Hyundai Elantra Insurance Rate Quotes in Colorado Springs

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Insurance for Hyundai ElantraTrying to find cheaper Hyundai Elantra insurance in Colorado Springs? No car owner looks forward to paying for auto insurance, especially when they know they could find better rates elsewhere.

Smart shoppers know that car insurance companies don't want you to look for cheaper rates. Insureds who shop around at least once a year will probably buy a different policy because there is a great chance of finding a policy with more affordable rates. A recent survey discovered that consumers who compared prices regularly saved as much as $865 annually compared to those who didn't regularly shop around.

If finding the cheapest price on Hyundai Elantra insurance is your target objective, then knowing the best way to shop and compare car insurance can make shopping around easier. Online insurance companies like State Farm, Farmers Insurance, GEICO and Allstate constantly blast consumers with ads and it can be hard to ignore the flashy ads and effectively compare rates to find the best deal.

The companies in the list below offer quotes in Colorado. To find the best cheap car insurance in Colorado Springs, we recommend you get rates from several of them to find the most affordable auto insurance rates.

Insurance rate breakdown

The premium information shown next highlights estimates of coverage prices for Hyundai Elantra models. Understanding how rate quotes are determined can help drivers make informed decisions when shopping around for a new policy.

Hyundai Elantra Insurance Rates in Colorado Springs, CO
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $226 $440 $338 $20 $102 $1,126 $94
Elantra Blue 4-Dr Sedan $226 $630 $396 $24 $118 $1,394 $116
Elantra GLS 4-Dr Sedan $260 $630 $396 $24 $118 $1,428 $119
Elantra SE 4-Dr Sedan $260 $630 $396 $24 $118 $1,428 $119
Elantra SE Touring Station Wagon $260 $536 $338 $20 $102 $1,256 $105
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Rate information does not factor in zip code location which can increase or decrease premiums greatly.

Raise deductibles and save

When comparing car insurance rates, the most common question is which deductible level should you buy. The following tables help summarize the price difference between high and low physical damage coverage deductibles. The first rate comparisons uses a $100 deductible for comp and collision and the second price chart uses a $500 deductible.

Hyundai Elantra insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $264 $448 $298 $18 $90 $1,143 $95
Elantra Blue 4-Dr Sedan $264 $644 $352 $20 $106 $1,411 $118
Elantra GLS 4-Dr Sedan $302 $644 $352 $20 $106 $1,449 $121
Elantra SE 4-Dr Sedan $302 $644 $352 $20 $106 $1,449 $121
Elantra SE Touring Station Wagon $302 $546 $298 $18 $90 $1,279 $107
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Hyundai Elantra insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $192 $304 $298 $18 $90 $902 $75
Elantra Blue 4-Dr Sedan $192 $434 $352 $20 $106 $1,104 $92
Elantra GLS 4-Dr Sedan $220 $434 $352 $20 $106 $1,132 $94
Elantra SE 4-Dr Sedan $220 $434 $352 $20 $106 $1,132 $94
Elantra SE Touring Station Wagon $220 $368 $298 $18 $90 $994 $83
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Price estimates do not factor in garaging location in Colorado Springs which can revise premiums significantly.

Based on these figures, using a $100 deductible costs roughly $24 more each month or $288 each year than buying the higher $500 deductible. Since you would have to pay $400 more if you turn in a claim with a $500 deductible as compared to a $100 deductible, if you normally average more than 17 months between claim filings, you would probably come out ahead if you choose the higher deductible.

How to decide to raise your deductibles

Average monthly premium for $100 deductibles: $112
Average monthly premium for $500 deductibles (subtract): - $88
Monthly savings from raising deductible: $24
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $24
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

Car insurance prices based on gender

The chart below shows the comparison of Hyundai Elantra insurance costs for male and female drivers. The rates are based on no claims or driving violations, full coverage, $500 deductibles, marital status is single, and no other discounts are factored in.

Should you buy full coverage?

The diagram below illustrates the difference between Hyundai Elantra insurance costs when comparing full coverage to liability only. The data is based on a clean driving record, no at-fault accidents, $250 deductibles, single status, and no policy discounts are applied.

Deciding between full coverage and liability only

There is no definitive guideline to drop physical damage insurance, but there is a broad guideline. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let's pretend your Hyundai Elantra replacement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company will settle for is $8,000 after paying your policy deductible. If you are paying more than $800 annually for physical damage coverage, then it might be time to consider dropping full coverage.

There are some circumstances where dropping physical damage coverage is not a good idea. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not buy liability only.

Why you need car insurance

Despite the high cost, paying for car insurance is required by state law in Colorado and it also provides benefits you may not be aware of.

  • The majority of states have minimum mandated liability insurance limits which means you are required to buy specific minimum amounts of liability insurance coverage if you drive a vehicle. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
  • If your vehicle has a loan, most banks will make it a condition of the loan that you buy insurance to guarantee their interest in the vehicle. If you default on your policy, the bank will be required to insure your Hyundai at an extremely high rate and require you to fork over the higher price.
  • Car insurance preserves not only your Hyundai Elantra but also your financial assets. It will also cover medical expenses for not only you but also any passengers injured in an accident. Liability coverage also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If mother nature or an accident damages your car, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.

The benefits of buying car insurance are definitely more than the cost, particularly for liability claims. The average driver in Colorado is wasting up to $820 a year so compare rates once a year at a minimum to be sure current rates are still competitive.

