Deciphering which company quotes the most affordable auto insurance rates for electric cars will involve more work in order to find the most economical policy. Every insurance provider uses their own method for setting rates, so let’s take a look at the overall cheapest auto insurance companies in Colorado Springs.
We do need to point out that Colorado auto insurance rates are based on many factors that can increase the price you have to pay. Simply turning a year older, increasing liability limits, or getting a ticket for careless driving may generate price changes resulting in some companies being much cheaper than others.
Best Cheap Insurance Rates for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $825 |
| 2 | Grange | $958 |
| 3 | USAA | $1,009 |
| 4 | GEICO | $1,141 |
| 5 | Nationwide | $1,143 |
| 6 | Auto-Owners | $1,168 |
| 7 | Travelers | $1,183 |
| 8 | State Farm | $1,222 |
| 9 | American Family | $1,262 |
| 10 | Progressive | $1,336 |
| 11 | Amica | $1,394 |
| 12 | California Casualty | $1,444 |
| 13 | Allied | $1,453 |
| 14 | Farmers | $1,613 |
| 15 | Colorado Farm Bureau | $1,624 |
| 16 | MetLife | $1,866 |
| 17 | Allstate | $2,076 |
| 18 | Encompass | $2,231 |
| 19 | Safeco | $2,472 |
| 20 | Titan | $2,630 |
| Find Cheaper Rates Go | ||
The Hartford may offer some of the cheapest car insurance rates in Colorado Springs at around $825 per year. Grange, USAA, GEICO, and Nationwide would also be considered some of the lowest-priced Colorado Springs, CO auto insurance companies.
In the above rates, if you are a policyholder with USAA and switched to The Hartford, you could see savings of in the neighborhood of $184. Insureds with GEICO could save as much as $316 a year, and Nationwide insureds might lower prices by up to $318 a year.
To find out how your current rates compare, click here to begin a quote or quote rates from the companies below.
These estimates are averaged across all drivers and vehicles and do not take into consideration a specific location for electric cars. So the car insurance company that has the cheapest rates for you may not even be in the list above. That helps illustrate why you need to compare as many prices as possible using your own specific driver and vehicle information.
The vehicle model on the policy is probably the most important factor in finding cheaper car insurance for electric cars. Vehicles with higher performance characteristics, poor safety ratings, or a track record of large liability claims will cost much more to insure than safer, lower-performance models.
The list below ranks insurance premiums for the most cost-effective automobiles to insure in Colorado.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Volkswagen Jetta S 2.5 Station Wagon | $1,240 |
| Ford F-150 XLT Regular Cab 2WD | $1,260 |
| Ford Escape XLT 2WD | $1,308 |
| Honda CR-V LX 4WD | $1,317 |
| Chevrolet Impala LT | $1,354 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $1,400 |
| Nissan Altima 2.5 S 4-Dr Sedan | $1,425 |
| Toyota Tacoma X-Runner 2WD | $1,435 |
| Hyundai Elantra SE 4-Dr Sedan | $1,425 |
| Toyota Prius | $1,449 |
| GMC Sierra SLE Crew Cab 2WD | $1,451 |
| Toyota Corolla XRS | $1,458 |
| Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD | $1,548 |
| Ford Fusion S 4-Dr Sedan | $1,553 |
| Ford Explorer Limited 2WD | $1,582 |
| Dodge Ram 2500 Mega Cab SLT 2WD | $1,619 |
| Honda Odyssey EX-L | $1,633 |
| Chevrolet Malibu Hybrid | $1,658 |
| Toyota RAV4 Limited 4WD | $1,665 |
| Chevrolet Equinox LTZ AWD | $1,663 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,665 |
| Dodge Grand Caravan SXT | $1,692 |
| Ford Fusion Hybrid 4-Dr Sedan | $1,709 |
| Find Cheaper Rates Go | |
Premium data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Prices do not factor in your specific Colorado Springs, CO location which can increase or decrease prices significantly.
Based on these rates, we can infer that vehicles like the Volkswagen Jetta, Ford F-150, Ford Escape, Honda CR-V, and Chevrolet Impala are likely to be a few of the cheapest vehicles to insure for eco-friendly vehicles.
Discounts on Colorado Springs insurance rates
Insurance providers that offer quotes for electric cars may also offer premium discounts that could lower prices by 35% or more if you meet the requirements. The best auto insurance companies and their possible discounts can be read below.
- State Farm offers discounts for student away at school, good driver, driver’s education, Drive Safe & Save, defensive driving training, and Steer Clear safe driver discount.
