How Much is Colorado Springs Auto Insurance for Seniors?

One of the more important components that aid in calculating the price you pay for insurance is the neighborhood you call home in Colorado Springs. Areas with more people or higher crime rates tend to have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates get the luxury of paying less.

The information below sorts the most expensive areas in Colorado for seniors to purchase a policy in. Colorado Springs ranks #5 with an annual premium of $1,329 for car insurance, which is about $111 monthly.

How much does car insurance cost in Colorado Springs, CO?
Rank City Premium Per Year
1 Pueblo $1,440
2 Denver $1,425
3 Aurora $1,361
4 Lakewood $1,337
5 Colorado Springs $1,329
6 Thornton $1,320
7 Centennial $1,317
8 Commerce City $1,314
9 Ken Caryl $1,313
10 Littleton $1,306
11 Security-Widefield $1,304
12 Northglenn $1,290
13 Arvada $1,256
14 Highlands Ranch $1,241
15 Brighton $1,235
16 Westminster $1,234
17 Parker $1,220
18 Castle Rock $1,211
19 Boulder $1,207
20 Broomfield $1,179
21 Longmont $1,168
22 Greeley $1,156
23 Grand Junction $1,154
24 Loveland $1,107
25 Fort Collins $1,100
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Prices are estimated as the specific area where the vehicle is garaged can affect premium rates greatly.

The type of vehicle to be insured is one of the primary factors when consumers are trying to find cheap car insurance for seniors. Vehicles with lots of speed or power, poor crash test ratings, or a high likelihood of having liability claims will cost substantially more to insure than more economical and safe models. The data below ranks auto insurance premiums for a selection of the more affordable automobiles to insure in Colorado.

Cheapest Vehicles to Insure in Colorado Springs, CO
Make, Model, and Trim Level Estimated Cost for Full Coverage
Hyundai Elantra GLS Touring Station Wagon $988
Honda CR-V LX 2WD $996
Ford Escape XLT 4WD $1,010
Toyota Prius $1,098
Ford Explorer XLT 2WD $1,103
Toyota Tacoma 2WD $1,144
Chevrolet Impala LS $1,152
Volkswagen Jetta 2.0T Station Wagon $1,159
Chevrolet Equinox LT 2WD $1,167
GMC Sierra SLE Regular Cab 2WD $1,176
Toyota RAV4 Limited 4WD $1,167
Ford Fusion S 4-Dr Sedan $1,172
Jeep Grand Cherokee Laredo 2WD $1,167
Toyota Camry LE $1,175
Jeep Wrangler Unlimited Sport 2WD 4-Dr $1,181
Dodge Grand Caravan SXT $1,191
Chevrolet Malibu LT $1,201
Ford Edge Limited AWD $1,228
Toyota Corolla XLE $1,237
Honda Odyssey EX-L W/Navigation $1,228
Nissan Altima 3.5 SR 4-Dr Sedan $1,252
Ford F-150 Lariat King Ranch 2WD $1,260
Nissan Rogue S 2WD $1,252
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Table data assumes married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Rate information does not factor in specific Colorado Springs, CO garaging location which can increase or decrease premiums considerably.

Based upon the table data, you can assume that vehicles like the Hyundai Elantra, Honda CR-V, Ford Escape, Toyota Prius, and Ford Explorer are going to be a few of the most affordable vehicles to insure for senior citizens.

Selecting the right insurance company can be difficult considering how many choices you have in Colorado. The company ratings listed below could help you pick which car insurance providers you want to consider when looking for cheaper rates. The rankings below are for companies that insure vehicles across America, so companies that have a smaller presence are not included in the list.

Top Ten Insurance Companies for Seniors in Colorado
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
USAA 98 100 100 94% A++ 98.6
American Family 98 89 100 86% A 95.4
State Farm 88 93 96 90% A++ 92.4
The Hartford 94 92 90 89% A+ 91.7
AAA Insurance 88 89 95 91% A 91.2
GEICO 84 93 93 89% A++ 90.3
The General 89 91 89 88% A- 90
Titan Insurance 90 87 91 95% A+ 89.6
Progressive 84 91 93 87% A+ 89.5
Allstate 85 90 92 88% A+ 89.3
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Data Source: Best Car Insurance Companies

Does full coverage make sense?

Finding the cheapest insurance is important to most drivers, and one way to pay lower rates for insurance for seniors is to only pay for liability coverage. The illustration below shows the comparison of insurance costs with and without physical damage coverage. The rate quotes are based on a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no policy discounts are applied.

As an average, physical damage insurance costs an extra $1,476 per year more than insuring for liability only. That is a big expense that brings up the question if buying full coverage is a waste of money. There is no definitive rule that is best for determining when to drop full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is more than 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your vehicle’s replacement cost is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $5,000 after you pay the deductible. If premiums are more than $500 a year for full coverage, then it’s probably a good time to buy liability coverage only.

There are a few situations where eliminating full coverage is not financially feasible. If you haven’t satisfied your loan, you have to carry full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.

Why are you paying too much for Colorado Springs car insurance?

Colorado Springs insurance rates are influenced by many factors that may substantially change the price you pay. Getting older, moving across town, or getting a ticket for running a stop sign can trigger rate changes that can now make some companies cheaper than competitors.

Not only may things change on your end, but car insurance companies modify rates at least once a year to adjust for heavy claims or excess profits. A period of higher than normal claims may cause rate increases, while profitable underwriting can cause lower-priced Colorado Springs car insurance rates.

For example, the bar chart below shows rates for the cheapest car insurance in Colorado Springs, CO for a 30-year-old male driver with no violations or accidents, and good credit. If we estimate prices based on his current risk profile, The Hartford offers the best car insurance rates in Colorado Springs at $1,052 a year. This is $526 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are also on the list of the cheapest Colorado Springs, CO auto insurance companies.

The next chart shows rates after we give the driver from the first set of rates a chargeable accident, a lower credit rating, and a traffic ticket or two. Since each auto insurance company has a proprietary formula for filing rates in each state, comparing rates may now present a substantially altered list of companies as shown below.

State Farm now has the cheapest auto insurance in Colorado Springs, CO with Travelers, American Family, Grange, and Amica also having competitive pricing. This demonstrates why it is important to compare many different companies when trying to get the most economical insurance rates for seniors.

Car insurance prices are calculated by many factors and can change substantially, so the cheapest rate the last time you shopped around may now be quite expensive.

How to find more affordable auto insurance for seniors

The list below summarizes some of the better penny-pinching suggestions that can help Colorado drivers buy cheaper coverage.

The last tip in the list is incredibly important, as was affirmed in the prior information. Coverage prices in Colorado Springs adjust often, so don’t be unwilling to buy a policy from a new company if a better rate can be found. Many drivers tend to have loyalty to a certain company, but we do not recommend it if that stubbornness costs you a fortune every year. In just a couple of minutes you could compare prices and find cheaper car insurance for seniors.