The words “low-cost” and “auto insurance” really shouldn’t be used together, specifically when you are shopping around for the lowest insurance rates for veterans. To save some money, let’s lead off by showing you a few of the factors that impact auto insurance prices, and figure out some ideas to shave a little off the next policy you buy.
The car, truck, or SUV on the policy is one of the primary factors that determines whether or not you can buy the best cheap coverage for veterans. Vehicles with average performance, modern passenger safety features, or low incidents of liability claims will cost substantially less to insure than adrenaline junky models.
The list below shows auto insurance premiums for the most affordable vehicles to insure in Colorado.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford F-150 XLT Super Cab 2WD | $1,352 |
| Ford Escape Limited 2WD | $1,354 |
| Honda CR-V LX 4WD | $1,362 |
| Jeep Grand Cherokee Laredo 4WD | $1,431 |
| Toyota RAV4 4WD | $1,437 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $1,458 |
| Toyota Prius | $1,471 |
| Dodge Grand Caravan CV | $1,478 |
| Toyota Corolla XLE | $1,508 |
| Honda Odyssey EX W/Rear Entertainment | $1,533 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $1,535 |
| Chevrolet Equinox LTZ AWD | $1,540 |
| Dodge Ram Crew Cab ST 2WD | $1,560 |
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Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Premium costs do not factor in specific garaging location which can affect auto insurance rates significantly.
Based on these rates, you can conclude that makes and models like the Ford F-150, Ford Escape, Honda CR-V, and Jeep Grand Cherokee are going to be a few of the most budget-friendly vehicles to insure for veterans.
Buying low-priced insurance is tough enough, and deciding which companies quote the cheapest car insurance rates for veterans may require a bit more work.
Each auto insurer uses their own calculation for filing rates in each state, so to begin we’ll rank the overall cheapest car insurance companies in Colorado. It’s important to know that Colorado Springs car insurance rates are impacted by many factors which can significantly increase or decrease the policy premium. This is why drivers need to compare lots of rates to get cheap auto insurance rates for veterans. Car insurance prices can be determined by many different factors and change frequently, so the most affordable company two years ago may now be quite expensive.
Best Cheap Insurance Rates for Vets
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $825 |
| 2 | Grange | $958 |
| 3 | USAA | $1,009 |
| 4 | Nationwide | $1,121 |
| 5 | GEICO | $1,152 |
| 6 | Auto-Owners | $1,168 |
| 7 | Travelers | $1,207 |
| 8 | State Farm | $1,209 |
| 9 | American Family | $1,301 |
| 10 | Progressive | $1,322 |
| 11 | Amica | $1,353 |
| 12 | Allied | $1,483 |
| 13 | California Casualty | $1,502 |
| 14 | Farmers | $1,581 |
| 15 | Colorado Farm Bureau | $1,640 |
| 16 | MetLife | $1,811 |
| 17 | Allstate | $2,055 |
| 18 | Encompass | $2,231 |
| 19 | Safeco | $2,522 |
| 20 | Titan | $2,657 |
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The Hartford normally has some of the most affordable car insurance rates in Colorado Springs at around $825 annually. Grange, USAA, Nationwide, and GEICO also rank well as some of the best Colorado Springs, CO auto insurance companies.
In this example, if you are a policyholder with GEICO and switched to Grange, you may see an annual savings of roughly $194. Policyholders with Auto-Owners might save as much as $210 a year, and Travelers insureds might see rate reductions of $249 a year.
To see if your current coverage is too expensive, click here to start your free quote or click through to the companies below.
Be aware that those policy prices are averages across all ages of drivers and types of vehicles and do not take into consideration a specific vehicle garaging location for veterans. So the car insurance company that has the lowest price for you may not even be in the top 21 companies shown above. That underscores the importance of why you need to get auto insurance quotes using your own driver and vehicle profiles.
