It's shocking but the vast majority of car insurance customers kept their coverage with the same car insurance company for at least four years, and 38% of drivers have never taken the time to shop around. Many drivers in Colorado could save themselves about 35% a year by just comparing quotes, but they just don't understand the rate savings if they just switched companies.
It takes a little time, but the best way to get more affordable auto insurance rates in Colorado Springs is to make a habit of comparing prices annually from different companies who provide auto insurance in Colorado.
- First, read and learn about how companies set rates and the things you can change to prevent expensive coverage. Many rating factors that drive up the price such as distracted driving and a negative credit history can be controlled by making lifestyle changes or driving safer. This article gives instructions to get affordable coverage and find hidden discounts.
- Second, request price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like Progressive or State Farm, while agents who are independent can provide prices for many different companies.
- Third, compare the new rates to the premium of your current policy and determine if cheaper TLX coverage is available in Colorado Springs. If you find a better price, make sure coverage does not lapse between policies.
- Fourth, give notification to your current company to cancel your current coverage. Submit payment and a signed application for your new coverage. Be sure to place your new certificate verifying coverage along with your vehicle registration.
An important note is that you'll want to compare similar coverage information on each price quote and and to compare as many car insurance companies as possible. This ensures a level playing field and a complete price analysis.
Insurance policy discounts you can't miss
Some insurers don't always advertise every possible discount very well, so here is a list a few of the more common and the more hidden insurance savings. If you don't get every credit you qualify for, you could be saving more on your insurance.
- New Vehicle Savings - Buying a new car instead of a used TLX may earn a small discount since newer vehicles are generally safer.
- Passive Restraints and Air Bags - Vehicles equipped with air bags can receive discounts of up to 25% or more.
- Active Service Discounts - Being deployed in the military could mean lower insurance rates.
- Waiver for an Accident - Not a discount per se, but a handful of insurance companies permit an accident before hitting you with a surcharge so long as you haven't had any claims for a certain period of time.
- Discount for Life Insurance - Some insurance companies give lower prices if you buy auto and life insurance together.
- Sign Early and Save - A few insurance companies allow discounts for switching companies early. You could save around 10% when you buy Colorado Springs auto insurance online.
- Memberships - Participating in qualifying employment or professional organizations could qualify you for a break on your next insurance statement.
- Colorado Springs Homeowners Discount - Owning your own home or condo may trigger a policy discount on insurance because it shows financial diligence.
Remember that most discounts do not apply to the whole policy. Some only apply to specific coverage prices like comprehensive or collision. Despite the fact that it seems like all those discounts means the company will pay you, insurance companies aren't that generous. But all discounts should help reduce your overall bill.
To find insurance companies that offer multiple discounts in Colorado, click here.
Insurance policy specifics
Learning about specific coverages of your policy can be of help when determining appropriate coverage for your vehicles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring.
Liability insurance provides protection from injuries or damage you cause to a person or their property. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have policy limits of 25/50/15 that translate to a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a limit of $15,000 paid for damaged property.
Liability coverage pays for claims such as funeral expenses, legal defense fees, attorney fees, medical services and medical expenses. How much liability should you purchase? That is a personal decision, but buy as much as you can afford. Colorado requires drivers to carry at least 25/50/15 but you should consider buying more coverage.
The chart below shows why minimum state limits may not be adequate.
Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for claims such as damage from flooding, damage from getting keyed and hitting a deer. The maximum payout a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle's value is low it's probably time to drop comprehensive insurance.
Uninsured/Underinsured Motorist coverage
Uninsured or Underinsured Motorist coverage gives you protection when the "other guys" either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants and damage to your Acura TLX.
Since a lot of drivers carry very low liability coverage limits (25/50/15), their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked.
Coverage for collisions
This coverage pays to fix your vehicle from damage resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things like backing into a parked car, crashing into a ditch and colliding with a tree. Paying for collision coverage can be pricey, so consider removing coverage from older vehicles. Another option is to raise the deductible on your TLX to save money on collision insurance.
Medical payments coverage and PIP
Medical payments and Personal Injury Protection insurance reimburse you for expenses for doctor visits, hospital visits, EMT expenses, chiropractic care and pain medications. The coverages can be used in conjunction with a health insurance plan or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is only offered in select states and may carry a deductible
What is the best car insurance company in Colorado?
Finding the highest-rated insurer is difficult considering how many different insurance companies sell coverage in Colorado. The ranking data in the lists below may help you choose which companies you want to consider buying from.
Top 10 Colorado Springs Car Insurance Companies by A.M. Best Rank
- USAA - A++
- Travelers - A++
- State Farm - A++
- GEICO - A++
- Esurance - A+
- Nationwide - A+
- Allstate - A+
- Mercury Insurance - A+
- Progressive - A+
- Titan Insurance - A+
Top 10 Colorado Springs Car Insurance Companies Ranked by Customer Service
- State Farm
- The Hartford
- Mercury Insurance
- The General
- AAA Insurance
- American Family
Cheaper auto insurance rates are available
Cheap Acura TLX insurance in Colorado Springs is possible both online as well as from independent agents in Colorado Springs, so you should compare both to have the best selection. Some insurance companies may not have rate quotes online and usually these smaller providers sell through independent agents.
When searching for the cheapest Acura TLX rate quotes, it's a bad idea to skimp on coverage in order to save money. There are a lot of situations where someone dropped comprehensive coverage or liability limits and found out when filing a claim that the savings was not a smart move. The ultimate goal is to buy a smart amount of coverage at a price you can afford but still have enough coverage for asset protection.
People leave their current company for many reasons like questionable increases in premium, policy cancellation, poor customer service and lack of trust in their agent. Regardless of your reason for switching companies, finding a great new company is not as hard as you think.
More tips and info about auto insurance is located in the articles below:
- Alcohol Impaired Driving FAQ (iihs.org)
- What Insurance is Cheapest for Drivers Under 21 in Colorado Springs? (FAQ)
- Who Has Affordable Colorado Springs Auto Insurance Quotes for a Honda Civic? (FAQ)
- What Car Insurance is Cheapest for Low Income Drivers in Colorado Springs? (FAQ)
- What Insurance is Cheapest with Multiple Speeding Tickets in Colorado Springs? (FAQ)
- What to do at the Scene of an Accident (Insurance Information Institute)
- Shopping for a Safe Car (Insurance Information Institute)
- Auto Insurance for Teen Drivers (Insurance Information Institute)