Finding reliable, affordable auto insurance is not always easy, and deciding which companies have the lowest-priced car insurance rates for drivers over age 70 involves a little more work. Every insurance company has a different formula for determining rates in each state, so let’s take a look at the lowest cost car insurance companies in Colorado.
It’s important to know that Colorado Springs car insurance rates are based on many factors that control the price you have to pay. Improving your financial situation, marrying your spouse, or getting a driving violation can trigger price changes resulting in some companies being much cheaper than others.
Find the Cheapest Auto Insurance for Age 70+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $825 |
| 2 | Grange | $949 |
| 3 | USAA | $1,009 |
| 4 | Nationwide | $1,121 |
| 5 | GEICO | $1,141 |
| 6 | Auto-Owners | $1,156 |
| 7 | Travelers | $1,183 |
| 8 | State Farm | $1,259 |
| 9 | American Family | $1,262 |
| 10 | Progressive | $1,336 |
| 11 | Amica | $1,381 |
| 12 | Allied | $1,439 |
| 13 | California Casualty | $1,444 |
| 14 | Colorado Farm Bureau | $1,624 |
| 15 | Farmers | $1,629 |
| 16 | MetLife | $1,885 |
| 17 | Allstate | $2,055 |
| 18 | Encompass | $2,253 |
| 19 | Safeco | $2,472 |
| 20 | Titan | $2,657 |
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The Hartford may offer some of the most affordable car insurance rates in Colorado Springs at around $825 each year. This is $753 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also make the cut as some of the cheaper Colorado Springs, CO car insurance companies.
In the above rates, if you are currently insured with Nationwide and switched to The Hartford, you may realize a yearly savings of around $296. Policyholders with GEICO may save as much as $316 a year, and Auto-Owners policyholders might reduce prices by as much as $331 a year.
Remember that these rates are averaged across all drivers and vehicles in Colorado and do not take into consideration a specific location for drivers over age 70. So the company that has the lowest price for you may not even be in the list above. That points out the importance of why you need to compare rates from multiple companies using your own driver data and vehicle information.
The type of vehicle that needs insurance is a large consideration when trying to find economical coverage for drivers over age 70. Vehicles with more horsepower, poor crash test ratings, or a track record of large liability claims will cost more to insure than safer models.
The next table features insurance prices for a selection of the most cost-effective vehicles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,356 |
| Honda CR-V LX 2WD | $1,365 |
| Toyota Prius | $1,487 |
| Chevrolet Impala LS | $1,586 |
| Toyota Tacoma 2WD | $1,596 |
| Toyota Camry LE | $1,609 |
| Jeep Grand Cherokee Laredo 4WD | $1,618 |
| Chevrolet Malibu Hybrid | $1,609 |
| Chevrolet Silverado LS Extended Cab 4WD | $1,617 |
| Toyota RAV4 Sport 4WD | $1,609 |
| Ford Explorer Limited 4WD | $1,631 |
| Dodge Grand Caravan Crew | $1,638 |
| Ford F-150 FX4 Super Cab 4WD | $1,631 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $1,673 |
| Honda Civic VP 4-Dr Sedan | $1,680 |
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Prices above based on single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, homeowner, and safe-driver. Premium costs do not factor in vehicle location which can decrease or increase premiums greatly.
Looking at the numbers, you can infer that vehicles like the Ford Escape, Honda CR-V, and Toyota Prius should be a few of the cheapest vehicles to insure for older drivers. The price of auto insurance will tend to be more expensive anyway just due to the fact that there is more claim exposure for drivers over age 70, but generally speaking those particular vehicles will have the lowest insurance rates available.
For older drivers, one of the largest factors that aid in calculating car insurance rates is where you keep your vehicle. Regions with more people or even just more weather-related claims tend to have more expensive car insurance rates, whereas more rural areas have the luxury of cheap car insurance rates.