For veterans, one of the more important criteria that are looked at to help calculate insurance cost is where you keep your vehicle in Colorado Springs. Cities with more crime and/or more people tend to pay slightly more, whereas areas with lower crime rates and fewer weather claims tend to receive slightly lower rates.
The information below shows the highest-priced areas in Colorado for veterans to purchase auto insurance in. Colorado Springs ranks #13 with a yearly premium of $1,277 for the average insurance policy, which is around $106 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Denver | $1,439 |
| 2 | Pueblo | $1,397 |
| 3 | Aurora | $1,375 |
| 4 | Lakewood | $1,337 |
| 5 | Security-Widefield | $1,330 |
| 6 | Commerce City | $1,328 |
| 7 | Ken Caryl | $1,326 |
| 8 | Centennial | $1,317 |
| 9 | Littleton | $1,306 |
| 10 | Northglenn | $1,290 |
| 11 | Westminster | $1,284 |
| 12 | Highlands Ranch | $1,279 |
| 13 | Colorado Springs | $1,277 |
| 14 | Thornton | $1,268 |
| 15 | Parker | $1,257 |
| 16 | Arvada | $1,256 |
| 17 | Brighton | $1,247 |
| 18 | Broomfield | $1,215 |
| 19 | Castle Rock | $1,211 |
| 20 | Boulder | $1,207 |
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Premium amounts are comparative as specific location information can lower or raise insurance rates substantially.
Get discount Colorado Springs auto insurance
Insurers that offer cheap quotes for veterans may also provide policy discounts that can reduce rates by 25% or more if you are eligible to receive them. Large car insurance companies and their possible discounts are shown below.
- State Farm offers discounts including good driver, multiple autos, driver’s education, Steer Clear safe driver discount, defensive driving training, good student, and anti-theft.
- Farmers Insurance includes discounts for youthful driver, switch companies, distant student, electronic funds transfer, multi-car, early shopping, and bundle discounts.
- GEICO may have discounts that include driver training, defensive driver, daytime running lights, emergency military deployment, anti-lock brakes, and multi-policy.
- American Family has discounts for Steer into Savings, TimeAway discount, bundled insurance, multi-vehicle, early bird, and accident-free.
- Nationwide has savings for multi-policy, business or organization, good student, family plan, and anti-theft.
- Progressive policyholders can earn discounts including good student, multi-vehicle, continuous coverage, homeowner, and online quote discount.
The information below compares insurance premiums with and without policy discounts. The prices are based on a male driver, no accidents, no driving violations, Colorado state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with multiple vehicle, marriage, passive restraint, homeowner, vehicle safety, and accident-free discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on car insurance for veterans is 28% or $410.
Rate increases following a ticket or accident
The obvious way to maintain the most affordable car insurance prices for veterans is to drive cautiously and not receive tickets or have accidents. The information below shows how speeding tickets and accidents can affect yearly insurance costs for different categories of driver ages. The data is based on a single female driver, comp and collision included, $1,000 deductibles, and no discounts are factored in.
The chart shows that the average cost of a car insurance policy in Colorado per year with a clean driving record and no accidents is $1,523. Factor in two speeding tickets and the average cost rises to $2,032, an increase of $509 each year. Then throw in two accidents along with the two speeding tickets and the 12-month cost of car insurance for veterans goes up to an average of $4,071. That’s an increase of $2,548, or $212 per month, just for a couple of infractions!
Does full coverage make sense?
Finding the cheapest car insurance is important to most vehicle owners, and a good way to pay less for insurance for veterans is to buy only liability coverage. The example below shows the comparison of insurance costs with full physical damage coverage and with liability coverage only. The rate quotes are based on no violations or accidents, $250 deductibles, single marital status, and no other discounts are factored in.
If averaged out across all ages, full coverage costs $2,508 per year over having just liability coverage. A very common question is if paying for full coverage is a waste of money. There is no set guideline for phasing out comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than about 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
There are some cases where dropping full coverage is not advised. If you have an outstanding loan on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should keep full coverage.