Astonishing but true according to a recent study, a large majority of drivers in Colorado kept their coverage with the same car insurance company for more than four years, and virtually 40% of consumers have never compared car insurance rates at all. American consumers can cut their rates by about $860 a year just by getting comparison quotes, but they don’t understand how simple it is to do a rate comparison.
The best way we recommend to find affordable car insurance rates is to compare prices regularly from insurance carriers who provide car insurance in Colorado Springs.
- Try to comprehend what coverages are included in your policy and the modifications you can make to keep rates in check. Many factors that cause high rates such as speeding tickets, accidents and a less-than-favorable credit score can be rectified by making minor changes in your lifestyle.
- Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from a single company like GEICO or Farmers Insurance, while independent agencies can give you price quotes for a wide range of companies.
- Compare the quotes to your existing rates to see if a cheaper rate is available. If you can save some money and switch companies, verify that coverage does not lapse between policies.
- Give notification to your agent or company to cancel your current car insurance policy and submit a down payment along with a completed application for your new coverage. Don’t forget to keep the new proof of insurance paperwork with the vehicle registration.
One key aspect when comparing rates is to make sure you enter similar limits and deductibles on every quote request and and to compare as many carriers as you can. Doing this guarantees a fair price comparison and a better comparison of the market.
If you are paying for car insurance now, you will definitely be able to get lower rates using these methods. The intent of this article is to let you in on the best way to quote coverages and also pocket some savings Nevertheless, Colorado vehicle owners can benefit by having an understanding of how the larger insurance companies price insurance differently because it varies considerably.
Most larger insurance companies allow you to get coverage prices directly from their websites. Comparing Honda Fit insurance rates online is quite easy as all you need to do is type in your personal and coverage information into a form. After you submit the form the system requests information on your driving record and credit history and gives you a price quote based on the data you entered.
This simplifies rate comparisons, and it is important to compare as many rates as possible if you are searching for the cheapest price on auto insurance.
To quickly compare pricing, compare rates from the companies below. To compare your current rates, we recommend you enter the limits and deductibles exactly as shown on your declarations page. Doing this guarantees you will get rate comparison quotes based on similar coverages.
The companies shown below can provide free rate quotes in Colorado Springs, CO. If multiple companies are listed, we recommend you visit two to three different companies in order to find the cheapest rates.
Insurance analysis for a Honda Fit
The price information shown next highlights different rate quotes for Honda Fit models. Being able to understand how insurance policy rates are figured is important for you to make smart choices when comparing insurance quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Fit | $204 | $448 | $262 | $16 | $78 | $1,008 | $84 |
| Fit Sport | $234 | $448 | $262 | $16 | $78 | $1,038 | $87 |
| Fit Sport VSA | $234 | $528 | $262 | $16 | $78 | $1,118 | $93 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Information does not factor in zip code location which can decrease or increase price quotes substantially.
Choosing deductibles
One of the hardest decisions when shopping for insurance is how high should the physical damage coverage deductibles be. The figures shown below help summarize the rate differences when you choose different comp and collision deductibles. The first rate estimation uses a $250 deductible for comprehensive and collision coverage and the second price grid uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Fit | $236 | $458 | $232 | $14 | $70 | $1,035 | $86 |
| Fit Sport | $272 | $458 | $232 | $14 | $70 | $1,071 | $89 |
| Fit Sport VSA | $272 | $538 | $232 | $14 | $70 | $1,151 | $96 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Fit | $192 | $368 | $232 | $14 | $70 | $876 | $73 |
| Fit Sport | $220 | $368 | $232 | $14 | $70 | $904 | $75 |
| Fit Sport VSA | $220 | $434 | $232 | $14 | $70 | $970 | $81 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Price information does not factor in specific zip code location which can change rates considerably.
We can estimate from the data above that using a $250 deductible costs an average of $14 more each month or $168 for a full year than opting for the higher $500 deductible. Since you would pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you have at least 18 months between claims, you would probably come out ahead if you decide on a higher deductible.
Insurance rate increases from tickets or accidents
The chart below illustrates how traffic citations and accident claims influence Honda Fit premium costs for each different age category. The costs are based on a married female driver, comp and collision included, $250 deductibles, and no discounts are taken into consideration.
Insurance prices based on gender
The diagram below visualizes the comparison of Honda Fit auto insurance rates for male and female drivers. Data assumes no violations or claims, comp and collision included, $250 deductibles, single marital status, and no discounts are taken into consideration.
