Law

Finest low-cost automotive insurance coverage in Colorado Springs – Bankrate.com

Buying car insurance makes good financial sense, but it is also required by Colorado law. Colorado Springs residents pay an average annual car insurance premium of $607 for minimum coverage and an annual $2,178 for full coverage, higher than state and national averages. More than 478,000 people live in Colorado Springs and, according to the El Paso County Clerk and Recorder, the city had nearly 370,000 registered vehicles in 2017.

Finding the best cheap car insurance companies in Colorado Springs does not have to be difficult, especially if you know what to look for in an insurer. Bankrate has done much of the legwork for you. We have searched the market comparing insurer’s coverages, customer service practices, discounts, financial ratings and rates, to find the best car insurance for Colorado Springs drivers.

Best car insurance companies in Colorado Springs

Finding an insurer that offers great rates is important, but you also need a company that provides good customer support and has the assets to pay its claims. Our top five Colorado Springs car insurance carriers offer competitive rates, have earned good AM Best financial strength ratings and most ranked among the best insurers in the 2020 J.D. Power Auto Claims Satisfaction Study.

Insurance Company
J.D. Power Score
Average Annual Premium for Minimum Coverage
Average Annual Premium for Full Coverage
Grange
N/A
$328
$2,033
Geico
871 / 1,000
$335
$1,233
USAA
*890 / 1,000
$350
$1,331
Allstate
876 / 1,000
$727
$1,822
American Family
862 / 1,000
$805
$2,077

*Due to limited member eligibility, USAA is not considered rank eligible.

USAA

AM Best gives USAA an A++ (Superior) rating. USAA is also included in the 2020 J.D. Power studis and receives high scores, but the provider does not officially qualify for ranking because it only offers insurance products to members of the U.S. Military, veterans and their spouses and children. USAA offers members a wide range of insurance products such as auto loans, checking and savings accounts, home mortgages and retirement plans.

USAA designs its insurance products to fit the unique needs of military families, including those on deployment. Additionally, USAA’s optional coverages include car replacement assistance, which increases the claims settlement of a totaled automobile by 20% of its actual cash value.

American Family

American Family has earned an A (Excellent) AM Best financial rating and in the 2020 J.D. Power Auto Insurance Study, the carrier ranked number one in the Southwest region. American Family’s KnowYourDrive usage-based insurance program extends a 10% enrollment discount, with the opportunity to earn up to an additional 20% discount if you maintain safe driving habits.

American Family extends great optional coverages. Its gap insurance can help cover the difference between a claims settlement and the outstanding balance of your car loan. American Family also offers optional accidental death and dismemberment coverage.

Geico

Among our top five picks, Geico offers Colorado Springs drivers some of the lowest average full coverage premiums at $1,233 per year. Geico has earned an A++ (Superior) AM Best rating and tied for first place in the 2020 J.D. Power Auto Insurance Study in the Southwest region.

Geico offers all the standard coverages you need, plus optional mechanical breakdown insurance, which is available for vehicles under 15 months old, or with fewer than 15,000 miles on the odometer to cover all of the car’s parts and systems.

Allstate

Allstate ranked first in Florida and second in the Southwest region in the 2020 J.D. Power Auto Insurance Study. AM Best gives the carrier an A+ (Superior) financial strength rating. Allstate continues to operate local offices, with more than 20 agents in Colorado Springs. The ability to call on a personal agent comes in handy when you need to file a claim or buy more insurance.

Allstate extends loads of discounts for buying multiple policies, safe driving and vehicle safety and security features. Allstate’s Drivewise usage-based insurance program can help you save even more money by monitoring your driving habits. If you drive safely, you could earn cash back at the end of the policy period. Drivewise users can also earn points in the Allstate Rewards program, which can be redeemed for gift cards and other perks.

Grange Insurance Association

Grange has earned an A- (Excellent) AM Best financial strength rating and an A+ Better Business Bureau rating. Grange sells auto insurance through independent agencies, including five in and around Colorado Springs. Among Bankrate’s list of top cheap Colorado Springs auto insurers, Grange offers one of the lowest average minimum coverage premiums at $328 per year.

Grange offers gap insurance, sound system coverage and even endorsements to cover recreational equipment like motorhomes, snowmobiles and trailers. If your vehicle needs repairs, you can save money on a rental car through Grange’s price agreements with Enterprise and Hertz.

Cheapest car insurance in Colorado Springs

Among the most popular carriers, Auto-Owners, Farmers, Geico, State Farm and USAA offer the lowest average annual car insurance premiums in Colorado Springs. The national average auto insurance premium is $565 per year for minimum coverage and $1,674 per year for full coverage, compared to the Colorado state average of $518 per year for minimum coverage and $2,016 per year for full coverage. Geico and USAA offer Colorado Springs drivers lower minimum and full coverage premiums than both state and national averages.

Insurance Company
Average Annual Premium for Minimum Coverage
Average Annual Premium for Full Coverage
Geico
$335
$1,233
USAA
$350
$1,331
Auto-Owners
$502
$1,884
Farmers
$545
$2,162
State Farm
$552
$1,812

These average annual premiums do not directly reflect the amount you will pay for auto insurance. Many factors affect car insurance premiums, including your age, annual mileage, and credit history. For an accurate coverage estimate, request quotes from several auto insurance companies.

Although price is important also consider each provider’s claims filing process, customer service track record, discount programs and financial strength. Also choose a carrier that provides service the way you prefer to do business. For instance, you may prefer companies that operate local agencies or an insurer that enables you to contact an agent and file claims using a mobile app.

Colorado Springs insurance requirements

Colorado law requires all drivers to carry certain minimum auto insurance coverages, including:

$25,000 in bodily injury liability coverage per person and $50,000 in bodily injury liability per accident
$15,000 in property damage liability to cover damages in one accident.

Bear in mind that buying state required minimum coverages might not provide the full financial protection you need. According to the U.S. Centers for Medicare and Medicaid Services, a three-day hospital stay costs an average of $30,000. If you are at fault for an accident, you could face financial responsibility for costs that exceed your policy’s coverage limits.

If you finance a car or lease a vehicle, the lender will require you to buy a full coverage policy, which includes state required coverage as well as both collision and comprehensive coverage.

Car insurance discounts in Colorado Springs

Several auto insurance providers extend a wide range of discounts to Colorado Springs car owners, including:

Affiliation discounts
Driver training course discounts
Multi-policy and multi-vehicle discounts
New car discounts
Vehicle safety and security discounts

Discounts vary by provider so shop around to find an insurer that offers discount programs for which you qualify. Oftentimes, a policyholder can qualify for several discounts. For example, a young driver may qualify for good student and driver training course discounts. Bundling auto and home insurance often offers even more savings as some providers apply discounts to both policies.

Frequently asked questions

What is the best car insurance company?

Finding the best car insurance company can depend on certain personal factors. For instance, one carrier might offer good rates for people with bad credit and another may charge better premiums for teen drivers. When shopping for auto insurance, look for insurers that offer a good combination of discounts, coverages, financial strength and price.

How much does car insurance in Colorado Springs cost?

Based on our research, Coloradans pay an average annual premium of $518 for minimum coverage and $2,016 for full coverage. Colorado Springs drivers pay an average annual premium of $607 for minimum coverage and $2,178 for full coverage, higher than state averages.

There are several cheap auto insurers in Colorado, though the rate you will pay for auto insurance will depend on your personal rating factors, including your age, driving history, type of vehicle and the types and amounts of coverage you need.

How much car insurance do I need in Colorado Springs?

Colorado state law requires all drivers to carry at least $25,000 in bodily injury coverage to pay the death or injury expenses of one person in an accident and $50,000 to cover the death or injury expenses of multiple people. You must also purchase $15,000 in personal property coverage to pay for repairs to another driver’s vehicle or other types of property. Additional coverage is recommended in order to better financially protect yourself in case of an accident with a heftier claim.

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *