Are you kicking yourself for buying high-priced auto insurance? It's a common feeling and many Colorado Springs drivers have buyer's remorse.
Amazingly, a recent NerdWallet.com study showed that nearly 70% of customers have purchased from the same company for at least four years, and just short of a majority have never compared rates with other companies. Drivers in Colorado could save as much as 35% a year by just comparing quotes, but they underestimate how much savings they would realize if they switched.
Having so many companies to choose from , it can be impossible to pick the lowest price auto insurance company.
Smart consumers take time to price shop coverage periodically because insurance prices are usually higher with each renewal. Despite the fact that you may have had the best deal on auto insurance a year ago you will most likely find a better premium rate today. You'll find quite a bit of inaccurate information about auto insurance on the internet, but you can learn some good information on how to stop overpaying for insurance in Colorado Springs.
Auto insurance companies in Colorado Springs
The companies in the list below provide price quotes in Colorado. If multiple companies are shown, we recommend you visit several of them to find the most affordable auto insurance rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Colorado LT Crew Cab 4WD||$852||$426||$71|
|Chevrolet Silverado LT Regular Cab||$984||$492||$82|
|Dodge Ram Crew Cab ST 2WD||$1,016||$508||$85|
|Ford Escape XLT 4WD||$808||$404||$67|
|Ford F-150 FX2 Super Cab 2WD||$788||$394||$66|
|Ford Focus SE 2-Dr Coupe||$1,398||$699||$117|
|Honda Accord LX-P 4-Dr Sedan||$1,178||$589||$98|
|Honda CR-V EX 4WD||$1,054||$527||$88|
|Honda Civic EX-L 4-Dr Sedan||$1,208||$604||$101|
|Hyundai Elantra GLS 4-Dr Sedan||$982||$491||$82|
|Hyundai Sonata GLS 4-Dr Sedan||$1,146||$573||$96|
|Kia Optima EX||$1,376||$688||$115|
|Nissan Altima 2.5 S 2-Dr Coupe||$1,432||$716||$119|
|Toyota Camry Hybrid||$1,356||$678||$113|
|Toyota Corolla S||$860||$430||$72|
|Get Your Own Custom Quote Go|
Above prices assume single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Premium amounts do not factor in vehicle location which can decrease or increase premium rates noticeably.
Car insurance deductibles
When buying car insurance, a common question is the level to set your comp and collision deductibles. The comparisons below can help you understand how much more you'll pay between high and low deductibles. The first price estimate table uses a $250 deductible for comprehensive and collision coverage and the second price table uses a $1,000 deductible.
Nissan Altima rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Altima 2.5 4-Dr Sedan||$272||$458||$352||$20||$106||$1,233||$103|
|Altima 2.5 S 4-Dr Sedan||$272||$538||$352||$20||$106||$1,313||$109|
|Altima Hybrid 4-Dr Sedan||$306||$538||$352||$20||$106||$1,347||$112|
|Altima 2.5 S 2-Dr Coupe||$306||$538||$396||$24||$118||$1,407||$117|
|Altima 3.5 SR 4-Dr Sedan||$306||$538||$352||$20||$106||$1,347||$112|
|Altima 3.5 SR 2-Dr Coupe||$306||$620||$396||$24||$118||$1,489||$124|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Altima 2.5 4-Dr Sedan||$168||$288||$352||$20||$106||$934||$78|
|Altima 2.5 S 4-Dr Sedan||$168||$340||$352||$20||$106||$986||$82|
|Altima Hybrid 4-Dr Sedan||$190||$340||$352||$20||$106||$1,008||$84|
|Altima 2.5 S 2-Dr Coupe||$190||$340||$396||$24||$118||$1,068||$89|
|Altima 3.5 SR 4-Dr Sedan||$190||$340||$352||$20||$106||$1,008||$84|
|Altima 3.5 SR 2-Dr Coupe||$190||$390||$396||$24||$118||$1,118||$93|
|Get a Quote for Your Vehicle Go|
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, homeowner, and claim-free. Premium costs do not factor in garaging location in Colorado Springs which can raise or lower rates considerably.