- GEICO offers premium reductions for seat belt use, good student, daytime running lights, five-year accident-free, and emergency military deployment.
- Progressive has discounts for continuous coverage, multi-vehicle, multi-policy, online quote discount, and online signing.
- 21st Century includes discounts for early bird, homeowners, anti-lock brakes, good student, air bags, and driver training.
- American Family offers discounts including accident-free, defensive driver, early bird, Steer into Savings, and good student.
- The Hartford has savings for anti-theft, air bag, defensive driver, good student, and driver training.
- AAA policyholders can earn discounts including AAA membership discount, good driver, multi-policy, education and occupation, multi-car, and good student.
The information below visualizes the comparison of car insurance costs with and without discounts applied to the policy premium. The premiums assume a female driver, no violations or claims, Colorado state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with vehicle safety, anti-theft, claim-free, defensive driving course, marriage, and passive restraint discounts applied. When these discounts are applied, theaverage yearly reduction on auto insurance for electric cars is 28% or $662.
Drive safe and save
In a perfect world, the best way to obtain the most affordable auto insurance rates for eco-friendly vehicles is to drive attentively and avoid traffic citations and accidents. The example below illustrates how violations and accident claims raise insurance costs for different age groups. The rates are based on a single female driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.
In the previous example, the average cost of auto insurance in Colorado per year with no violations or accidents is $1,878. Add in two speeding tickets and the average cost surges to $2,501, an increase of $623 each year. Then add in one accident along with the two speeding tickets and the annual cost of auto insurance for electric cars jumps again to an average of $3,145. That’s an increase of $1,267, or $106 per month, just for not driving attentively!
Full coverage rates compared to liability-only
Reducing premiums for auto insurance should be important to most people, and one of the easiest ways to pay lower rates for insurance for electric cars is to only pay for liability coverage. The example below compares insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The information is based on no driving violations, no at-fault accidents, $100 deductibles, drivers are single, and no policy discounts are applied.
If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs $2,743 per year over and above liability only. That proposes the question if buying full coverage is a good investment. There is no definitive rule for phasing out comp and collision coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your vehicle’s book value is $11,500 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $10,500 after the policy deductible has been paid. If it’s costing in excess of $1,050 a year for full coverage, the it may be a good time to stop paying for full coverage.
Don’t stick with an overpriced policy
Colorado auto insurance rates are impacted by many things that can increase the price you have to pay for coverage. Simply having another birthday, buying a new vehicle, or getting a reckless driving citation can trigger price changes that can cause some rates to be more affordable than the competition.
Not only may your risk profile change, but car insurance companies file new rates as often as every quarter to adjust for heavy claims or excess profits. A period of increased losses can cause a rate increase, while lower claim levels may cause cheaper Colorado Springs car insurance rates.
To help illustrate this point, the data below demonstrates which company has the cheapest car insurance in Colorado Springs, CO for a 30-year-old male driver with no accidents or violations, and great credit. When comparing rates based on his current rating profile, The Hartford might offer the most affordable car insurance rates in Colorado Springs at $1,012 per year. This is $566 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide are the remainder of the cheapest Colorado Springs, CO auto insurance companies.
Now we will give the driver in the first example an at-fault accident, a lower credit score, and a stop sign violation. Due to the fact that each insurance company uses a different method to set policy rates, comparing quotes may now result in a different list of the cheapest companies as shown below.
Auto-Owners now has the cheapest insurance rate in Colorado Springs with State Farm, American Family, USAA, and Progressive also being competitive. This example shows why consumers need to shop around to find the most budget-friendly insurance quotes for electric cars. Auto insurance prices consist of many factors and can change substantially, so the most affordable company the last time you compared rates may now be one of the more expensive options.
The professional agents shown below can aid you in deciding which auto insurance policy would work best for you, as some people prefer to have some professional guidance when trying to find lower insurance rates for eco-friendly vehicles. It’s not always easy to find the best coverage yourself, so getting professional guidance from a licensed agent can bring satisfaction knowing you have enough protection.
To find an agent close to you, click the button following the list or click here to compare price quotes now.
- Allstate Insurance: Dave Lohman
76 S Sierra Madre St b – Colorado Springs, CO 80903 – (719) 471-9271 - WIN Insurance Agency
3485 Academy Blvd N Ste 101 – Colorado Springs, CO 80917 – (719) 599-9494 - State Farm: Jeff Libby
7610 N Union Blvd #115 – Colorado Springs, CO 80920 – (719) 593-9200 - Brandon Sullivan – State Farm Insurance Agent
5615 Constitution Ave – Colorado Springs, CO 80915 – (719) 597-5000