For new drivers, one of the largest factors that are looked at to determine the annual cost of car insurance is where you normally keep your vehicle in Colorado Springs. Regions with larger populations or more claims will most likely have higher rates, whereas less populated areas can boast about having cheaper rates.
The illustration below lists the most expensive areas in Colorado for a learners permit to buy car insurance in. Colorado Springs is ranked #5 having an annual price of $1,329 for the average policy, which is around $111 each month.
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Information shown are estimated as the specific zip code location can change premiums greatly.
The make and model of vehicle requiring coverage is probably the largest consideration when shopping for the most economical car insurance for a learners permit. Vehicles with limited top-end speed, a plethora of safety features, or a track record of few liability claims will cost substantially less to insure than adrenaline junky models. The table below features insurance premiums for a handful of the cheapest vehicles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$1,182|
|Honda Accord EX 4-Dr Sedan||$1,190|
|Hyundai Elantra GLS Touring Station Wagon||$1,352|
|Chevrolet Equinox LT 2WD||$1,399|
|Ford Focus SEL 4-Dr Sedan||$1,446|
|Ford Escape XLS 2WD||$1,450|
|Toyota Corolla LE||$1,473|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,487|
|Ford F-150 XL Super Cab 2WD||$1,497|
|Dodge Grand Caravan SE||$1,517|
|Ford Edge SEL AWD||$1,571|
|Kia Optima EX||$1,601|
|Ford Explorer XLT AWD||$1,621|
|Dodge Ram Crew Cab SLT 4WD||$1,626|
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Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Information does not factor in vehicle location which can lower or raise coverage rates substantially.
Looking at the data, you can see that cars like the Honda CR-V, Honda Accord, Hyundai Elantra, Chevrolet Equinox, and Ford Focus are a few of the cheaper vehicles to insure for new drivers.
Finding out which company quotes the lowest-priced insurance rates for a learners permit takes a little more effort than just comparing rates from one or two companies.
Each insurance company has their own formula for determining rates in each state, so let’s take a look at the overall cheapest insurance companies in Colorado. It’s important that you understand Colorado insurance rates are impacted by many things that can increase the cost of coverage. Improving your credit rating, moving to a different location, or getting a ticket for running a stop sign can trigger price changes that can cause some rates to be cheaper in comparison to the competition.
Cheap Insurance Rates in Colorado
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,576|
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The Hartford normally has some of the cheapest car insurance rates in Colorado Springs at around $850 each year. Grange, USAA, GEICO, and Nationwide also are some of the cheapest Colorado Springs, CO auto insurance companies.
As shown in the rates above, if you currently have a policy with Nationwide and switched to Grange, you could earn an annual savings of approximately $168. Insureds with Auto-Owners could save as much as $217 a year, and Travelers insureds might lower prices by up to $232 a year.
Understand that those rates are averaged across all ages of drivers and types of vehicles and and are not figured with a specific location for a learners permit. So the car insurance company that is best suited for you may not even be in the top 21 companies shown above. That point stresses why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
Impact of citations and accidents on Colorado Springs insurance rates
The common sense way to enjoy good insurance rates for new drivers is to pay attention while driving and avoid at-fault accidents and violations. The chart below highlights how traffic violations and at-fault collisions increase premium costs for each age group. The rates are based on a single male driver, full coverage, $500 deductibles, and no discounts are factored in.
The data in the chart shows the average cost of an auto insurance policy in Colorado Springs per year with no accidents and a clean driving record is $1,656. Factor in one speeding ticket and the average cost swells to $1,867, an increase of $211 each year. Now throw in two accidents along with the one speeding ticket and the annual cost of insurance for a learners permit increases to an average of $3,761. That’s an increase of $2,105, or $175 per month, just for not being attentive to the road!
Difference between full coverage and liability only rates
Finding the cheapest insurance is important to most vehicle owners, and one easy way to pay less for insurance for a learners permit is to not buy comprehensive and collision coverage. The chart below illustrates the comparison of insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The information is based on no claims or violations, $1,000 deductibles, single marital status, and no discounts are taken into consideration.
If the expense is averaged for all age categories, physical damage insurance costs an extra $1,476 per year more than carrying just liability coverage. At some point, about every driver wonders if buying full coverage is worth the money. There is no clear-cut rule for excluding full coverage on your policy, but there is a general convention. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s assume your vehicle’s book value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $4,500 after the deductible is paid. If it’s costing you more than $450 a year to have full coverage, then it may be the right time to buy liability only.
How to find the cheapest car insurance for a learners permit
It is possible to find better rates, and here are some money-saving solutions that can help Colorado drivers locate cheap car insurance.
- Bundle car and home insurance and save money
- Accidents can significantly increase rates
- Try to not file small claims
- Safe vehicles generally have lower rates
- Avoid getting tickets or violations
- Compare rates and switch if you can find a better deal
That last piece of advice is especially critical, as was noted in this write-up. Auto insurance prices in Colorado Springs can be adjusted at any time, so don’t be hesitant to switch to a new company if you can find a cheaper rate. Many drivers prefer to stick with one company, but it’s not a great idea if that dedication is costing a lot of money every month. Take a couple minutes and shop around to find cheaper auto insurance for a learners permit.
If you have questions and prefer to have some professional guidance when trying to find lower insurance rates for new drivers, the agencies below can help you determine 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 compare price quotes.
Allstate Insurance: Dave Lohman
76 S Sierra Madre St b – Colorado Springs, CO 80903 – (719) 471-9271
Farmers Insurance – Patricia Szeredy
6632 Delmonico Dr – Colorado Springs, CO 80919 – (719) 268-0080
Jensen Insurance Agency
125 N Parkside Dr #201f – Colorado Springs, CO 80909 – (719) 635-9557