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In Colorado Springs, the average cost of car insurance is $518 for minimum coverage and $2,132 for full coverage per year, or around $178 per month. Although minimum coverage in Colorado Springs is slightly lower than the national average cost of car insurance, which is $545 per year, its full coverage rate is higher than the $1,771 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 State Farm. Learning more about the best cheap carriers and how to find and keep cheap car insurance in Colorado Springs 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, State Farm and USAA, 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 2022 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
Colorado Springs drivers may consider Geico for cheap rates. 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 perfect 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
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
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 does not rank in the Southwest region for customer satisfaction, which may not make this carrier the right fit for all Colorado Springs drivers.
Learn more: Nationwide 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.
- Practice safe driving habits. To keep your cheap Colorado Springs rates, avoid tickets and at-fault accidents. This makes you eligible for safe driving discounts and accident forgiveness, which protects rates if you cause an accident. You might also consider your carrier’s telematics programs, which monitors your trips and rewards safe driving behaviors.