One of the more important criteria that are looked at to help calculate auto insurance rates is where you live. More populated areas will most likely have higher rates, whereas areas with less people or fewer weather incidents have the gratification of cheaper auto insurance rates.
The next table sorts the most expensive cities in Colorado for drivers over age 60 in which to buy car insurance. Colorado Springs makes the list at #8 with the yearly price of $1,329 for the average policy, which is approximately $111 monthly.
|Rank||City||Premium Per Year|
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Rate quotes are comparative as specific Colorado Springs zip code can modify price quotes considerably.
Trying to buy cheap auto insurance is not the easiest thing to accomplish, and deciding which company offers the lowest-priced insurance rates for drivers over age 60 may require even more rate comparisons. Each insurance company has a different process for setting rates, so let’s begin by examining the most competitive insurance companies in Colorado.
Find the Cheapest Car Insurance for Age 60+
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,576|
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The Hartford offers some of the best car insurance rates in Colorado Springs at around $850 a year. Grange, USAA, Nationwide, and GEICO also rank well as some of the most economical Colorado Springs, CO insurance companies.
As shown in the rates above, if you currently have a policy with Grange and switched to The Hartford, you could see an annual premium reduction of around $99. Colorado drivers with USAA might save as much as $189 a year, and Nationwide customers might lower prices by up to $305 a year.
If you want to find out if you’re overpaying, click here to begin a quote or visit several of the following companies.
Remember that these prices are averaged across all types of insureds and vehicles and and are not calculated with a vehicle location for drivers over age 60. So the auto insurance company that is best suited for you may not even be in the top 21 companies shown above. That points out the importance of why you need to compare as many prices as possible using your own driver information and specific vehicle type.
The vehicle you are insuring is one of the largest factors when looking for low-cost insurance for drivers over age 60. Vehicles with high performance, a lack of safety features, or a history of substantial liability claims will cost more to insure than more modest models. The next table features auto insurance premiums for a selection of the most economical vehicles to insure in Colorado.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,098|
|Honda Accord LX-P 4-Dr Sedan||$1,103|
|Ford Escape XLT 4WD||$1,122|
|Hyundai Elantra SE Touring Station Wagon||$1,190|
|Ford F-150 XLT Super Cab 2WD||$1,231|
|Ford Explorer XLT 2WD||$1,236|
|Ford Focus S 4-Dr Sedan||$1,274|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,282|
|Chevrolet Equinox LT 2WD||$1,298|
|Toyota Tacoma Double Cab 4WD||$1,307|
|Toyota RAV4 Limited 4WD||$1,298|
|Dodge Grand Caravan Hero||$1,303|
|Chevrolet Impala LT||$1,298|
|Jeep Grand Cherokee Laredo 2WD||$1,306|
|Honda Civic LX-S 4-Dr Sedan||$1,342|
|Toyota Corolla S||$1,366|
|Ford Edge Sport 2WD||$1,371|
|Chevrolet Silverado 2500HD LTZ Crew Cab 4WD||$1,390|
|Chevrolet Malibu LTZ||$1,399|
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Data assumes single female driver age 60, 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. Price estimates do not factor in specific location information which can impact rates considerably.
Looking at the data, makes and models like the Honda CR-V, Honda Accord, and Ford Escape will definitely be some of the cheaper vehicles to insure for older drivers.
The diagram below illustrates how choosing a deductible can impact insurance costs when searching for cheap insurance for drivers over age 60. The prices are based on a married male driver, comprehensive and collision coverage, and no policy discounts are applied.
In the chart above, a 50-year-old driver could pocket $292 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $444 by using a $1,000 deductible. Even younger drivers, like the age 20 example, can cut up to $978 or even more by choosing a larger deductible amount.
When using a larger deductible, it will be required to have enough savings to allow you to cover the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Impact of careless driving on insurance rates
One of the best ways to receive the cheapest insurance premiums in Colorado for older drivers is to drive safely and have a clean driving record. The information below demonstrates how citations and fender-benders increase annual premium costs for different ages of insureds. The premium estimates are based on a single male driver, full coverage, $500 deductibles, and no discounts are factored in.
In the previous example, the average cost of auto insurance per year with a clean driving record and no accidents is $2,209. Get written up for one speeding ticket and the average cost jumps to $2,492, an increase of $282 each year. Then include one accident along with the one speeding ticket and the annual cost of insurance for drivers over age 60 goes up to an average of $3,286. That’s an increase of $1,076, or $90 per month, just for not driving attentively!
Best insurance company in Colorado
Choosing the best company is hard considering how many different companies there are to choose from in Colorado Springs. The information in the lists below may help you decide which insurers to look at when trying to find cheaper insurance for drivers over age 60. The rankings below only include companies that write coverage in many states, so companies with more of a regional focus will not be included in these rankings.
Top 10 Large Auto Insurance Companies Overall in Colorado Springs
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance