles to Insure in Colorado Springs, CO
Vehicle Estimated Cost for Full Coverage
Honda CR-V LX 2WD $1,182
Chevrolet Equinox LS AWD $1,399
Hyundai Elantra GLS Touring Station Wagon $1,450
Chevrolet Impala LTZ $1,473
Ford Escape XLT 4WD $1,485
Toyota Prius $1,497
Jeep Grand Cherokee Limited 4WD $1,500
Ford Edge SEL AWD $1,571
Ford F-250 XL Crew Cab 2WD $1,601
Ford Fusion S 4-Dr Sedan $1,606
Volkswagen Jetta LE 4-Dr Sedan $1,601
Nissan Altima 2.5 S 2-Dr Coupe $1,611
Dodge Grand Caravan CV $1,621
Ford F-150 XLT Super Cab 2WD $1,630
Ford Explorer Limited 4WD $1,633
Toyota Tacoma Double Cab TRD Sport Package 4WD $1,639
Chevrolet Silverado 2500HD LT Crew Cab 2WD $1,672
GMC Sierra 2500HD SLE Crew Cab 2WD $1,680
Honda Odyssey EX $1,677
Toyota Camry LE $1,712
Toyota RAV4 2WD $1,717
Chevrolet Malibu Hybrid $1,712
Toyota Corolla XRS $1,717
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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-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Rate quotes do not factor in vehicle location which can lower or raise auto insurance rates significantly.

Based on these rates, vehicles like the Honda CR-V, Chevrolet Equinox, Hyundai Elantra, and Chevrolet Impala are most likely to be a few of the more affordable vehicles to insure for people with poor credit. The price of auto insurance will tend to be higher because there is more liability exposure for drivers with bad credit, but generally speaking those specific models will probably have the lowest insurance rates that you are likely to find.

Should you buy full coverage?

Finding cheaper auto insurance is probably important to the majority of people, and one of the fastest ways to buy cheap insurance for drivers with bad credit is to not insure for full coverage. The chart below shows the comparison of insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The data is based on no claims, a clean driving record, $100 deductibles, single status, and no policy discounts are applied.

As an overall average, full coverage costs an extra $2,696 per year over and above liability only. At some point, about every driver wonders when is it safe to stop buying full coverage. There is no definitive formula for phasing out full coverage, but there is a general guideline you can use. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.

There are some conditions where removing full coverage is not financially feasible. If you still owe money on your vehicle, you have to maintain full coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle in case of an accident, you should keep full coverage on your policy.

The diagram below illustrates how choosing a deductible can impact insurance costs when trying to find cheap insurance for drivers with bad credit. The premium estimates are based on a single male driver, comp and collision included, and no policy discounts are applied.

A 40-year-old driver could reduce rates by $290 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $436 by changing to a $1,000 deductible. Youthful drivers, such as the 20-year-old example, can cut $948 every year just by using higher deductibles. When using a larger deductible, it is essential to have additional funds squirreled away to satisfy the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

Best auto insurance company in Colorado

Ending up with a highly-rated car insurance provider can be challenging considering how many choices there are in Colorado Springs. The information shown next can help you select which insurers you want to consider when shopping car insurance rates for drivers with bad credit. The rankings below include the largest companies in America, so companies that focus mainly on Colorado business will not be included in this list.

Top 10 Large Car Insurance Companies in Colorado Springs Ranked by Value

  1. USAA
  2. American Family
  3. The Hartford
  4. Titan Insurance
  5. The General
  6. AAA Insurance
  7. State Farm
  8. Nationwide
  9. Safeco
  10. Esurance

Top 10 Large Car Insurance Companies in Colorado Springs Ranked by Customer Service

  1. GEICO
  2. State Farm
  3. The Hartford
  4. The General
  5. Progressive
  6. Allstate
  7. AAA Insurance
  8. American Family
  9. Nationwide
  10. Travelers

If you aren’t clear which coverage you need and would like to get some professional input when shopping for cheaper insurance for people with poor credit, the insurance agencies below can probably help you determine which coverages are best.

To locate a Colorado Springs car insurance agency nearest to you, click the button following the list or click here to compare rates now.

Southern Colorado Insurance Center
4390 Academy Blvd NColorado Springs, CO 80918(719) 329-4441

Insurance Stops
2105 E Bijou St AColorado Springs, CO 80909(719) 636-3369

J.R. Rodney State FarmĀ®
1825 Main St #DColorado Springs, CO 80911(719) 392-7366

Roberto Martinez – State Farm Insurance Agent
1216 Academy Blvd NColorado Springs, CO 80909(719) 574-0210

State Farm: Jeff Libby
7610 N Union Blvd #115Colorado Springs, CO 80920(719) 593-9200

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