It is a smart financial decision to purchase car insurance. However, it is required by Colorado law. According to Bankrate’s 2021 study on annual premiums, Colorado Springs residents pay an annual average car insurance premium of $607 and $2,178 respectively for full and minimum coverage. This is higher than the national and state averages. Colorado Springs is home to more than 478,000 people. In 2017, the El Paso County Clerk & Recorder reported that the city had almost 370,000 vehicles. With over 50 deaths in the year 2020, it was the most fatal year for Colorado Springs. However, there are already many more deaths this year.
It doesn’t have to be hard to find the best Colorado Springs car insurance companies. This is especially true if you are familiar with what to look out for in an insurer. Bankrate has done a lot of the legwork for your. To find the best Colorado Springs car insurance, we compared the coverages of the various insurers, as well as customer service practices and discounts.
Colorado Springs’s best car insurance companies
Colorado Springs is home to many insurance companies. You may not want to choose just any insurance company if you’re looking for the best value. Because they offer a wide range of coverage options, discounts, and affordability, the best car insurers in Colorado Springs are unique. These five companies meet all criteria and were highly rated by the 2020 J.D. Because they are committed to providing the best car insurance coverage, Power Auto Claims Satisfaction Study has rated them highly.
Grange
Grange was awarded an AAA (Excellent) PM Best financial strength rating. Grange offers auto insurance through independent agencies. Grange is ranked number one on Bankrate’s list for Colorado Springs cheap auto insurers. It offers $328 per annum as the average minimum coverage premium.
Grange provides liability protection for multiple vehicles as well as motorhomes, snowmobiles, and trailers. Grange also offers rental reimbursement, gap coverage, sound equipment and gap coverage. The OnTrack safe driver program could help you save as much as 25% on your premiums. Grange has price agreements with Enterprise, Hertz that allow you to save money when your vehicle is in need of repairs.
Geico
Geico is one of our top picks. It offers Colorado Springs drivers the lowest annual full coverage premiums at $1.233 per year. Geico was awarded an A++ (Superior), AM Best rating.
Geico provides all the standard coverages that you need. Additionally, optional mechanical break insurance is available for vehicles less than 15 months old or with less than 15,000 miles. This covers all parts and systems. Geico is a technology-oriented company that provides its customers with digital tools that save time and money.
USAA
AM Best rates USAA A++ (Superior). The 2020 J.D. also includes USAA. The provider is ranked highly in Power’s power studies, but it does not qualify for the 2020 J.D. USAA members have access to a variety of insurance products, including auto loans, checking and saving accounts, home mortgages, and retirement plans. Every policy covers military uniforms. You could also get a discount if you insure a vehicle while deployed.
USAA tailors its insurance products to meet the needs of military families, even those deployed. USAA offers optional coverages that include car replacement assistance. This increases the amount of claims for a totaled vehicle by 20% of its actual cash worth.
Allstate
In the 2021 J.D., Allstate was ranked second in Florida. Power Auto Insurance Study. AM Best rates the carrier with an A+ (Superior), financial strength rating. Allstate still has local offices with more agents in Colorado Springs. When you need to make a claim or purchase more insurance, it is helpful to have a personal agent to help.
Allstate offers many add-ons, including rideshare coverage and insurance for high-end vehicles. Allstate’s Drivewise usage based insurance program can help you save even further money by watching your driving habits. You could get cash back if you drive safely during the policy period. You can also earn points with Drivewise in the Allstate Reward program. These points can be used to redeem for gift cards or other perks.
American Family
American Family earned an A (Excellent AM Best) financial rating, and was included in the 2021 J.D. According to the Power Auto Insurance Study, American Family was ranked #1 in the Southwest. American Family’s UseYourDrive insurance program offers a 10% discount on your enrollment, and you can earn an additional 20% discount if safe driving habits are maintained.
American Family offers great optional coverages. The gap insurance from American Family can cover the difference between a claim settlement and the remaining balance on your car loan. American Family offers optional accidental death or dismemberment coverage. Your price will not change after an accident. However, newer cars with higher values can get OEM coverage to cover original parts.
