The words “affordable” and “auto insurance” really shouldn’t be used in the same sentence, specifically when searching for the best insurance rates for drivers requiring a SR22. To save some money, let’s introduce you to some things that can significantly affect car insurance rates, and find a few ways to take a little off your next policy.
Trying to buy cost effective insurance is not the easiest thing to accomplish, and finding out which insurers offer the cheapest insurance rates for drivers requiring a SR22 will require even more diligence.
Every auto insurer has a proprietary method to set premium rates, so let’s begin by examining the most affordable insurance companies in Colorado Springs. It’s important that readers know that Colorado Springs, CO insurance rates are impacted by many factors that can increase the cost of your policy. Price variation is why Colorado drivers need to shop around with many companies to find affordable insurance quotes for drivers requiring a SR22. Insurance rates are impacted by many different factors and can increase or decrease at any time, so the most economical company two years ago may now not even be in the top five.
Find Cheaper Auto Insurance for SR22 Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $859 |
| 2 | Grange | $958 |
| 3 | USAA | $999 |
| 4 | Nationwide | $1,121 |
| 5 | Auto-Owners | $1,156 |
| 6 | Travelers | $1,183 |
| 7 | GEICO | $1,187 |
| 8 | State Farm | $1,259 |
| 9 | American Family | $1,301 |
| 10 | Progressive | $1,322 |
| 11 | Amica | $1,353 |
| 12 | Allied | $1,439 |
| 13 | California Casualty | $1,444 |
| 14 | Colorado Farm Bureau | $1,592 |
| 15 | Farmers | $1,613 |
| 16 | MetLife | $1,866 |
| 17 | Allstate | $1,994 |
| 18 | Encompass | $2,165 |
| 19 | Safeco | $2,522 |
| 20 | Titan | $2,630 |
| Quote Your Rates Go | ||
The Hartford has some of the cheapest car insurance rates in Colorado Springs at around $859 each year. This is $719 less than the average price paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are also some of the cheapest Colorado Springs, CO car insurance companies.
In the above rates, if you are currently insured with USAA and switched to The Hartford, you might realize an annual savings of in the neighborhood of $140. Customers with Nationwide could save as much as $262 a year, and Auto-Owners customers might lower prices by up to $297 a year.
To discover how much you can save, click here or visit several of the following companies.
These prices are averages for all ages of drivers and types of vehicles and do not factor in an exact location for drivers requiring a SR22. So the company that has the lowest price for you may not even be in the top 21 companies in the list above. That illustrates why you need to get rate quotes using your own specific driver and vehicle information.
The vehicle model needing coverage is one of the biggest factors that determines the availability of low-cost auto insurance for drivers requiring a SR22. Vehicles with lots of speed or power, poor safety features, or high incidents of liability claims will cost quite a bit more to insure than safer models.
The data below outlines car insurance costs for a selection of the most economical vehicles to buy coverage for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $4,448 |
| Ford Escape XLS 2WD | $4,455 |
| Honda CR-V EX 4WD | $4,499 |
| Toyota Prius | $4,914 |
| Honda Odyssey EX W/Rear Entertainment | $4,983 |
| Jeep Wrangler Sahara 4WD 2-Dr | $5,025 |
| Toyota RAV4 Sport 4WD | $5,032 |
| Ford Explorer Limited 2WD | $5,079 |
| Dodge Grand Caravan CV | $5,148 |
| Volkswagen Jetta SE 2.5 Station Wagon | $5,163 |
| Ford Edge Limited 2WD | $5,212 |
| Chevrolet Impala LTZ | $5,259 |
| Toyota Tacoma Double Cab 4WD | $5,264 |
| Get a Custom Quote Go | |
Prices based on single female driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, multi-policy, and multi-vehicle. Rate information does not factor in specific garaging location which can influence auto insurance rates greatly.