Honda Fit liability-only versus full coverage
The diagram below compares Honda Fit yearly insurance costs with full coverage compared to only the Colorado minimum liability coverage. The rate quotes are based on no accidents, no driving violations, $250 deductibles, single status, and no discounts are applied to the premium.
When to eliminate full coverage
There is no clear-cut formula for dropping physical damage insurance, but there is a general guideline you can use. If the annual cost of having full coverage is more than 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let’s pretend your Honda Fit replacement cost is $5,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $4,000 after paying your deductible. If you are paying in excess of $400 annually to have full coverage, then it could be time to drop full coverage.
There are some situations where removing full coverage is not a good idea. If you still have a loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should maintain full coverage.
How to know if you need help
Always keep in mind that when comparing insurance from an agent or online for your vehicles, there really is not a “best” method to buy coverage. Everyone’s situation is a little different and a cookie cutter policy won’t apply.
For example, these questions may help you determine whether or not you would benefit from an agent’s advice.
- How can I find cheaper teen driver insurance?
- Is business property covered if stolen from my car?
- What if an uninsured driver hits me?
- Does my liability insurance cover pulling a trailer or camper?
- Where can I find high-risk insurance?
- Should I get collision insurance on every vehicle?
If you don’t know the answers to these questions but a few of them apply then you might want to talk to a licensed insurance agent. If you don’t have a local agent, fill out this quick form or you can go here for a list of companies in your area.
Do I need an insurance agency?
A lot of people prefer to talk to a local agent and doing that can be a smart decision The best thing about comparing auto insurance online is the fact that drivers can get the best rates and also buy local.
After filling out this form (opens in new window), your insurance coverage information is submitted to local insurance agents who will give you bids to get your business. You don’t have to search for any insurance agencies because quoted prices will be sent immediately to you. Get lower rates AND a local agent. In the event you want to get a rate quote from one company in particular, you can always navigate to their website to submit a rate quote request.
Finding the right company is decision based upon more than just a cheap price quote. The answers to these questions are important, too.
- Does the agent have a valid license to sell insurance in Colorado?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- What insurance companies do they recommend if they are an independent agent?
- Do they write coverage based solely on cost?
- Are they able to provide referrals?
- Will you get a loaner vehicle if you car is being repaired?
- Which company do they place the most coverage with?
Different types of auto insurance agents in Colorado Springs
When looking for a reliable insurance agent, there are a couple of different types of agents and how they are slightly different. Agents can either be independent or exclusive depending on the company they work for.
Exclusive Auto Insurance Agents
These agents can usually just insure with one company such as American Family, State Farm, and Allstate. These agents are unable to give you multiple price quotes so it’s a take it or leave it situation. Exclusive insurance agents are trained well in insurance sales which helps offset the inability to provide other markets. Consumers frequently use the same exclusive agent primarily because of the prominence of the brand rather than low rates.
Below are exclusive insurance agencies in Colorado Springs who can help you get price quotes.
- Ross Silva Agency – American Family Insurance
2746 E Bijou St – Colorado Springs, CO 80909 – (719) 597-2800 – View Map - American Family Insurance – Michael Janzen Agency Inc.
1045 W Garden of the Gods Rd Ste M – Colorado Springs, CO 80907 – (719) 528-6387 – View Map - State Farm: Dan Lewis
1867 S Academy Blvd – Colorado Springs, CO 80916 – (719) 434-3944 – View Map
Independent Agencies or Brokers
Agents that elect to be independent are not employed by any specific company so they can write business with multiple insurance companies enabling the ability to shop coverage around. If you are not satisfied with one company, they can switch companies in-house and you stay with the same agent. If you need lower rates, it’s a good idea to get several quotes from at a minimum one independent agency to maximize your price options. Most independent agents also contract with smaller mutual companies which may have better rates.
Shown below is a short list of independent agencies in Colorado Springs that can give you comparison quotes.
- Pikes Peak Insurance Agency
2306 N Powers Blvd #120 – Colorado Springs, CO 80915 – (719) 591-4500 – View Map - Jensen Insurance Agency
125 N Parkside Dr #201f – Colorado Springs, CO 80909 – (719) 635-9557 – View Map - WIN Insurance Agency
3485 Academy Blvd N Ste 101 – Colorado Springs, CO 80917 – (719) 599-9494 – View Map
If you receive answers to your satisfaction to your questions and a good coverage price, you have narrowed it down to an insurance agency that is reputable and can service your policy.