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Buying car insurance makes good financial sense, but it is also required by Colorado law. According to Bankrate’s 2021 study of quoted annual premiums, 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. The year 2020 was named the deadliest for Colorado Springs in terms of traffic fatalities, with over 50 deaths, and this year could be even worse, with deaths already recorded.
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
There is no shortage of insurance companies in Colorado Springs. But when you are looking for the best value, you may not want to pick just any insurer. The best car insurance companies in Colorado Springs stand out from the rest because they combine affordability, financial strength, excellent customer service, and a diverse range of coverage options and discounts. The following five companies fulfill all of those criteria, having been highly rated in the 2020 J.D. Power Auto Claims Satisfaction Study because of their commitment to offering the best deals in car insurance coverage.
|Insurance Company||J.D. Power Score||Average Annual Premium for Minimum Coverage||Average Annual Premium for Full Coverage|
|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.
Grange has earned an A- (Excellent) AM Best financial strength rating. Grange sells auto insurance through independent agencies, including some near 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 liability protection for multiple vehicles, as well as motorhomes, snowmobiles and trailers. Additional coverages offered include sound equipment, gap coverage, and rental reimbursement. You could save up to 25% on your premiums by taking the OnTrack safe driver program. If your vehicle needs repairs, you can save money on a rental car through Grange’s price agreements with Enterprise and Hertz.
Learn more: Grange Insurance review
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.
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. As a tech-forward company, Geico provides customers with advanced digital tools, saving meaningful time for both the insurer and the policyholder.
Learn more: Geico Insurance review
AM Best gives USAA an A++ (Superior) rating. USAA is also included in the 2020 J.D. Power studies 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. Military uniforms are covered by every policy and you could get a discount for insuring a vehicle while on deployment.
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.
Learn more: USAA Insurance review
Allstate ranked second in Florida in the 2021 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 has various add-ons available, from rideshare coverage to insurance for high-end luxury vehicles, in addition to discounts for buying multiple policies, safe driving and vehicle safety and security features. Allstate’s Drivewise usage-based insurance program could 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.
Learn more: Allstate Insurance review
American Family has earned an A (Excellent) AM Best financial rating and in the 2021 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. With the accident forgiveness coverage, your price remains the same after one at-fault accident, while new and expensive cars can have the OEM coverage for original manufacturer parts.
Learn more: American Family Insurance review
Cheapest car insurance in Colorado Springs
Among the most popular carriers, Auto-Owners, Farmers, Geico, State Farm and USAA offer the lowest average cost of car insurance 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, though USAA is exclusive to military families and Geico’s full coverage may not be the most comprehensive.
|Insurance Company||Average Annual Premium for Minimum Coverage||Average Annual Premium for Full Coverage|
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. State Farm operates a network of 19,000 local agents, while Geico provides you with advanced online tools that eliminate much of the need to speak to a real person, if preferable. When comparing insurers, it often helps to take your specific requirements into account before making a choice.
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 only 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. For added protection against sudden loss or damages, insurance experts recommended buying full coverage.
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: If you are a member of any of the insurer’s partner organizations, you may be eligible for a certain percentage of discount on your car insurance.
- Driver training course discounts: By completing a safe driver course, you may qualify for a discount on your premiums.
- Multi-policy and multi-vehicle discounts: By insuring more than one vehicle with the same insurer or combining your auto insurance with another policy, you could lower your premiums with a discount/
- New car discounts: If your vehicle is a new purchase and a brand new model, some insurers may offer you a discount.
- Vehicle safety and security discounts: If your car comes with advanced safety features, you may be eligible for savings on your premium.
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.
What is the penalty for driving uninsured in Colorado Springs?
Uninsured driving in Colorado is a Class I misdemeanor. Penalties could include at least $500 in fines, up to four points on a driving record or 40 hours of community service.
Bankrate utilizes Quadrant Information Services to analyze 2021 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 base profile drivers own a 2019 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.