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The average cost of car insurance in Colorado Springs is $516 for minimum coverage and $2,203 for full coverage per year, or around $184 per month. Although minimum coverage in Colorado Springs is slightly lower than the national average cost of car insurance, which is $622 per year, its full coverage rate is higher than the $2,014 national average annual rate.
With higher rates in Olympic City USA, drivers may seek the best cheap car insurance rates. After extensive research, Bankrate has found the cheapest car insurance companies in Colorado Springs are Geico, USAA and Nationwide. Learning more about the best car insurance in Colorado Springs and how to find and keep cheap car insurance may help you find the most affordable rates for your coverage needs.
Best cheap car insurance companies in Colorado Springs
Bankrate’s picks for the top three best cheap car insurance companies in Colorado Springs are Geico, USAA and Nationwide, according to data provided by Quadrant Information Services. Shoppers can use the table below to narrow down their choices for the best carrier. Besides annual quoted premiums, third-party scores, such as the 2023 J.D. Power Auto Insurance Study, are used to determine our picks. These, along with other factors like coverage options, discounts, financial strength and online and mobile accessibility, are calculated to determine the Bankrate Score. The Bankrate Score is based on a five-point scale, with a 5.0 Bankrate Score reserved for companies that excel in all categories.
|Insurance company||Bankrate Score||J.D. Power score (Southwest Region)||Average annual premium for full coverage||Average annual premium for minimum coverage|
*Not officially ranked with J.D. Power due to eligibility restrictions
Geico tops our list of the best car insurance companies in Colorado Springs. The carrier offers some of the cheapest rates for minimum and full coverage. Besides the standard car insurance coverage, Geico also has emergency road service, rental reimbursement and mechanical breakdown insurance available. Geico ties with the industry average in the Southwest region for auto insurance customer satisfaction. However, Geico might not be the best choice if you need more specialized coverage, like pet injury or gap insurance.
Learn more: Geico Insurance Review
With a high Bankrate Score and lower-than-average rates for minimum and full coverage, USAA is another option to consider. Unfortunately, this carrier is only available to current and past servicemembers and their immediate families, which is also why it is rank ineligible in the J.D. Power study even though it earned the highest score. It also lacks in coverage options, offering only rental reimbursement and roadside assistance as add-ons.
Learn more: USAA Insurance Review
Nationwide offers multiple ways to personalize your car insurance with coverage options like gap insurance, towing and labor, vanishing deductible and total loss deductible waiver. Colorado drivers may also be able to save with discounts like multi-policy, automatic payments and being a safe driver. Nationwide ranks near the bottom of J.D. Power’s listing for customer satisfaction in the Southwest region, so you may want to consider that factor if you are looking for a high level of customer service.
Learn more: Nationwide Insurance Review
State Farm is the top choice in the Southwest region, earning the highest ranked score for auto insurance customer satisfaction. Although the carrier may not offer the cheapest rates of all of our carriers, its average full and minimum coverage rates are still below the national average. State Farm offers rideshare insurance, which may be helpful to some Colorado Springs drivers. But you won’t find as many discount opportunities with State Farm as you will with other carriers.
Learn more: State Farm Insurance Review
Owned by Allstate, Esurance is another choice for Colorado Springs drivers, though its minimum coverage rates may be a bit higher on average. It has a powerful digital presence, including a mobile app for policy management and claims, so may be a fit for those who prefer an online experience. Esurance offers a few optional coverage types, like rental car, roadside assistance and gap insurance. However, it does not rank in the Southwest region and earns the lowest Bankrate Score on our list.
Learn more: Esurance Insurance Review
How to get and keep the cheapest car insurance in Colorado Springs
Knowing how to get and keep the cheapest car insurance in Colorado Springs and other states can help you get the most competitive rates without sacrificing coverage. Consider these tips to get the most affordable rates:
- Compare company quotes. Once you determine the coverage options that meet your needs, getting several quotes to compare can help you get the cheapest car insurance rates. It may be worth speaking with an insurance agent if you are unsure which coverage types you need, so you only pay for what you actually need.
- Keep a good driving record. Insurers reward drivers with excellent driving records by offering them the lowest rates. This is because good drivers tend to file fewer accident-related claims. Many carriers now use optional telematics programs to monitor driver behavior in real time. If you prove to be a safe and careful driver, you may earn a significant discount.
Frequently asked questions
The best car insurance company for you depends on your priorities. If high-quality customer service is most important to you, for example, the best company for you may be one that scores well on J.D. Power’s customer satisfaction listing. If affordable prices are more important, you may want to ask for quotes to see who gives you the lowest rate. Determining your priorities can help you figure out which company is the best fit for your needs.
Colorado Springs car insurance rates are high due to several factors, including population and highway density, car theft rates and uninsured motorists in the state. Colorado is the national leader in car thefts, with at least 48,000 expected in 2022. Although Colorado Springs ranks 38th in the state, high insurance claim payouts can cause statewide increases. Colorado also ranks 13th for most uninsured drivers, with an estimated 16.3 percent driving on Colorado roads without insurance.
Colorado drivers pay an average rate of $500 annually for minimum coverage, while full coverage, which includes collision and comprehensive insurance, costs an average of $2,121. To compare this to the national averages, drivers across the U.S. pay an average of $622 for minimum and $2,014 for full coverage.
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should only be used for comparative purposes.
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company’s true score in each category out of a possible five points.