This would be a quick read if we could just tell you the single best car insurance company that has the most affordable insurance in Colorado. That is not the case, however, as there are a lot of unknown elements such as the deductible level you need, what coverage limits you need, if you have any tickets or accidents, and the area you live in, that all factor into the price you pay. This article should teach you a little about the best ways to find cheap auto insurance and hopefully give you enough understanding to have a solid foundation to find cheaper car insurance in Colorado Springs.
One of the many considerations that help determine car insurance rates is your zip code in Colorado Springs. Cities with larger populations or higher claim trends are more likely to pay higher prices, whereas areas with less people or fewer weather incidents benefit from lower coverage costs.
The next table ranks the highest-priced places in Colorado for Lyft drivers to purchase car insurance in. Colorado Springs ranks #11 with the yearly price of $1,277 for the average policy, which is around $106 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Pueblo | $1,440 |
| 2 | Denver | $1,425 |
| 3 | Aurora | $1,417 |
| 4 | Lakewood | $1,378 |
| 5 | Northglenn | $1,342 |
| 6 | Security-Widefield | $1,330 |
| 7 | Ken Caryl | $1,326 |
| 8 | Thornton | $1,320 |
| 9 | Commerce City | $1,314 |
| 10 | Centennial | $1,304 |
| 11 | Colorado Springs | $1,277 |
| 12 | Brighton | $1,273 |
| 13 | Highlands Ranch | $1,267 |
| 14 | Arvada | $1,256 |
| 15 | Littleton | $1,254 |
| 16 | Castle Rock | $1,248 |
| 17 | Westminster | $1,234 |
| 18 | Parker | $1,233 |
| 19 | Broomfield | $1,203 |
| 20 | Boulder | $1,195 |
| Find the Best Rates Go | ||
Premium costs are approximated as specific Colorado Springs garaging address can influence insurance rates substantially.
Finding out which company quotes the lowest-priced auto insurance rates for Lyft drivers takes a bit more work in order to find a policy that fits your budget. Every insurance company uses a slightly different approach to establish rates, so let’s examine the auto insurance companies that tend to be cheaper in Colorado Springs, CO.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $859 |
| 2 | Grange | $987 |
| 3 | USAA | $1,039 |
| 4 | Nationwide | $1,109 |
| 5 | Auto-Owners | $1,168 |
| 6 | Travelers | $1,183 |
| 7 | GEICO | $1,187 |
| 8 | State Farm | $1,209 |
| 9 | American Family | $1,314 |
| 10 | Progressive | $1,322 |
| 11 | Amica | $1,353 |
| 12 | California Casualty | $1,444 |
| 13 | Allied | $1,453 |
| 14 | Colorado Farm Bureau | $1,576 |
| 15 | Farmers | $1,629 |
| 16 | MetLife | $1,885 |
| 17 | Allstate | $1,994 |
| 18 | Encompass | $2,187 |
| 19 | Safeco | $2,547 |
| 20 | Titan | $2,738 |
| View More Rates Go | ||
The Hartford quotes some of the best car insurance rates in Colorado Springs at around $859 annually. Grange, USAA, Nationwide, and Auto-Owners would also be considered some of the cheaper Colorado Springs, CO car insurance companies.
In this example, if you are a customer of Grange and switched to The Hartford, you could realize yearly savings of around $128. Drivers with USAA may save as much as $180 a year, and Nationwide insureds might lower prices by up to $250 a year.
It’s important to note that these policy rates are averages across all ages of drivers and types of vehicles and and are not calculated with a specific location for Lyft drivers. So the insurer that has the lowest price for you may not even be in the list above. That helps illustrate why you need to compare rates from multiple companies using your own driver and vehicle profiles.
Types of discounts on Colorado Springs car insurance
Car insurance companies that offer cheap quotes for Lyft drivers may also give you rate discounts that can reduce rates by 25% or more if you qualify. A list of companies and a summarized list of policyholder discounts can be read below.
- Farm Bureau may offer discounts for youthful driver, renewal discount, 55 and retired, safe driver, and good student.
- State Farm includes discounts for Steer Clear safe driver discount, good driver, driver’s education, student away at school, Drive Safe & Save, multiple policy, and safe vehicle.
- Progressive discounts include online signing, continuous coverage, online quote discount, multi-vehicle, multi-policy, homeowner, and good student.
- Allstate offers discounts for FullPay discount, farm vehicle, premier discount, anti-theft, and multi-policy.
- Nationwide may include discounts for family plan, business or organization, accident-free, multi-policy, and anti-theft.
- MetLife has discounts for accident-free, good student, multi-policy, defensive driver, good driver, claim-free
The illustration below compares yearly insurance costs with and without discounts applied. The price estimates are based on a male driver, a clean driving record, no claims, Colorado state minimum liability limits, full 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 multiple policy, defensive driving course, accident-free, passive restraint, claim-free, and safe-driver discounts applied. When these discounts are applied to the policy premium, the average savings per year on auto insurance for Lyft drivers is 28% or $750.
The diagram below shows how different deductible levels can influence insurance prices when searching for cheap insurance for Lyft drivers. The data assumes a married male driver, full physical damage coverage, and no additional discounts are factored in.
A 40-year-old driver could lower their policy premium by $244 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $370 by switching to a $1,000 deductible. Youthful drivers, like the 20-year-old category, can cut up to $814 every year just by using higher deductibles. If you do make the decision to raise your deductibles, it is a good idea to have enough savings to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
How to find more affordable car insurance for Lyft drivers
The list below details many thrifty ideas that can help you locate low-cost auto insurance.
- Better credit scores save money
- At-fault accidents will increase rates
- Older vehicles may not need full coverage
- Buy a car with high safety ratings
- Buy your homeowners policy from the same company as your auto insurance
- Shop around for cheaper prices
That last tip is highly critical, as we stressed in this write-up. Insurance rates in Colorado Springs can change in a short period of time, so don’t be tentative to buy a policy from a new company if a cheaper rate is available. Many consumers stick with the same company and that’s fine, but is isn’t recommended if that loyalty results in overpaying thousands of dollars over several years. Now is a great time to compare prices and find cheaper car insurance for Lyft drivers.