The next table ranks the highest-priced places in Colorado for drivers over age 70 to purchase car insurance in. Colorado Springs shows up at #9 with an annual cost of $1,277 for the average insured, which is approximately $106 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Pueblo | $1,455 |
| 2 | Aurora | $1,403 |
| 3 | Denver | $1,383 |
| 4 | Lakewood | $1,365 |
| 5 | Commerce City | $1,328 |
| 6 | Security-Widefield | $1,304 |
| 7 | Northglenn | $1,290 |
| 8 | Centennial | $1,278 |
| 9 | Colorado Springs | $1,277 |
| 10 | Ken Caryl | $1,274 |
| 11 | Parker | $1,270 |
| 12 | Thornton | $1,268 |
| 13 | Arvada | $1,256 |
| 14 | Littleton | $1,254 |
| 15 | Brighton | $1,247 |
| 16 | Westminster | $1,246 |
| 17 | Highlands Ranch | $1,241 |
| 18 | Broomfield | $1,215 |
| 19 | Castle Rock | $1,211 |
| 20 | Longmont | $1,179 |
| 21 | Boulder | $1,171 |
| 22 | Greeley | $1,156 |
| 23 | Grand Junction | $1,154 |
| 24 | Fort Collins | $1,089 |
| 25 | Loveland | $1,074 |
| Find the Best Rates Go | ||
Annual rates are comparative as the specific area where the vehicle is garaged can decrease or increase coverage rates substantially.
The illustration below illustrates how choosing a deductible can influence insurance costs when quoting cheap insurance for drivers over age 70. The premiums are based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
In the chart above, a 30-year-old driver could reduce rates by $272 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $412 by using a $1,000 deductible. Even younger drivers, like the age 20 example, have the ability to save $814 or more just by choosing higher deductibles.
If you do make the decision to raise your deductibles, it is necessary to have additional savings on hand to enable you to cover the extra out-of-pocket expense, which deters some people from using high deductibles.
Poor driving habits will raise your car insurance rates
The best way to receive the most affordable car insurance prices in Colorado Springs for older drivers is to be a good driver and not receive tickets or have accidents. The example below demonstrates how traffic citations and at-fault claims raise insurance premiums for each age group. The prices are based on a single female driver, comp and collision included, $500 deductibles, and no additional discounts are factored in.
In the chart above, the average cost of an auto insurance policy in Colorado per year with no accidents and a clean driving record is $1,578. Receive one speeding ticket and the average cost jumps to $1,789, an increase of $211 each year. Then throw in two accidents along with the one speeding ticket and the yearly cost of car insurance for drivers over age 70 increases to an average of $3,683. That’s an increase of $2,106, or $175 per month, just for not maintaining a clean driving record!
Why you are probably overpaying for car insurance
Colorado Springs, CO car insurance rates are determined by lots of factors which can significantly increase or decrease the policy price. Simply having another birthday, buying a new vehicle, or getting caught speeding may prompt premium changes that can now make some companies more affordable than competitors.
In addition, insurance companies modify rates every year to ensure their profitability. Higher than normal claims may cause higher rates, while lower claims may result in lower-cost Colorado Springs car insurance rates.
To help illustrate this point, the chart below shows the company with the cheapest car insurance in Colorado Springs, CO for a 35-year-old male driver with no prior accidents, a clean driving record, and a decent credit rating. Based on his personal profile, The Hartford has the cheapest car insurance rates in Colorado Springs at $1,052 a year. This is $526 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are the rest of the cheapest Colorado Springs, CO auto insurance companies.
In this next rate comparison, we will give the driver from the first set of rates a chargeable claim, a lower credit rating, and a blemish on his driving record. Because each company has a proprietary method for determining rates in each state, comparing quotes may result in a new list of affordable Colorado Springs car insurance companies as shown below.
Travelers now has the cheapest auto insurance in Colorado Springs, CO with State Farm, American Family, USAA, and Progressive completing the list. This example shows why it is critical to perform an extensive rate comparison to get cheap insurance quotes for drivers over age 70.
Rates are influenced by many different factors and change substantially, so the cheapest rate when you last compared rates may now be wasting a lot of money.