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Best cheap car insurance in Colorado Springs

Updated May 13, 2024
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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.

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Powered by Coverage.com (NPN: 19966249)

Advertising disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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
Geico 4.4 804/1,000 $1,259 $264
USAA 4.3 879/1,000 $1,524 $319
Nationwide 3.9 783/1,000 $1,619 $463
State Farm 4.2 835/1,000 $1,674 $448
Esurance 3.3 Not rated $1,880 $631

*Not officially ranked with J.D. Power due to eligibility restrictions

Geico

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

USAA

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

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

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

Esurance

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

Methodology

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.
 

Bankrate Scores

Our 2024 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.

5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%

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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.

Written by
Mandy Sleight
Contributor, Personal Finance

Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products.

Edited by Editor, Insurance