Hyundai Elantra Insurance Cost Factors

The best way to find cheaper insurance is to take a look at the rating factors that aid in calculating your premiums. If you have some idea of what controls the rates you pay, this allows you to make good choices that will entitle you to big savings. Multiple criteria are taken into consideration when you get your auto insurance bill. Most are fairly basic such as your driving history, although some other factors are less obvious such as your credit history and annual miles driven.

The factors shown below are some of the items insurance companies consider when setting your prices.

  • A policy lapse is a bad thing - Driving without insurance coverage in place is against the law and you may have a hard time finding new coverage because you let your insurance lapse for non-payment. In addition to paying higher premiums, getting caught without coverage might get you fines and jail time.
  • Safety ratings are a factor - Vehicles with high crash test scores are cheaper to insure. These vehicles help reduce the chance of injuries in an accident and any reduction in injury severity means less money paid by your insurance company which can mean better rates for you. If your Hyundai Elantra scored at minimum four stars on or an "acceptable" rating on you may qualify for a discount.
  • Your car's features help determine rates - Driving a car that has a built-in theft deterrent system can get you a discount on your insurance. Theft prevention devices such as GM's OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping car theft and help bring rates down.
  • Policy add-ons add up - There are a lot of optional add-on coverages you can purchase when buying insurance. Add-on coverages like rental car coverage, accident forgiveness, and membership fees are examples of these. These coverages may sound good when buying your policy, but if you have no use for them remove them and pocket the money.
  • Insurance rates for married couples - Having a spouse helps lower the price compared to being single. Having a significant other is viewed as being more mature and statistics show drivers who are married file infrequent claims.
  • Do you know you're credit rating? - Having a good credit history can be an important factor in determining your rates. So if your credit rating is low, you could save money insuring your Hyundai Elantra if you improve your credit rating. Insureds that have good credit tend to file fewer claims than drivers who have poor credit scores.
  • Obey driving laws and save - Having a clean driving record has a lot to do with how much you pay for insurance. Getting just one moving violation may cause rates to rise by twenty percent. Careful drivers have lower premiums compared to drivers with tickets. Drivers with severe violations such as reckless driving, hit and run or driving under the influence may find that they have to to submit a SR-22 or proof of financial responsibility with their state motor vehicle department in order to drive a vehicle legally.

    The diagram below shows how traffic citations and accident claims drive up Hyundai Elantra insurance costs for different age categories. The premiums are based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no policy discounts are applied.

  • Insurance loss probability for a Hyundai Elantra - Insurance companies use data from past claims when determining insurance rates. Vehicles that historically have increased claim numbers or amounts will cost more to insure.

    The table below outlines the insurance loss data for Hyundai Elantra vehicles. For each policy coverage, the claim probability for all vehicles compiled together is represented as 100. Numbers below 100 imply a favorable loss record, while percentage numbers above 100 indicate more frequent claims or a tendency for losses to be larger than average.

    Car Insurance Loss Data for Hyundai Elantra Models
    Specific Hyundai Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Hyundai Elantra 102 102 90 133 137 117
    Hyundai Elantra GT 95 91 95 112 114 107

    Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Colorado car insurance companies ranked

Choosing the best auto insurance company can be challenging considering how many companies there are in Colorado Springs. The company ratings displayed below could help you pick which companies to look at comparing price quotes from.

Top 10 Colorado Springs Car Insurance Companies Ranked by Customer Service

  1. State Farm
  2. GEICO
  3. The Hartford
  4. Mercury Insurance
  5. Progressive
  6. The General
  7. Allstate
  8. AAA Insurance
  9. American Family
  10. Nationwide

Top 10 Colorado Springs Car Insurance Companies Ranked by Customer Satisfaction

  1. Titan Insurance - 95%
  2. USAA - 94%
  3. AAA Insurance - 91%
  4. State Farm - 90%
  5. Nationwide - 90%
  6. The Hartford - 89%
  7. GEICO - 89%
  8. The General - 88%
  9. 21st Century - 88%
  10. Liberty Mutual - 88%

In the end, you can save money

Cheaper car insurance in Colorado Springs can be purchased online and with local Colorado Springs insurance agents, and you should compare rates from both to have the best rate selection. Some companies may not provide internet price quotes and many times these regional carriers sell through local independent agencies.

We just covered a lot of techniques to find lower-cost Hyundai Elantra insurance in Colorado Springs. The most important thing to understand is the more you quote Colorado Springs auto insurance, the better chance you'll have of finding inexpensive Colorado Springs auto insurance quotes. You may even discover the most savings is with a small mutual company. These companies can often provide lower prices in certain areas as compared to the big name companies such as State Farm or Progressive.

How to find cheaper rates for Hyundai Elantra insurance in Colorado Springs

If your goal is the lowest price, then the best way to get affordable Hyundai Elantra insurance is to annually compare prices from providers in Colorado Springs.

  • First, try to learn about what coverages are included in your policy and the steps you can take to keep rates low. Many rating factors that cause high rates such as speeding and an imperfect credit history can be controlled by paying attention to minor details.
  • Second, compare rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give rate quotes from one company like GEICO and State Farm, while independent agencies can provide prices from multiple companies.
  • Third, compare the quotes to your current policy to determine if switching companies saves money. If you find a lower rate quote, ensure coverage does not lapse between policies.
  • Fourth, give proper notification to your current agent or company of your intention to cancel the current policy. Submit payment along with a signed and completed policy application for your new policy. When you receive it, place your new certificate of insurance somewhere easily accessible.

One piece of advice is that you'll want to compare the same liability limits and deductibles on each price quote and and to get prices from all possible companies. This ensures a level playing field and the best price selection.

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