The words “low-cost” and “insurance” really shouldn’t be used together, specifically when you are searching for the best price on coverage for low income drivers. To help control this cost, let’s introduce you to some things the can have a considerable influence on car insurance rates, and figure out some ideas to lower the cost of your next policy.
Comparing quotes for budget auto insurance is not the easiest thing to do, and figuring out which insurers offer the cheapest auto insurance rates for low income drivers takes even more diligence. Every car insurance company uses different criteria for determining rates in each state, so we’ll take a look at the lowest cost auto insurance companies in Colorado Springs.
It’s important that readers know that Colorado auto insurance rates are based on many factors that control the cost of your policy. Simply getting older, buying higher coverage limits, or getting a few speeding tickets can produce rate changes resulting in some companies being more affordable than competitors.
Best Cheap Insurance Rates in Colorado
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $834 |
| 2 | Grange | $978 |
| 3 | USAA | $1,029 |
| 4 | Nationwide | $1,109 |
| 5 | Auto-Owners | $1,168 |
| 6 | GEICO | $1,187 |
| 7 | Travelers | $1,207 |
| 8 | State Farm | $1,246 |
| 9 | American Family | $1,301 |
| 10 | Progressive | $1,336 |
| 11 | Amica | $1,394 |
| 12 | Allied | $1,497 |
| 13 | California Casualty | $1,502 |
| 14 | Colorado Farm Bureau | $1,592 |
| 15 | Farmers | $1,629 |
| 16 | MetLife | $1,885 |
| 17 | Allstate | $2,076 |
| 18 | Encompass | $2,253 |
| 19 | Safeco | $2,547 |
| 20 | Titan | $2,657 |
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The Hartford generally has some of the lowest car insurance rates in Colorado Springs at around $834 each year. Grange, USAA, Nationwide, and Auto-Owners would also make the list of some of the lowest-priced Colorado Springs, CO car insurance companies.
In this example, if you currently have coverage with Auto-Owners and switched to Grange, you may realize a yearly savings of around $190. Drivers with GEICO might save as much as $209 a year, and Travelers insureds might lower prices by up to $229 a year.
If you would like to find cheaper car insurance rates, click here to begin a quote or feel free to get quotes from the companies below.
Remember that these prices are averages for all types of insureds and vehicles and do not take into consideration an exact vehicle garaging location for low income drivers. So the car insurance company that has the lowest price for you may not even be in the list above. That emphasizes why you need to compare rates from multiple companies using your own personal information and vehicle type.
The car, truck, or SUV that is being insured is one of the biggest factors when comparing affordable car insurance for low income drivers. Vehicles with limited speed and performance, an excellent safety record, or low incidents of liability claims will cost quite a bit less to insure than high performance models. The next table estimates insurance costs for a selection of the most budget-friendly vehicles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $1,130 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,271 |
| Ford Escape XLS 2WD | $1,276 |
| Honda CR-V EX-L 2WD | $1,309 |
| Toyota Camry LE | $1,336 |
| Dodge Grand Caravan Hero | $1,343 |
| Toyota Prius | $1,374 |
| Honda Odyssey LX | $1,403 |
| Chevrolet Impala LTZ | $1,407 |
| Chevrolet Silverado LTZ Extended Cab 4WD | $1,434 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,440 |
| Dodge Ram Crew Cab ST 2WD | $1,455 |
| Ford F-350 XL Crew Cab King Ranch 2WD | $1,458 |
| Chevrolet Silverado 3500HD LT Crew Cab 2WD | $1,466 |
| Toyota RAV4 Sport 2WD | $1,460 |
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Price estimates do not factor in specific Colorado Springs, CO garaging location which can change coverage rates significantly.
By looking at the data, makes and models like the Hyundai Elantra, Jeep Wrangler, Ford Escape, Honda CR-V, and Toyota Camry are some of the most affordable vehicles to insure for poor drivers.
The example below shows how choosing a deductible can affect insurance premiums when getting quotes for cheap insurance for low income drivers. The premium estimates are based on a married female driver, comp and collision included, and no other discounts are factored in.
As shown above, a 30-year-old driver could reduce rates by $280 a year by changing from a $100 deductible up to a $500 deductible, or save $422 by selecting a $1,000 deductible. Even younger insureds, like the age 20 example, could roll back prices as much as $594 each year by selecting a higher deductible.
When raising deductibles, it is a good idea to have enough in a savings account to be able to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Rate increases following a ticket or accident
The common sense way to score good auto insurance rates in Colorado for poor drivers is to drive attentively and avoid accidents and traffic citations. The illustration below demonstrates how speeding tickets and at-fault collisions influence insurance costs for each age group. The prices are based on a married male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are taken into consideration.
The data charted above shows the average cost of auto insurance in Colorado Springs per year with no accidents and a clean driving record is $1,720. Receive one speeding ticket and the average cost rises to $1,973, an increase of $254 each year. Then throw in two accidents along with the one speeding ticket and the annual cost of auto insurance for low income drivers jumps again to an average of $4,104. That’s an increase of $2,384, or $199 per month, just for not being more responsible behind the wheel!
Get discount Colorado Springs auto insurance rates
Insurance companies that sell policies for low income drivers may also offer discounts that can reduce rates by as much as 25% or more if you meet certain criteria. Popular auto insurance companies and their offered discounts are shown below.
- GEICO includes discounts for membership and employees, good student, air bags, multi-vehicle, five-year accident-free, multi-policy, and military active duty.
- Mercury Insurance policyholders can earn discounts including accident-free, multi-policy, location of vehicle, good student, professional/association, annual mileage, and anti-theft.
- Farmers Insurance offers discounts for switch companies, business and professional, teen driver, bundle discounts, and good student.
- Auto-Owners Insurance offers discounts including mature driver, air bags, safe driver, paid in full, and safe vehicle.
- Liberty Mutual has savings for safety features, new vehicle discount, multi-policy, teen driver discount, exclusive group savings, and new move discount.
- SAFECO discounts include anti-lock brakes, multi-car, safe driver, homeowner, accident prevention training, and drive less.
- Progressive may include discounts for good student, online signing, multi-policy, continuous coverage, online quote discount, and multi-vehicle.
- USAA may have discounts that include new vehicle, annual mileage, military installation, vehicle storage, and defensive driver.
The chart below shows the comparison of premium costs with and without discounts applied. The prices are based on a female driver, no driving violations, no at-fault accidents, Colorado state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with claim-free, defensive driving course, accident-free, passive restraint, multiple policy, and anti-theft discounts applied. When drivers take advantage of discounts, theaverage amount saved on auto insurance for low income drivers is 28% or $712.
Tips for buying budget-friendly insurance for low income drivers
Below you’ll find a few money-saving ideas that can help you buy cheaper coverage.
- Safer vehicles cost less to insure
- Increase the comprehensive and collision deductibles on your policy
- Maintain a clean driving record
- Drive attentively and avoid accidents
- Improve your credit rating
- Compare quotes from other companies often
The last tip is highly critical, as we stressed in this piece. Auto insurance prices adjust frequently, so don’t be hesitant to buy from a new company if a cheaper rate is available. Being loyal to a particular company is commendable, but is isn’t recommended if that devotion results in you overpaying a fortune every year. Now is a great time to compare prices and find cheaper car insurance for low income drivers in Colorado Springs.