Cheapest car insurance in Colorado Springs
Auto-Owners and Farmers, State Farm, Geico, State Farm, and USAA are the most preferred carriers in Colorado Springs. The average national auto insurance premium for minimum coverage is $565 and full coverage $1,674 annually. This compares to the Colorado average of $518 per annum for minimum coverage and $2,000.16 per for full coverage. Geico and USAA offer Colorado Springs drivers lower full and minimum coverage premiums than the national and state averages. However, USAA is only available to military families and Geico may not have full coverage.
These average annual premiums don’t directly reflect what you will pay for your auto insurance. There are many factors that affect your car insurance premium. These include your credit history, age, annual mileage and credit history. Request quotes from multiple auto insurance companies to get an accurate estimate of your coverage.
While price is important, you should also look at the claims process, customer service record, discounts programs, and financial strength of each provider. You should also choose a carrier that offers service in the way you prefer. You may choose to work with local companies or an insurer that allows you to reach an agent and file claims via a mobile app. Geico offers advanced online tools and a network of 19,000 agents for State Farm. It is important to consider your needs when comparing insurance companies.
Colorado Springs insurance requirements
Colorado law requires that all drivers have certain minimum insurance coverages. These include:
- $25,000 bodily injury coverage per person, $50,000 bodily injury liability for each accident
- $15,000 for property damage liability in order to cover the damages caused by an accident
Be aware that purchasing only the minimum state-required coverages may not provide you with the financial protection you require. The U.S. The U.S.Centers for Medicare and Medicaid Services estimate that a three-day stay in a hospital costs on average $30,000. You could be held responsible for any costs beyond your policy’s limits if you are responsible for an accident. Insurance experts recommend purchasing full coverage to increase your protection against unexpected loss or damage.
Leasing a car, or financing a car, will require that you purchase a full coverage policy. This includes both collision and comprehensive coverage.
Colorado Springs: Get car insurance at a discount
Numerous auto insurance companies offer discounts for Colorado Springs car owners.
- Discounts for members of partner organizations: You may be eligible to receive a certain percentage off your car insurance
- Discounts on driver training courses: You may be eligible for a discount on your premiums if you complete a safe driver’s course.
- Multi-policy discounts and multi-vehicle discounts
- Discounts for new cars: Some insurers might offer a discount if your vehicle is new and you have a brand-new model.
- Vehicle safety and security discounts
There are many discount programs available, so make sure you shop around for the best deal. Many policyholders can receive multiple discounts. A young driver might be eligible for driver training courses and good student discounts. Bundling home and auto insurance can often result in even greater savings, as many providers offer discounts for both.
Questions frequently asked
Which is the best auto insurance company?
There are many factors that can influence the choice of the best auto insurance company. One carrier may offer lower rates to people with poor credit, while another might charge higher premiums for teens. Look for insurance companies that offer the best combination of coverages, discounts, and prices when shopping for auto insurance.
What is the cost of Colorado Springs car insurance?
Our research shows that Coloradans pay an annual average premium of $518 to get minimum coverage and $2.016 for full coverage. Colorado Springs drivers pay an annual average premium of $607 to get minimum coverage and $2178 for full coverage. This is higher than the state averages.
Colorado has many cheap auto insurance companies. However, the rate at which you pay for auto insurance will vary depending on your individual rating factors such as your age, driving record, and the type and amount of coverage that you require.
What amount of Colorado Springs car insurance do you need?
Colorado law requires that all drivers carry at least $25,000 of bodily injury coverage. This covers the death or injuries of one person and $50,000 for multiple people. To pay for damages to other drivers’ vehicles or other property, you must also buy $15,000 personal property coverage. To better protect your finances in the event of a more serious claim, you should consider adding additional coverage.
What are the penalties for driving without insurance in Colorado Springs?
Uninsured driving is a Class 1 misdemeanor. Penalties include a minimum $500 fine, up to four points for a driving record and 40 hours of community service.