The make and model of vehicle you are insuring is a large consideration that determines the availability of low-cost auto insurance for high mileage drivers. Vehicles with lots of speed or power, a lack of modern safety features, or a track record of large liability claims will cost significantly more to insure than more economical and safe models.
The list below estimates auto insurance costs for a handful of the cheapest vehicles to insure in Colorado.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$1,342|
|Ford Escape XLS 4WD||$1,357|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,406|
|Toyota Camry LE||$1,421|
|Ford Fusion S 4-Dr Sedan||$1,431|
|Chevrolet Impala LT||$1,421|
|Dodge Grand Caravan Hero||$1,426|
|Chevrolet Silverado LT Extended Cab 4WD||$1,421|
|Hyundai Elantra SE 4-Dr Sedan||$1,497|
|Nissan Rogue S 2WD||$1,522|
|Ford Focus SE 4-Dr Sedan||$1,531|
|Chevrolet Equinox LTZ AWD||$1,524|
|GMC Sierra SL Crew Cab 4WD||$1,532|
|Jeep Grand Cherokee Limited 4WD||$1,524|
|GMC Sierra 3500HD SLE Crew Cab 2WD||$1,549|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$1,559|
|Honda Odyssey EX W/Rear Entertainment||$1,564|
|Toyota Tacoma 2WD||$1,571|
|Ford Explorer Eddie Bauer AWD||$1,584|
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, multi-policy, and claim-free. Premium amounts do not factor in zip code location which can increase or decrease coverage prices considerably.
Based upon these rates, we can assume that models like the Toyota Prius, Honda CR-V, Ford Escape, and Volkswagen Jetta should be the most budget-friendly vehicles to insure for high mileage drivers.
For high mileage drivers, one of the more important things that are looked at to determine the cost of insurance is where you normally keep your vehicle. Regions with more people or even just more weather-related claims tend to have higher rates, whereas areas with less people or fewer weather incidents receive better rates.
The information below rates the highest-priced areas in Colorado for high mileage drivers to purchase car insurance in. Colorado Springs is ranked #12 having an annual price of $1,277 for car insurance, which is approximately $106 per month.
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Table data uses comparative as the vehicle garaging location can revise insurance rates considerably.
Types of discounts on Colorado Springs auto insurance
Insurance providers that offer cheap quotes for high mileage drivers may also provide policy discounts that can lower rates by as much as 25% or more if you are eligible. Larger car insurance companies and some of the discounts include:
- Farmers Insurance discounts include teen driver, multi-car, youthful driver, business and professional, distant student, pay in full, and good student.
- Esurance may include discounts for multi-car, good driver, homeowner, paid-in-full, and multi-policy.
- State Farm offers premium reductions for accident-free, multiple policy, passive restraint, multiple autos, and Steer Clear safe driver discount.
- GEICO offers discounts including anti-theft, multi-policy, federal employee, air bags, and membership and employees.
- Allstate has discounts for multi-policy, teenSMART discount, good payer, auto/life discount, EZ pay plan discount, and economy car.
The diagram below illustrates the difference between insurance prices with and without discounts applied to the premium. The data is based on a male driver, no claims or driving violations, Colorado state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with defensive driving course, multiple policy, accident-free, vehicle safety, anti-theft, and safe-driver discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on car insurance for high mileage drivers is 28% or $618.
The diagram below illustrates how your deductible choice can influence insurance costs when researching cheap insurance for high mileage drivers. The information is based on a single male driver, comp and collision included, and no policy discounts are applied.
A 30-year-old driver could save $452 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $682 by selecting a $1,000 deductible. Even younger drivers, like the age 20 example, could lower their rates as much as $1,332 or even more by using higher deductibles when buying full coverage. If you do raise deductibles, it is necessary to have emergency funds available to pay the extra out-of-pocket expense associated with higher deductibles.
Full coverage rates compared to liability only
Saving money when shopping for car insurance is the goal of most people, and one good way to buy cheap insurance for high mileage drivers is to not buy comprehensive and collision coverage. The diagram below shows the difference between car insurance rates when comparing full coverage to liability only. The information is based on no accidents, no driving violations, $500 deductibles, marital status is single, and no policy discounts are applied.
If averaged out across all ages, comprehensive and collision coverage on your policy costs an extra $1,813 per year more than carrying just liability coverage. Lot’s of drivers question when is the right time to remove full coverage. There is no definitive rule of when to stop paying for physical damage coverage, but there is a general guideline. If the annual cost of your full coverage insurance is 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.
There are some situations where only buying liability is not a good plan. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not remove full coverage.
What aren’t you shopping around?
Colorado Springs, CO car insurance rates are impacted by many factors that will increase or decrease the cost of having a policy. Simply having a birthday, buying higher coverage limits, or having an at-fault accident can trigger price changes that can cause some rates to be cheaper than before. Not only that, but insurance companies file new Colorado car insurance rates at least once a year in order to maintain liquidity for claims. Higher than usual claims can cause higher prices, while a better claims history may produce cheaper Colorado Springs car insurance rates.
To illustrate this example, the chart below shows the company with the cheapest car insurance in Colorado Springs, CO for a 35-year-old male driver with no violations or accidents, and a decent credit rating. If we compare prices based on his current situation, The Hartford might quote the best car insurance rates in Colorado Springs at $1,028 annually. This is $550 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are also included in the most affordable Colorado Springs, CO auto insurance companies.
In this next rate comparison, we will give the driver in the first chart a couple of claims, less-than-perfect credit, and a traffic citation. Because every insurance company has a different process to set premium rates, analyzing rate quotes may now show a completely different list of the cheapest companies as shown below.
Auto-Owners now has the cheapest car insurance in Colorado Springs with State Farm, American Family, Progressive, and Amica also having competitive pricing. This example proves why it is crucial to compare many different companies to find the most budget-friendly car insurance quotes for high mileage drivers. Rates are calculated by many factors and can change without notice, so the lowest-price company the last time you shopped your coverage around may now be wasting a lot of money.