Based on the above data, using a $250 deductible costs approximately $28 more each month or $336 each year than requesting the higher $1,000 deductible. Because you would be required to pay $750 more to settle a claim with a $1,000 deductible as compared to a $250 deductible, if you have at least 27 months between claim filings, you would most likely save money going with the higher deductible.
How to decide to raise your deductibles
|Average monthly premium for $250 deductibles:||$113|
|Average monthly premium for $1,000 deductibles (subtract):||- $85|
|Monthly savings from raising deductible:||$28|
|Difference between deductibles ($1,000 - $250):||$750|
|Divide difference by monthly savings:||$750 / $28|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||27 months|
One important issue to know is that increasing deductibles to lower your rates means you will have to pay more out-of-pocket at claim time. You should have some funds available in the event you have to pay the higher deductible.
Liability-only versus full coverage
The chart below shows the difference between Ford F-150 car insurance costs when comparing full coverage to liability only. The premium estimates are based on no tickets, no at-fault accidents, $250 deductibles, married female driver, and no discounts are taken into consideration.
Ford F-150 rates are for example purposes only. To get rates for your specific vehicle, click here.
When to eliminate full coverage
There is no clear-cut rule that is best for determining when to drop physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of having full coverage is 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let's say your Ford F-150 claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $6,000 after paying your deductible. If you are paying more than $600 annually for physical damage coverage, then you may want to consider only buying liability coverage.
There are some scenarios where eliminating full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.
Don't neglect these discounts on insurance
Insurance is neither fun to buy or cheap, but you may qualify for discounts that could drop your premiums quite a bit. Certain reductions will be credited at the time of quoting, but some need to be asked about before they will apply. If you aren't receiving every discount you qualify for, you are not getting the best rate possible.
- Home Ownership Discount - Just owning your own home can earn you a little savings because of the fact that having a home shows financial diligence.
- Accident Free - Drivers with accident-free driving histories pay much less when compared to accident-prone drivers.
- Defensive Driver Discount - Participating in a defensive driving course can save you 5% or more if your company offers it.
- Include Life Insurance and Save - Larger insurance companies have a small discount if you purchase some life insurance too.
- Distant Student - Youth drivers who live away from home at college without a vehicle on campus could get you a discount.
- Renewal Discounts - A few insurance companies allow discounts for switching to them before your current expiration date. It could save around 10% when you buy Colorado Springs auto insurance online.
- Bundle and Save - If you can combine your auto and homeowners policy with one insurance company you will save at least 10 to 15 percent or more.
Discounts reduce rates, but you should keep in mind that many deductions do not apply to the entire policy premium. Some only apply to specific coverage prices like collision or personal injury protection. So even though they make it sound like you can get free auto insurance, that's just not realistic. But all discounts will bring down the amount you have to pay.
To locate insurers with the best insurance discounts in Colorado Springs in Colorado, click here to view.
Make good decisions and reduce your rates
Many things are part of the calculation when you get your auto insurance bill. A few of the factors are predictable like a motor vehicle report, but other criteria are less obvious such as your credit history or your vehicle rating.
The list below includes a partial list of the pieces utilized by car insurance companies to help set prices.
Extra policy coverages could be costing you - There are many extra add-on coverages that you can get tricked into buying but may not be useful. Coverage for things like vanishing deductibles, towing, and additional equipment coverage are some examples. They may seem good when buying your policy, but now you might not need them so remove them from your policy.
Stay claim-free and save - If you are a frequent claim filer, you can pretty much guarantee higher rates. Companies in Colorado award the lowest premiums to people who are not frequent claim filers. Insurance coverage is intended to be relied upon for claims that pose a financial burden.
Avoid traffic tickets - Just one chargable violation can bump up the cost substantially. Attentive drivers tend to pay less for car insurance than bad drivers. Drivers who have received dangerous violations like reckless driving, hit and run or driving under the influence may need to submit a SR-22 form with their state in order to continue driving.
Bundle policies and save - Most larger insurance companies will give discounts to insureds who buy several policies from them, otherwise known as a multi-policy discount. Even if you're getting this discount it's always a smart idea to comparison shop to help guarantee you have the best rates. It's possible to still save even more than the discount by buying insurance from more than one company.
Always remember that when buying the best auto insurance coverage, there really is no one size fits all plan. Your needs are unique to you.
These are some specific questions may help you determine if your situation will benefit from professional help.
