UPDATED: Mar 13, 2020
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Cheap Car Insurance in Colorado Springs, CO
In the market for auto insurance in Colorado Springs? At AutoInsuranceEZ.com, you’ll find the very best insurance rates in your area. To receive free car insurance quotes from the very best providers today, type your zip code into the quote box on this page.
You might already be familiar with Colorado Springs for its breathtaking vistas (some of which inspired the song lyrics for “America the Beautiful”) and natural parks. But it is also an important city for the US military. The Air Force Academy is located there, as well as NORAD and Ft. Carlson.
- Fun fact: Did you know that Colorado Springs is #2 on the list of “Top 101 cities with largest percentage of females working in industry: Religious, grant-making, civic, professional, and similar organizations (population 50,000+)”? Learn more about Colorado Springs.
Auto Insurance Coverage Requirements in Colorado
Being able to drive legally in Colorado requires:
|Bodily Injury Liability||25,000/50,000||100,000/300,000|
|Property Damage Liability||15,000||100,000|
|Uninsured Motorist Bodily Injury||Not required||100,000/300,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||100 deductible|
Keep in mind, however, that Liability Coverage only pays out claims if the accident is deemed your fault. It won’t cover theft, vandalism, hail damage, or any accidents which aren’t your fault. However, there are strategies you can utilize in order to expand your coverage without paying an arm and a leg.
Colorado average rates can run as high as $130 per month or more for many drivers. But the good news is that motorists in Colorado Springs can get insured for as low as $48/mo*! Find more information on Colorado car insurance below.
It looks like Farmers, State Farm, and Amica are offering some of the lowest rates in Colorado Springs right now. But low rates don’t necessarily correlate to stellar customer service, or a user-friendly claims process. These are all important factors to consider before you switch providers.
Auto insurance carriers evaluate various factors when figuring out insurance quotes, including driving violations, accident claims, credit score/rating, miles driven each year, and business use of the vehicle. Also keep in mind that, premiums differ from provider to provider. To find out whether you’re still being charged the most favorable rate, compare cheap Colorado Springs auto insurance quotes online.
Major Car Insurance Factors in Colorado Springs
Insurance companies take numerous elements into account when creating an auto insurance policy. Unfortunately, a number of these factors are difficult or impossible to change, such as your driving experience or where you live. Other variables your car insurance company may consider include:
Your Zip Code
Where you park your car each night will have a major impact on your auto insurance rate. Generally, car insurance is cheaper in rural areas because fewer cars means a smaller chance that you will get into a collision with another vehicle. The population of Colorado Springs is 439,866 and the median household income is $53,550.
Unfortunately, the higher the accident statistics are in your zip code, the higher your monthly rate will likely be. This is because your insurance company is taking a higher risk by providing coverage to drivers who drive in accident-prone areas. They offset this risk by raising rates slightly.
Auto Thefts in Colorado Springs
Finding cheap auto insurance can be difficult if you are at risk for auto theft. Certain popular vehicle models are attractive to thieves, as well as vehicles which are parked often in large cities. The total number of stolen vehicles in Colorado Springs was 1,928 back in 2013. This is considerably higher than it has been in previous years. Although it may significantly increase your monthly premium, consider looking into adding Comprehensive coverage to your policy; it’s the only form of coverage which protects you from theft.
Your Credit Score
Most drivers don’t realize how important their credit score is when determining their monthly rates. In this chart, you can clearly see that motorists with poor credit are being charged anywhere from 25-50% higher rates than those with excellent credit.
The very young (and therefore inexperienced) drivers pay some of the highest insurance rates you can find. Fortunately, young drivers can easily qualify for Good Student discounts, as well as discounts for taking educational driving courses.
Your Driving Record
Insurance providers are increasingly offering “Accident Forgiveness” discounts for drivers with minor violations on their record. However, there are limits to these discounts. Most of them won’t apply to serious citations, such as a DUI or a Reckless Driving charge. Not only are such offenses expensive, but you may end up losing your coverage.
Luxury vehicles aren’t just more expensive to insure because of their base cost (which means repairs or replacements will be more expensive, too). But you’ll have to pay more for comprehensive coverage of luxury vehicles, as well. After all, most people wouldn’t risk carrying Liability coverage alone on an expensive, fancy car.
Minor Car Insurance Factors in Colorado Springs
The following factors, although less influential, can also change your monthly bill:
Your Marital Status
Married couples have the option to bundle multiple insurance policies together, least of which are their automotive insurance policies. You can save a bundle by bundling renters or homeowner’s insurance, too. Just make sure your preferred provider offers all of these policy options to their customers.
The days of one gender being known as the better driver are becoming a relic of the past – at least, some insurance providers think so. These days, several major providers charge the exact same rate, regardless of gender. And those who still do charge different premiums usually raise prices no more than 2% on average.
Your Driving Distance to Work
It can take about 15-23 minutes to commute to work for the average Colorado Springs driver. Moreover, nearly 80% of workers prefer to drive to work in their own car. Only around 12-16% choose to carpool.
If you have your vehicle insured as a business vehicle, get ready to pay more on your premiums. On average, business vehicles cost 10-12% more to insure than those that are primarily driven for work/school/pleasure. Also, if you’re worried about your yearly mileage, don’t be. Even if you drive above average distances, it shouldn’t increase your premiums by more than 2-3%.
Your Coverage and Deductibles
Need more coverage, but don’t have enough money to budget each month? Talk to your insurance agent about raising your deductible. Yes, you will have to pay more in the event that you need to file a claim, but think about how much you can save long-term with a lower monthly payment.
Getting a higher education can have a positive effect on your auto insurance rate (even more so than your job or your income level). Over 40% of Colorado Springs drivers have either a bachelor’s degree or a high school diploma. A lesser number have undergone at least one year of college.
Probably the most famous institution of higher learning in Colorado Springs is the United States Air Force Academy. But even if you aren’t in the military, there are plenty of schools for you to choose from. There are public institutions such as Colorado College, private universities such as the Nazarene Bible College, and Pike’s Peak Community College for those wishing to pursue an associate’s degree.
Determining your individual financial risk can be very difficult or impossible for the typical insurance shopper. Insurance companies have an advantage over consumers due to their statistics and experiential knowledge. Learn what insurance companies don’t want you to know.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.
Ready To See How Much You Can Save on Auto Insurance in Colorado Springs?