Cheapest Mazda 3 Insurance in Colorado Springs

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Insurance quote for Mazda 3 in Colorado SpringsThe best way to get more affordable Mazda 3 insurance is to make a habit of regularly comparing prices from insurers who sell auto insurance in Colorado Springs. Price quotes can be compared by following these steps.

  1. Get an understanding of how your policy works and the measures you can take to prevent expensive coverage. Many factors that drive up the price like at-fault accidents, careless driving, and an unacceptable credit score can be amended by making small lifestyle or driving habit changes.
  2. Request rate estimates from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give prices from a single company like Progressive or State Farm, while independent agents can quote rates from multiple sources.
  3. Compare the quotes to the price on your current policy and determine if there is any savings. If you find a lower rate quote, make sure the effective date of the new policy is the same as the expiration date of the old one.

The most important part of shopping around is to compare the same physical damage deductibles and liability limits on each price quote and and to get price estimates from as many companies as you can. Doing this guarantees the most accurate price comparison and the best price selection.

A recent NerdWallet.com study revealed that over 70% of Colorado drivers kept their policy with the same company for at least four years, and just short of a majority have never taken the time to shop around. Most drivers in America could save nearly $859 every year, but most tend to underestimate the big savings they would realize if they replace their high priced policy.

To find the best car insurance prices, there are several ways to compare rate quotes from companies that offer car insurance in Colorado. The best method to compare insurance prices is simply to get online rate quotes.

Getting free rates online is quite simple, and it makes it a waste of time to call or drive to and from local Colorado Springs insurance agencies. The ability to buy insurance online reduces the need to sit down with an agent unless you want the professional abilities that can only be provided by a licensed insurance agent. Although, it is possible comparison shop your insurance online but have your policy serviced through an agent.

Just remember that quoting more will enable you to find better pricing.

The following companies provide quotes in Colorado Springs, CO. To get the best cheap auto insurance in Colorado Springs, CO, we suggest you compare several of them to get the cheapest price.

Analysis of coverages

The premium information shown below showcases different insurance costs for Mazda 3 models. Having a better idea how insurance policy rates are determined is important for you to make informed decisions when shopping around for a new policy.

Mazda 3 Insurance Rates in Colorado Springs, CO
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
3 I Sport 4-Dr Sedan $276 $502 $362 $22 $108 $1,270 $106
3 I SV 4-Dr Sedan $276 $502 $362 $22 $108 $1,270 $106
3 I Touring 4-Dr Sedan $276 $592 $362 $22 $108 $1,360 $113
3 S Sport 4-Dr Hatchback $310 $592 $362 $22 $108 $1,394 $116
3 S Sport 4-Dr Sedan $310 $592 $362 $22 $108 $1,394 $116
3 S Grand Touring 4-Dr Hatchback $310 $592 $362 $22 $108 $1,394 $116
3 S Grand Touring 4-Dr Sedan $310 $592 $362 $22 $108 $1,394 $116
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Table data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Rates do not factor in specific location which can increase or decrease rates substantially.

Should you raise deductibles?

One of the hardest decisions when shopping for insurance is which deductible level should you buy. The rates shown below can help you understand the differences in price when you choose different coverage deductibles. The first table uses a $100 deductible for comprehensive and collision coverage and the second rate table uses a $1,000 deductible.

Mazda 3 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
3 I Sport 4-Dr Sedan $302 $546 $352 $20 $106 $1,351 $113
3 I SV 4-Dr Sedan $302 $546 $352 $20 $106 $1,351 $113
3 I Touring 4-Dr Sedan $302 $644 $352 $20 $106 $1,449 $121
3 S Sport 4-Dr Hatchback $342 $644 $352 $20 $106 $1,489 $124
3 S Sport 4-Dr Sedan $342 $644 $352 $20 $106 $1,489 $124
3 S Grand Touring 4-Dr Hatchback $342 $644 $352 $20 $106 $1,489 $124
3 S Grand Touring 4-Dr Sedan $342 $644 $352 $20 $106 $1,489 $124
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Mazda 3 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
3 I Sport 4-Dr Sedan $168 $288 $352 $20 $106 $934 $78
3 I SV 4-Dr Sedan $168 $288 $352 $20 $106 $934 $78
3 I Touring 4-Dr Sedan $168 $340 $352 $20 $106 $986 $82
3 S Sport 4-Dr Hatchback $190 $340 $352 $20 $106 $1,008 $84
3 S Sport 4-Dr Sedan $190 $340 $352 $20 $106 $1,008 $84
3 S Grand Touring 4-Dr Hatchback $190 $340 $352 $20 $106 $1,008 $84
3 S Grand Touring 4-Dr Sedan $190 $340 $352 $20 $106 $1,008 $84
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, homeowner, and multi-vehicle. Premium amounts do not factor in zip code location which can affect rates considerably.

