You have most likely watched the captivating ads from companies like GEICO and Allstate that make claims of the cheapest rates. So you just need to pick the company with the best ad, right?
It's not that easy, however, as there are a whole slew of unknown aspects like the level of liability coverage you want, tickets or driving violations, and the type of vehicle you drive. In this article, we will cover the best ways to compare rates and will hopefully give you a jump start in finding the best auto insurance in Colorado.
One of the many considerations that aid in calculating car insurance rates is where your car is garaged. More populated areas tend to pay slightly more, whereas areas with lower crime rates and fewer weather claims benefit from lower coverage costs.
The information below rates the highest-priced places in Colorado for drivers with good credit in which to buy car insurance. Colorado Springs ranks #6 with an annual premium of $1,329 for the average policyholder, which is around $111 each month.
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Price information shown is estimated as vehicle location can raise or lower prices significantly.
The car, truck, or SUV you are seeking coverage for is one of the main factors when comparing the cheapest insurance for drivers with good credit. Vehicles with lots of speed or power, a lack of modern safety features, or a track record of large liability claims will cost substantially more to insure than more economical and safe models.
The information below presents auto insurance prices for a number of the most cost-effective vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,301|
|Volkswagen Jetta LE 4-Dr Sedan||$1,342|
|Jeep Grand Cherokee Laredo 4WD||$1,349|
|Toyota Tacoma Double Cab 4WD||$1,342|
|Chevrolet Malibu Hybrid||$1,348|
|Toyota Camry LE||$1,342|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,412|
|Chevrolet Impala LTZ||$1,417|
|Honda CR-V EX-L 2WD||$1,424|
|Ford Escape XLT 4WD||$1,430|
|Dodge Grand Caravan CV||$1,463|
|Ford Explorer XLT 2WD||$1,470|
|Ford Focus SE 2-Dr Coupe||$1,509|
|Toyota Camry Hybrid||$1,535|
|Chevrolet Equinox LS 2WD||$1,543|
|Toyota RAV4 Limited 2WD||$1,549|
|Dodge Ram Crew Cab Laramie 2WD||$1,560|
|Ford F-150 Lariat Crew Cab 4WD||$1,572|
|Honda Odyssey EX-L W/Navigation||$1,622|
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Prices do not factor in specific Colorado Springs, CO garaging location which can revise auto insurance rates substantially.
Looking at the numbers, you can conclude that cars like the Honda Accord, Volkswagen Jetta, and Jeep Grand Cherokee are most likely to be a few of the most economical vehicles to insure for financially responsible drivers.
How much more does full coverage cost?
Finding cheaper insurance is the goal of most vehicle owners, and an effective way to reduce the cost of insurance for drivers with good credit is to buy liability only. The chart below visualizes the comparison of car insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes a clean driving record, no claims, $250 deductibles, single status, and no discounts are applied to the premium.
If we average the cost for all age groups, full coverage costs an additional $1,845 per year over and above liability only. That is a large expense and it proposes the question when is the right time to remove full coverage. There is no definitive formula for eliminating comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
Discount Colorado Springs auto insurance rates
Car insurance companies that offer quotes for drivers with good credit could also offer premium discounts that may potentially lower prices by as much as 40% or more if you meet the requirements. Large insurance companies and their possible discounts can be read below.
- State Farm may offer discounts for multiple autos, Steer Clear safe driver discount, accident-free, Drive Safe & Save, defensive driving training, and safe vehicle.
- GEICO offers discounts for driver training, military active duty, anti-lock brakes, multi-vehicle, defensive driver, and membership and employees.
- Liberty Mutual offers premium reductions for exclusive group savings, newly married, new vehicle discount, new move discount, newly retired, and multi-policy.
- The Hartford discounts include bundle, driver training, vehicle fuel type, good student, anti-theft, defensive driver, and air bag.
- MetLife has savings for multi-policy, good student, accident-free, claim-free, defensive driver, and good driver.
- Progressive offers discounts including good student, continuous coverage, online quote discount, homeowner, multi-policy, online signing, and multi-vehicle.
The diagram below illustrates the difference between auto insurance costs with and without some available policy discounts. The rates are based on a male driver, no violations or claims, Colorado state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with homeowner, marriage, anti-theft, accident-free, multiple policy, and multiple vehicle discounts applied. With discounts applied, the average amount saved each year on insurance for drivers with good credit is 28% or $508.
The information below shows how choosing a deductible can raise or lower insurance costs when getting quotes for cheap insurance for drivers with good credit. The premiums are based on a married male driver, comprehensive and collision coverage, and no discounts are applied.
In the chart above, a 50-year-old driver could save $330 a year by switching from a $100 deductible up to a $500 deductible, or save $498 by choosing a $1,000 deductible. Young drivers, like the age 20 example, could reduce their rates $1,110 or even more by selecting a higher deductible. If you do raise deductibles, it will be required to have enough spare savings to offset the extra out-of-pocket expense that comes with higher deductibles.
How to find cheaper insurance for drivers with good credit
It's not impossible to find cheaper rates, and here are a few money-saving solutions that can help drivers buy cheaper auto insurance.
- Do not get traffic tickets
- Buying your home and auto policies from the same company can earn a discount
- Pay cheaper rates with good credit scores
- Claim-free drivers earn discounts
- Increase physical damage deductibles
- Prevent price hikes by avoiding at-fault accidents
- Compare rates regularly and switch companies to save money
The final tip is incredibly critical, as was affirmed in this piece. Auto insurance prices can be adjusted at any time, so don't be tentative to switch carriers if you can find a cheaper rate. Loyalty to a specific company is fine, but it isn't a good idea if that dedication is costing major coinage every year. Spend a few minutes and shop around to find cheaper insurance for drivers with good credit in Colorado Springs.
If you aren't clear which coverage you need and would like to have a little guidance when shopping for cheaper insurance for financially responsible drivers, the insurance agencies below can help you decide which policy is best. To locate a Colorado Springs auto insurance agent using an interactive map, click the button below the list or click here to get price quotes now.
Farmers Insurance - Mark Olsen
1870 Dublin Blvd e - Colorado Springs, CO 80918 - (719) 593-9916
State Farm: Dan Lewis
1867 S Academy Blvd - Colorado Springs, CO 80916 - (719) 434-3944
Peter Martinez - State Farm Insurance Agent
106 N Circle Drive - Colorado Springs, CO 80909 - (719) 633-0300
John Hall - State Farm Insurance Agent
1614 Academy Blvd N b - Colorado Springs, CO 80909 - (719) 596-1414
Nationwide Insurance: Jeffrey Lloyd Sudermann Agency
6455 N Union Blvd #104 - Colorado Springs, CO 80918 - (303) 974-7676