If your goal is the lowest price, then the best way to save money on auto insurance rates in Colorado Springs is to do a yearly price comparison from different companies that insure vehicles in Colorado.
- Take a little time to learn about how insurance companies determine prices and the things you can control to keep rates down. Many rating factors that cause rate increases like traffic tickets, fender benders, and a negative credit rating can be amended by making minor changes in your lifestyle. Later in this article we will cover information to help prevent expensive coverage and earn larger discounts.
- Compare rates from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can provide rates from one company like GEICO or Farmers Insurance, while independent agents can provide prices from multiple insurance companies. View prices
- Compare the new rates to your current policy premium and determine if there is any savings. If you can save some money, verify that coverage does not lapse between policies.
A tip to remember is that you’ll want to make sure you compare the same coverage limits and deductibles on every price quote and and to get prices from as many carriers as you can. Doing this ensures a fair price comparison and and a good selection of different prices.
It’s an obvious assumption that auto insurance companies want to keep you from comparing rates. People who shop around for the cheapest rate are inclined to move their business because they have a good chance of finding discount prices. A recent study showed that drivers who compared price quotes annually saved as much as $865 annually as compared to drivers who never compared prices.
If saving the most money on car insurance is your goal, then having an understanding of how to quote prices and compare insurance premiums can save money and time.
All the larger car insurance companies such as State Farm and Allstate give prices for coverage directly from their websites. Getting quotes for Mazda 5 insurance in Colorado Springs is pretty painless as all you need to do is type in your personal and coverage information into the form. After you submit the form the company’s rating system gets your driving and credit reports and returns a price quote based on these factors.
This simplifies rate comparisons, and it’s absolutely necessary to perform this step if you want to find the lowest payment.
To find out how much you’re overpaying now, compare rates now from the companies shown below. If you have your current policy handy, we recommend you input the limits and deductibles identical to your current policy. This helps ensure you will get rate quotes using the same coverage and limits.
The car insurance companies shown below offer comparison quotes in Colorado. If multiple companies are listed, we recommend you get prices from several of them to find the lowest car insurance rates.
Mazda 5 insurance statistics and information
The information displayed below highlights detailed analysis of policy rates for Mazda 5 models. Understanding how insurance premiums are calculated can assist in making smart choices when choosing a car insurance company.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|5 Sport Station Wagon||$140||$268||$388||$22||$116||$934||$78|
|5 Touring Station Wagon||$160||$326||$388||$22||$116||$1,012||$84|
|5 Grand Touring Station Wagon||$160||$326||$388||$22||$116||$1,012||$84|
|Get Your Own Custom Quote Go|
Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Premium amounts do not factor in specific location information which can raise or lower coverage prices substantially.
The diagram below highlights how deductible choice and can impact Mazda 5 insurance costs for each different age category. The rate quotes are based on a single male driver, comprehensive and collision coverage, and no policy discounts are applied.
Rate increases following a ticket or accident
The chart below illustrates how traffic citations and fender-benders drive up Mazda 5 auto insurance rates for different age groups. The data assumes a single male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.
Full coverage rates compared to liability-only
The chart below shows the difference between Mazda 5 yearly insurance costs with full physical damage coverage compared to only buying liability only. The information is based on no claims or violations, $500 deductibles, drivers are single, and no policy discounts are applied.
Should you pay for full coverage?
There is no exact formula to stop buying physical damage coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than around 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.
For example, let’s pretend your Mazda 5 settlement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $3,000 after you pay the deductible. If it’s costing in excess of $300 a year to have full coverage, 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 haven’t satisfied your loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.
Discount Colorado Springs insurance quotes
Some insurance providers do not advertise all possible discounts very well, so the below list has a few of the more common as well as the least known ways to save on insurance. If you are not receiving all the discounts you deserve, you are paying more than you should be.
- Include Life Insurance and Save – Some insurance carriers give lower insurance rates if you buy a life insurance policy as well.
- Student Discounts – Maintaining excellent grades can get you a discount of up to 25%. The discount lasts up to age 25.
- Theft Deterrent Discount – Cars and trucks that have factory anti-theft systems help deter theft and will save you 10% or more on 5 insurance in Colorado Springs.
- Drivers Ed for Students – Require your teen driver to take driver’s ed class as it can save substantially.
- Defensive Driver Discount – Passing a course in safe driver may get you a small discount and easily pay for the cost of the class.
- Buy New and Save – Insuring a vehicle that is new may earn a small discount because new vehicles have to meet stringent safety requirements.
- ABS Brakes – Cars and trucks with ABS and/or traction control are safer to drive and qualify for as much as a 10% discount.
- No Charge for an Accident – This isn’t a discount exactly, but a handful of insurance companies permit an accident without the usual rate increase if your claims history is clear for a specific time period.
As is typical with insurance, most discounts do not apply to your bottom line cost. A few only apply to specific coverage prices like collision or personal injury protection. So when the math indicates all those discounts means the company will pay you, it just doesn’t work that way.
The diagram below illustrates the comparison of Mazda 5 yearly insurance costs with and without discounts. The premiums are based on a male driver, no violations or claims, Colorado state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-car, homeowner, multi-policy, claim-free, and marriage discounts applied.
Large insurance companies and their possible discounts are detailed below.
- Progressive offers discounts including good student, continuous coverage, multi-policy, multi-vehicle, online signing, and homeowner.