- What vehicles should carry emergency assistance coverage?
- Does my medical payments coverage pay my health insurance deductible?
- Should I file a claim if it's only slightly more than my deductible?
- Am I covered if I hit a deer?
- Does coverage follow the driver or the vehicle?
- Am I covered when using my vehicle for business?
- Is there a penalty for late payment?
- What is the premium to book value ratio for dropping full coverage?
- What is covered by UM/UIM coverage?
If you're not sure about those questions but one or more may apply to you, then you may want to think about talking to an agent. To find an agent in your area, fill out this quick form.
When should I talk to an insurance agent?
Some consumers would rather buy from a licensed agent and that is a personal choice. One of the benefits of comparing insurance prices online is you may find better rates and also buy local. Buying from neighborhood insurance agencies is definitely important in Colorado Springs.
To make it easy to find an agent, after completing this form (opens in new window), your insurance coverage information is emailed to companies in Colorado Springs that provide free Colorado Springs auto insurance quotes for your business. It simplifies rate comparisons since you won't have to find an agent on your own due to the fact that quote results will go to you directly. It's the lowest rates AND a local agent. If you want to get a comparison quote from one company in particular, just search and find their rate quote page and submit a quote form there.
Listed below are agents in Colorado Springs that can give you price quote information.
Larry Lucero - State Farm Insurance Agent
5225 Academy Blvd N #108 - Colorado Springs, CO 80918 - (719) 599-8661 - View Map
Choosing a insurer shouldn't rely on just the quoted price. The questions below may impact your decision as well.
- Do they see any coverage gaps in your plan?
- Does their agency support local causes in Colorado Springs?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- What insurance companies do they work with in Colorado Springs?
- Can you contact them at any time?
- Do they prorate repair cost based on vehicle mileage?
- How long have they worked with personal auto insurance coverage?
Insurance advertising gotchas
Well-known insurance companies like GEICO, State Farm and Progressive endlessly run ads on television and other media. They all advertise the message that people will save if you change to them. How does every company sell you cheaper insurance coverage? It's all in the numbers.
Insurance companies give the cheapest rates for the type of driver that will be a good risk. One example of a profitable insured could possibly be between 25 and 40, has never had a claim, and drives newer vehicles. Anybody who fits those characteristics will get a cheap rate quote in Colorado Springs and as a result will probably save quite a bit of money when switching.
Potential insureds who cannot meet the requirements will see a higher rate and this can result in the customer buying from a different company. The trick companies use is to say "drivers that switch" but not "all drivers who get quotes" can get the lowest rates when switching. That is how insurance companies can lure you into getting a quote.
Because of this risk profiling, you need to get price quotes at each policy renewal. It's just too difficult to predict which company will have the lowest insurance in Colorado Springs.
You can find cheap coverage
Some companies don't offer price quotes online and most of the time these smaller companies prefer to sell through local independent agents. The cheapest car insurance in Colorado Springs is attainable online and from local insurance agents, so compare prices from both in order to have the best price selection to choose from.
Drivers switch companies for any number of reasons including an unsatisfactory settlement offer, not issuing a premium refund, extreme rates for teen drivers or delays in responding to claim requests. It doesn't matter what your reason, finding a great new company can be easy and end up saving you some money.
In this article, we presented a lot of tips how to get a better price on car insurance in Colorado Springs. It's most important to understand that the more companies you get prices for, the higher the chance of saving money. Consumers may even find the best premium rates are with some of the smallest insurance companies.
Much more information about car insurance in Colorado is available at these links:
- How to Avoid Buying a Flooded Car (Insurance Information Institute)
- Who Has Affordable Car Insurance Rates for Safe Drivers in Colorado? (FAQ)
- Who Has Affordable Colorado Car Insurance Rates for a Company Car? (FAQ)
- Who Has Affordable Auto Insurance Rates for Teachers in Colorado? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for Uninsured Drivers in Colorado? (FAQ)
- Who Has Cheap Auto Insurance Quotes for Good Drivers in Colorado? (FAQ)
- Self-driving cars won't replace humans (Insurance Institute for Highway Safety)
- State Laws for Cellphones and Texting (iihs.org)
- Determining Your Vehicle's Value and Repair Cost (Insurance Information Institute)