For new drivers, one of the largest considerations that determine auto insurance rates is your address. Areas with more people or even just a higher incidence of claims likely pay more, whereas less populated areas have the enjoyment of a little cheaper coverage.
The following table sorts the most expensive places in Colorado for a learners permit to purchase a policy in. Colorado Springs ranks #14 with the yearly price of $1,277 on average, which is around $106 per month.
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Price information shown is approximated as the specific geographic location can increase or decrease coverage rates considerably.
Determining which companies offer the most affordable insurance rates for a learners permit involves more time in order to find the most economical policy. Every car insurance company has their own process for determining prices, so let's rank the insurance companies that tend to be cheaper in Colorado.
It's a good idea to be aware that Colorado insurance rates are influenced by many factors that can increase the price you pay. Simply having a birthday, buying a new vehicle, or getting a ticket for careless driving can trigger changes in premium that may make certain companies cheaper in comparison to the competition.
Best Auto Insurance Prices in Colorado
The Hartford generally has some of the cheapest car insurance rates in Colorado Springs at around $825 per year. Grange, USAA, Nationwide, and GEICO would also make the list of some of the cheapest Colorado Springs, CO auto insurance companies.
As depicted above, if you are insured with USAA and switched to The Hartford, you may realize a yearly savings of in the neighborhood of $214. Insureds with Nationwide might save as much as $284 a year, and GEICO customers might lower prices by up to $327 a year.
Be aware that those prices are averages for all drivers and vehicles and are not factoring in a specific zip code for a learners permit. So the company that has the lowest price for you may not even be in the top 21 companies in the list above. That's why you need to compare as many prices as possible using your own driver information and specific vehicle type.
The vehicle on the policy is one of the largest considerations when comparing low-cost coverage for a learners permit. Vehicles with high performance features, a lack of advanced safety features, or a history of substantial liability claims will cost much more to insure than more modest models. The table below presents coverage premiums for a handful of the more affordable automobiles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$4,023|
|Ford Escape XLS 2WD||$4,033|
|Dodge Grand Caravan CV||$4,520|
|Toyota Tacoma 2WD||$4,734|
|Chevrolet Impala LS||$4,742|
|Toyota RAV4 Limited 4WD||$4,774|
|Volkswagen Jetta S 4-Dr Sedan||$4,779|
|Jeep Grand Cherokee Laredo 4WD||$4,774|
|Chevrolet Equinox LT AWD||$4,781|
|Ford F-150 FX4 Super Cab 4WD||$4,812|
|Ford Explorer Limited 4WD||$4,818|
|Chevrolet Malibu LT||$4,812|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$4,985|
|Hyundai Elantra GLS 4-Dr Sedan||$5,027|
|Honda Odyssey EX-L W/Rear Entertainment||$5,036|
|Toyota Corolla XLE||$5,027|
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Premium data assumes 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. Price estimates do not factor in Colorado Springs, CO location which can decrease or increase prices considerably.
Based upon the table data, you can presume that vehicles like the Honda CR-V, Ford Escape, Toyota Prius, and Dodge Grand Caravan are most likely to be some of the most affordable vehicles to insure for new drivers. The price for an auto insurance policy will tend to be more expensive because there is more inherent risk for a learners permit, but generally speaking those models will have the least expensive rates compared to other types of vehicles.
Discounts on Colorado Springs car insurance
Insurance providers that provide policies for a learners permit may also offer special discounts that can lower rates by as much as 25% or more if you meet specific eligibility requirements. A few of the larger companies and a partial list of their discounts are shown below.
- State Farm includes discounts for anti-theft, good student, accident-free, passive restraint, multiple policy, good driver, and Steer Clear safe driver discount.
- GEICO offers discounts including air bags, membership and employees, driver training, defensive driver, and anti-lock brakes.
- Liberty Mutual may include discounts for multi-car, hybrid vehicle, newly married, new move discount, newly retired, and preferred payment discount.
- The Hartford offers premium reductions for vehicle fuel type, defensive driver, anti-theft, driver training, good student, bundle, and air bag.
- MetLife policyholders can earn discounts including good student, claim-free, good driver, defensive driver, and accident-free.
- Progressive discounts include multi-policy, multi-vehicle, continuous coverage, online signing, online quote discount, and good student.
The diagram below compares yearly insurance costs with and without some available policy discounts. The premiums assume a male driver, no tickets, no at-fault accidents, Colorado state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with anti-theft, paperless filing, passive restraint, vehicle safety, good student, and paid-in-full discounts applied. When these discounts are applied to the policy premium, the average savings per year on insurance for a learners permit is 28% or $881.
Careless Colorado Springs drivers pay higher rates
The easiest method to score the cheapest insurance prices in Colorado Springs for new drivers is to drive cautiously and avoid accidents and violations. The chart below illustrates how speeding tickets and at-fault claims can increase car insurance costs for different ages of insureds. The price estimates are based on a single male driver, full physical damage coverage, $1,000 deductibles, and no policy discounts are applied.
The data above shows the average cost of auto insurance in Colorado Springs per year with no accidents or violations is $1,598. Get one speeding ticket and the average cost surges to $1,801, an increase of $204 each year. Next add two accidents along with the one speeding ticket and the 12-month cost of insurance for a learners permit goes up to an average of $3,665. That's an increase of $2,068, or $172 per month, just for not being a responsible driver!
Full coverage rates vs. liability-only in Colorado Springs
Buying cheaper insurance is the goal of most people, and a good way to save on the cost of insurance for a learners permit is to buy liability only. The illustration below shows the comparison of premium costs when comparing full coverage to liability only. The data is based on no claims or driving citations, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
As an overall average, physical damage coverage on your policy costs an additional $1,476 per year more than insuring for liability only. That is a large expense which might make you wonder if you should buy full coverage. There is no definitive guideline for dropping full coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
There are some conditions where removing full coverage is not a good idea. If you haven't satisfied your loan, you are required to maintain full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not consider dropping full coverage.