Looking at the data, you can conclude that makes and models like the Honda Accord, Ford Escape, Honda CR-V, Toyota Prius, and Honda Odyssey will definitely be the less-costly vehicles to insure for high risk drivers. Rates will trend higher just due to the fact that there is more liability exposure for drivers requiring a SR22, but generally speaking those particular models will most likely have the best rates compared to other types of vehicles.
One of the many criteria that are looked at to determine auto insurance rates is where you choose to live in Colorado Springs. Regions with larger populations or more claims are more likely to have higher rates, whereas areas with less congestion get the luxury of paying less.
The following table lists the most expensive areas in Colorado for drivers requiring a SR22 in which to buy car insurance. Colorado Springs shows up at #12 with an annual premium of $1,290 for the average insurance policy, which is about $108 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Pueblo | $1,455 |
| 2 | Aurora | $1,417 |
| 3 | Denver | $1,397 |
| 4 | Lakewood | $1,378 |
| 5 | Northglenn | $1,342 |
| 6 | Commerce City | $1,328 |
| 7 | Ken Caryl | $1,326 |
| 8 | Thornton | $1,320 |
| 9 | Centennial | $1,304 |
| 10 | Littleton | $1,293 |
| 11 | Security-Widefield | $1,291 |
| 12 | Colorado Springs | $1,290 |
| 13 | Parker | $1,270 |
| 14 | Arvada | $1,256 |
| 15 | Castle Rock | $1,248 |
| 16 | Brighton | $1,247 |
| 17 | Westminster | $1,234 |
| 18 | Highlands Ranch | $1,229 |
| 19 | Broomfield | $1,215 |
| 20 | Boulder | $1,195 |
| Get a Custom Quote Go | ||
Rates are comparative as vehicle location can change rates greatly.
Bad driving habits will cost you more
The easiest way to obtain cheap insurance prices for high risk drivers is to drive carefully and avoid at-fault accidents and violations. The diagram below illustrates how speeding tickets and fender-benders can drive up insurance prices for different age groups. The rates are based on a single male driver, full coverage, $500 deductibles, and no discounts are factored in.
In the example above, the average cost of car insurance in Colorado per year with no violations or accidents is $1,813. Factor in one speeding ticket and the average cost hikes up to $2,042, an increase of $229 each year. Now add in one accident along with the one speeding ticket and the 12-month cost of insurance for drivers requiring a SR22 goes up to an average of $2,685. That’s an increase of $872, or $73 per month, just for not maintaining a clean driving record!
The information below demonstrates how choosing different deductibles can affect insurance premiums when getting quotes for cheap insurance for drivers requiring a SR22. The premium estimates are based on a single female driver, comp and collision included, and no discounts are applied.
In the chart above, a 50-year-old driver could pocket $334 a year by switching from a $100 deductible to a $500 deductible, or save $502 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old category, can save as much as $846 or even more by using a higher deductible. If you do raise deductibles, it will be required to have plenty of money set aside to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Your cheap policy may actually be overpriced
Colorado Springs, CO insurance rates are calculated based on many things that can increase the price of coverage. Simply improving your credit, getting married, or getting a reckless driving citation can cause premium changes that can now make some companies more affordable than competitors. Additionally, companies amend premium rates every year or even multiple times each year in order to protect their financial rating. Higher than normal claims may result in increased policy costs, while a better loss history can result in lower-cost Colorado Springs car insurance rates.
The chart 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 a good credit rating. If we look at prices based on his current risk factors, The Hartford may have the lowest car insurance rates in Colorado Springs at $1,018 each year. This is $560 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are the remaining cheapest Colorado Springs, CO auto insurance companies.
In this example, we will give the driver from above a chargeable claim, slightly worse credit, and a stop sign violation. Because each company has their own unique process for determining rates, analyzing rate quotes could now result in a different set of companies as shown below.
Travelers now has the cheapest insurance rate in Colorado Springs, CO with State Farm, Grange, American Family, and Amica now being in the top five. This example shows why consumers need to shop around when trying to get the cheapest insurance rates for drivers requiring a SR22.
Car insurance prices can be altered by many things and can change without notice, so the best company three years ago may now be one of the more expensive options.