Using the data above, we can ascertain that using a $100 deductible costs an average of $38 more each month or $456 annually than quoting the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at least 24 months between claims, you would save more money if you opt for a higher deductible.

How much more does full coverage cost in Colorado Springs?

The example below illustrates the comparison of Mazda 3 insurance rates with and without physical damage coverage. The price estimates are based on no claims or driving violations, $250 deductibles, single status, and no other discounts are factored in.

Should you pay for full coverage?

There is no specific rule to drop physical damage coverage, but there is a general convention. If the yearly cost of full coverage is more than about 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.

For example, let's assume your Mazda 3 replacement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would get paid by your company is $3,000 after you pay the deductible. If you are currently paying more than $300 annually for physical damage coverage, then you might want to think about dropping full coverage.

There are some cases where dropping physical damage coverage is not a good idea. If you still have a lienholder on your title, you have to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not buy liability only.

Three main reasons to buy car insurance

Even though it's not necessarily cheap to insure a Mazda in Colorado Springs, insuring your vehicle is required for several reasons.

  • Just about all states have minimum mandated liability insurance limits which means the state requires specific limits of liability insurance in order to be legal. 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 Mazda 3 has a lienholder, it's most likely the lender will require that you buy full coverage to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the lender may insure your Mazda at an extremely high rate and require you to fork over the higher premium.
  • Insurance protects both your Mazda 3 and your personal assets. Insurance will pay for medical bills for you, any passengers, and anyone injured in an accident. Liability coverage also covers all legal expenses up to the policy limit if you are sued as the result of your driving. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will pay to restore your vehicle to like-new condition.

The benefits of having insurance definitely exceed the price paid, especially if you ever need it. The average driver in Colorado is wasting up to $865 each year so compare rate quotes each time the policy renews to help ensure money is not being wasted.

Lower Your Colorado Springs Insurance Rates

The best way to find cheaper car insurance is to take a look at some of the elements that are used to determine the rates you pay for car insurance. If you have a feel for what determines premiums, this helps enable you to make changes that could help you find lower premium levels. Multiple criteria are part of the calculation when premium rates are determined. Some factors are common sense like an MVR report, but some are less obvious such as whether you are married or your financial responsibility.

The itemized list below are a few of the things companies use to determine rates.

  • Don't skimp on liability insurance - The liability coverage on your policy will protect you when a jury decides you are liable for an accident. This coverage provides you with a defense in court to attempt to prove you were not liable. Liability insurance is quite affordable when compared to the cost of physical damage coverage, so drivers should carry high limits.
  • Cars with good safety ratings cost less to insure - Vehicles with good safety scores are cheaper to insure. Vehicles built for safety help reduce the chance of injuries in an accident and lower injury rates translates into savings for insurance companies which can result in lower premiums.
  • Alarm systems lower premiums - Choosing a vehicle with advanced anti-theft systems can get you a discount on your car insurance. Theft prevention devices like GM's OnStar, tamper alarm systems and vehicle immobilizers help track and prevent your car from being stolen.
  • Rural areas have lower premiums - Having an address in areas with lower population can save you money when trying to find low car insurance rates. Drivers in populated areas regularly have more auto accidents and longer commutes to work. Less people living in that area translates into fewer accident claims.
  • Insurance loss data for a Mazda 3 - Insurance companies use past insurance losses when setting rates for each model. Models that statistically have a trend towards higher claims will have increased rates.

    The table below shows the loss history for Mazda 3 vehicles. For each insurance policy coverage type, the claim probability for all vehicles, without regard to make or model, is equal to 100. Values that are under 100 suggest losses that are better than average, while values that are above 100 indicate a higher chance of having a claim or a tendency for losses to be larger than average.

    Mazda 3 Insurance Loss Statistics
    Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Mazda 3 99 104 96 106 110 103
    Mazda 3 Hatchback 91 80 96 81 73 86
    BETTER
    AVERAGE
    WORSE

    Statistics from IIHS.org for 2013-2015 Model Years

Compare insurance prices regularly to save

As you prepare to switch companies, do not skimp on coverage in order to save money. There are many occasions where drivers have reduced uninsured motorist or liability limits and found out when filing a claim they didn't have enough coverage. Your goal should be to purchase plenty of coverage at a price you can afford, but don't skip important coverages to save money.

Budget-conscious Mazda 3 insurance can be sourced online and with local Colorado Springs insurance agents, so you should compare both in order to have the best price selection to choose from. Some insurance providers do not offer online price quotes and usually these small, regional companies sell through independent agents.

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