Buying affordable car insurance for a Toyota Tacoma doesn’t take a ton of time, but it depends on a lot of factors such as how many miles you drive each year, your geographic location, and any driving offenses on your record. Drivers in Colorado pay around $1,209 each year for Tacoma insurance, but that amount is an estimation calculated using a 40-year-old single male driver with full physical damage coverage and $250 deductibles.
There’s a good chance you are not 40 and maybe not even a male, married instead of single, and you may just want the cheapest liability coverage you can find. Just a minor difference in rating criteria or coverage limits could end up with a large change in how much coverage for a Toyota Tacoma costs.
Not every driver requires the same auto insurance coverages, so the best way to find the cheapest insurance price for your Toyota is to do a thorough rate comparison. Quotes are free and easy and you will receive rate quotes from some of the best companies that sell coverage in Colorado.
Compare Toyota Tacoma Insurance Rates
The trim level of your vehicle will have an impact the insurance rate, so the price you will be charged to insure a Tacoma 2WD will cost $68 less than the price to insure the higher-end Tacoma Double Cab TRD Sport Package 4WD trim level, as shown in the chart below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Tacoma 2WD | $232 | $526 | $426 | $26 | $128 | $1,338 | $112 |
| Tacoma 4WD | $266 | $432 | $426 | $26 | $128 | $1,278 | $107 |
| Tacoma Double Cab 4WD | $266 | $526 | $426 | $26 | $128 | $1,372 | $114 |
| Tacoma X-Runner 2WD | $266 | $620 | $426 | $26 | $128 | $1,466 | $122 |
| Tacoma Double Cab 4WD | $300 | $526 | $426 | $26 | $128 | $1,406 | $117 |
| Tacoma Double Cab TRD Off-Road Package 4WD | $300 | $526 | $426 | $26 | $128 | $1,406 | $117 |
| Tacoma Double Cab TRD Sport Package 4WD | $300 | $526 | $426 | $26 | $128 | $1,406 | $117 |
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Price estimates do not factor in your specific Colorado Springs location which can change prices considerably.
Finding reliable, low-cost auto insurance is challenging, and finding out which companies quote the lowest-priced insurance rates for a Toyota Tacoma may require even more work.
Each insurance company has a different formula to determine rates, so first we will examine the insurance companies that tend to have lower prices in Colorado Springs.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $834 |
| 2 | Grange | $978 |
| 3 | USAA | $999 |
| 4 | GEICO | $1,141 |
| 5 | Nationwide | $1,143 |
| 6 | Travelers | $1,171 |
| 7 | Auto-Owners | $1,192 |
| 8 | State Farm | $1,246 |
| 9 | American Family | $1,262 |
| 10 | Progressive | $1,376 |
| 11 | Amica | $1,381 |
| 12 | California Casualty | $1,444 |
| 13 | Allied | $1,453 |
| 14 | Colorado Farm Bureau | $1,576 |
| 15 | Farmers | $1,613 |
| 16 | MetLife | $1,830 |
| 17 | Allstate | $2,015 |
| 18 | Encompass | $2,231 |
| 19 | Safeco | $2,447 |
| 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 $834 a year. This is $744 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, GEICO, and Nationwide would also make the list of some of the cheapest Colorado Springs, CO car insurance companies.
As depicted above, if you are insured with Grange and switched to The Hartford, you might achieve an annual premium reduction of roughly $144. Colorado drivers with USAA may save as much as $165 a year, and GEICO policyholders might cut rates by $307 a year.
Remember that these estimates are averages for all types of insureds and vehicles and are not factoring in a specific zip code for a Toyota Tacoma. So the insurer that has the cheapest price for you may not even be in the list above. That is why you need to compare as many prices as possible using your own specific driver and vehicle information.
Full coverage rates compared to liability only
Reducing premiums for insurance is the goal of the majority of drivers, and one of the fastest ways to buy cheaper insurance for a Toyota Tacoma is to not pay for full coverage. The information below illustrates the comparison of yearly insurance costs with liability coverage only compared to full coverage. The data is based on no claims, a clean driving record, $250 deductibles, marital status is single, and no discounts are applied to the premium.
If the expense is averaged for all age categories, physical damage coverage on your policy costs an additional $2,035 per year more than buying just liability insurance. Many of you may wonder when is the right time to remove full coverage. There is no definitive rule to eliminate physical damage insurance, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s claim settlement value is $9,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $8,500 after the policy deductible has been paid. If it’s costing in excess of $850 a year to have full coverage, the it may be a good time to stop paying for full coverage.
There are some conditions where dropping full coverage is not advised. If you still have a loan on your vehicle, you are required to maintain full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage in place.
How to get discounts on Colorado Springs auto insurance rates
Insurance providers that offer cheap quotes for a Toyota Tacoma may provide price discounts that could lower prices by 35% or more if you qualify. A list of companies and a summarized list of policyholder discounts include:
- The Hartford has discounts for air bag, vehicle fuel type, driver training, bundle, defensive driver, and anti-theft.
- American Family includes discounts for Steer into Savings, good driver, multi-vehicle, mySafetyValet, early bird, and good student.
- Progressive discounts include homeowner, online signing, continuous coverage, good student, multi-vehicle, online quote discount, and multi-policy.
- Travelers offers discounts for IntelliDrive, continuous insurance, save driver, multi-car, and early quote.
- Farmers Insurance offers premium reductions for pay in full, teen driver, mature driver, alternative fuel, and electronic funds transfer.
- USAA offers discounts including good student, loyalty savings, military installation, family discount, multi-policy, and new vehicle.
- Liberty Mutual may include discounts for hybrid vehicle, multi-policy, good student, exclusive group savings, new graduate, and safety features.
The chart below visualizes the comparison of insurance rates with and without discounts applied. The costs are based on a female driver, a clean driving record, no at-fault accidents, Colorado state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with marriage, anti-theft, defensive driving course, homeowner, vehicle safety, and multiple vehicle discounts applied. When taking advantage of discounts, theaverage amount saved on insurance for a Toyota Tacoma is 28% or $637.
Tips to find the cheapest auto insurance for a Toyota Tacoma
The list below details some penny-pinching solutions that can help Colorado drivers get lower-cost coverage.
- Avoid speeding and other traffic citations and pay less
- Save money by staying claim-free
- Buy vehicles with five-star safety ratings
- Better credit rating means better rates
- Avoid accidents
- Compare prices frequently to find the best deal
That last piece of advice is particularly crucial, as we hit on in the article above. Car insurance rates in Colorado Springs can be modified anytime, so don’t be hesitant to buy a different policy if you can find a cheaper rate.
Loyalty to a specific company is fine, but we do not recommend it if your bullheadedness ends up costing you a considerable chunk of change every month. Spend a few minutes and shop around and find cheaper insurance for a Toyota Tacoma.
The Colorado Springs car insurance agencies listed below can help you decide which auto insurance policy fits you best, since some drivers wish to get some professional advice when trying to find the best insurance rates for a Tacoma. It can be challenging to find the best rates on your own, and agents can give peace of mind knowing your policy gives you decent coverage if you have a claim. To find a Colorado Springs insurance agency near you, click the link after the list.
- John Youngdahl – State Farm Insurance Agent
600 N Tejon St – Colorado Springs, CO 80903 – (719) 475-8787 - Mary Beth Stiltner Insurance Agency
1880 Dublin Blvd # C – Colorado Springs, CO 80918 – (719) 528-1555 - Ross Silva Agency – American Family Insurance
2746 E Bijou St – Colorado Springs, CO 80909 – (719) 597-2800