- GEICO policyholders can earn discounts including seat belt use, driver training, military active duty, air bags, multi-policy, membership and employees, and multi-vehicle.
- State Farm has savings for driver’s education, student away at school, accident-free, defensive driving training, Steer Clear safe driver discount, good driver, and multiple policy.
- Esurance offers discounts for multi-car, online quote, Switch & Save, defensive driver, good driver, renters, and Pac-12 alumni.
- The Hartford discounts include good student, anti-theft, air bag, bundle, defensive driver, vehicle fuel type, and driver training.
If you need lower rates, check with each insurance company what discounts are available to you. Some of the discounts discussed earlier might not be offered everywhere. To view insurance companies that offer the discounts shown above in Colorado, click here.
Car insurance just makes sense
Even though it’s not necessarily cheap to insure a Mazda in Colorado Springs, insurance serves several important purposes.
- The majority of states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific limits of liability protection in order to drive the car legally. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you took out a loan on your vehicle, it’s most likely the lender will have a requirement that you have physical damage coverage to protect their interest in the vehicle. If the policy lapses, the lender will be forced to insure your Mazda at a more expensive rate and require you to pay for the much more expensive policy.
- Insurance protects both your vehicle and your personal assets. Insurance will pay for medical transport and hospital expenses incurred in an accident. Liability insurance also covers legal expenses if you cause an accident and are sued. If damage is caused by hail or an accident, collision and comprehensive coverages will pay to restore your vehicle to like-new condition.
The benefits of having insurance more than offset the price you pay, particularly if you ever have a claim. An average driver in America overpays more than $820 a year so it’s very important to do a rate comparison at every policy renewal to save money.
Best car insurance company in Colorado Springs
Insuring your vehicle with a high-quality car insurance company is difficult considering how many companies there are to choose from in Colorado Springs. The company ratings listed below could help you decide which providers to look at purchasing from.
Top 10 Colorado Springs Car Insurance Companies by A.M. Best Rank
- USAA – A++
- Travelers – A++
- State Farm – A++
- GEICO – A++
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Mercury Insurance – A+
- Progressive – A+
- Titan Insurance – A+
Local Colorado Springs auto insurance agents and insurance
A small number of people would rather visit with an insurance agent and that is not a bad decision One of the great benefits of getting free rate quotes online is that you can obtain cheap rate quotes and also buy local. Putting coverage with local agencies is still important in Colorado Springs.
Upon completion of this form (opens in new window), your information is submitted to insurance agents in Colorado Springs who can give free rate quotes for your insurance coverage. You won’t even need to search for an agent because quoted prices will be sent to your email. You can find the lowest rates without having to waste a lot of time. In the event you want to compare rates from one company in particular, you can always jump over to their website to submit a rate quote request.
Different types of auto insurance agents in Colorado Springs
If you would like to find a local agent, there are two different types of agents and how they function. Agencies in Colorado Springs may be either exclusive or independent agents depending on their company appointments.
These type of agents do not sell for just one brand and that is an advantage because they can write policies with a variety of different insurance companies and find the cheapest insurance rates. If prices rise, they simply move the coverage in-house and you won’t have to switch agencies. When comparing rates, we highly recommend that you get rate quotes from at least one independent agent in order to have the best price comparison. Most independent agents also contract with different regional companies that many times have cheaper rates.
The following is a list of independent agents in Colorado Springs that may be able to provide price quote information.
- Pikes Peak Insurance Agency
2306 N Powers Blvd #120 – Colorado Springs, CO 80915 – (719) 591-4500 – View Map
- Jensen Insurance Agency
125 N Parkside Dr #201f – Colorado Springs, CO 80909 – (719) 635-9557 – View Map
- Mary Beth Stiltner Insurance Agency
1880 Dublin Blvd # C – Colorado Springs, CO 80918 – (719) 528-1555 – View Map
Exclusive Insurance Agents
These type of agents can only write with one company such as Farmers Insurance or State Farm. They are unable to provide prices from multiple companies so keep that in mind. Exclusive agents are usually well trained in insurance sales which aids in selling service over price. A lot of people buy from exclusive agents primarily because of the prominent brand name rather than having low rates.
The following are exclusive insurance agents in Colorado Springs who can help you get rate quotes.
- State Farm: Austin Morgan
1806 Dominion Way Suite A – Colorado Springs, CO 80918 – (719) 630-1800 – View Map
- Peter Martinez – State Farm Insurance Agent
106 N Circle Drive – Colorado Springs, CO 80909 – (719) 633-0300 – View Map
- American Family Insurance – Ed Reed
202 E Cheyenne Mountain Blvd k – Colorado Springs, CO 80906 – (719) 540-8400 – View Map
Finding the right insurance agency should include more criteria than just a cheap price quote. Get answers to these questions too.
- What insurance companies do they recommend if they are an independent agent?
- Can glass claims be handled at your home?
- How much training do they have in personal risk management?
- Are they properly licensed to sell insurance in Colorado?
- Will high miles depreciate repair valuations?
If you get satisfactory answers to all your questions as well as a price you’re happy with, you may have found an insurance agent that can properly service your insurance policy. Just be aware that it’s your coverage and you can terminate your policy whenever you want so never feel that you’re stuck with the insurance policy for a certain time period.