Who Has the Cheapest Colorado Springs Car Insurance Rates for a 20 Year Old Male?

The car, truck, or SUV to be insured is one of the main factors when shopping around for the most affordable car insurance for 20 year old guys. Vehicles with lower acceleration and performance, excellent safety ratings, or low incidents of liability claims will cost quite a bit less to insure than high performance models.

The table below illustrates car insurance prices for a handful of the most cost-effective vehicles to buy insurance for.

Data variables include single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, and safe-driver. Information does not factor in vehicle location which can decrease or increase price quotes greatly.

By looking at the data, you can infer that cars like the Honda CR-V, Honda Accord, and Ford Escape will be some of the less-costly vehicles to insure for young men. The cost of auto insurance will tend to be higher just due to the fact that there is more risk for 20 year old guys, but in general those specific models will have the best insurance prices compared to other types of vehicles.

Deciphering which company has the best insurance rates for 20 year old guys requires more time than just comparing rates from one or two companies. Each insurance company uses a slightly different approach for determining rates, so let’s look at the rankings for the most affordable insurance companies in Colorado.

Best Insurance Companies for Men Age 20

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The Hartford has some of the best car insurance rates in Colorado Springs at around $834 a year. This is $744 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners also qualify as some of the lowest-priced Colorado Springs, CO car insurance companies.

In the above example, if you are insured with Grange and switched to The Hartford, you could see a yearly price reduction of around $144. Insureds with USAA might save as much as $205 a year, and Nationwide customers might lower prices by up to $275 a year.

To see if your current coverage is too expensive, click here or visit any of the low-priced companies below.

Be aware that those policy prices are averaged for all drivers and vehicles and do not factor in a specific zip code for 20 year old guys. So the car insurance company that is best for you may not even be in the list above. That underscores the importance of why you need to get rate quotes from many companies using your own personal information and vehicle type.

How to get discounts on Colorado Springs insurance

Insurance companies that provide coverage for 20 year old guys may provide special discounts that can reduce rates by as much as 40% or more if you are eligible. Larger insurance companies and some of the premium reductions they offer are:

• GEICO offers discounts for emergency military deployment, anti-theft, five-year accident-free, seat belt use, membership and employees, and anti-lock brakes.
• SAFECO may offer discounts for multi-car, teen safety rewards, anti-theft, safe driver, accident prevention training, anti-lock brakes, and bundle discounts.
• State Farm offers discounts including multiple policy, Steer Clear safe driver discount, good student, driver’s education, multiple autos, and safe vehicle.
• MetLife offers premium reductions for claim-free, defensive driver, good student, accident-free, and multi-policy.
• 21st Century may include discounts for anti-lock brakes, teen driver, air bags, theft prevention, driver training, and homeowners.
• Progressive has savings for multi-vehicle, online signing, good student, homeowner, and multi-policy.

The information below shows the comparison of insurance costs with and without discounts applied. The rates are based on a male driver, no driving violations, no at-fault accidents, Colorado state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with paperless filing, anti-theft, continuous coverage, paid-in-full, passive restraint, and vehicle safety discounts applied. When these discounts are applied, the average savings per year on insurance for 20 year old guys is 19% or $282.

Cost difference between full coverage and liability

Reducing premiums for insurance is important to most vehicle owners, and one of the easiest ways to find cheaper insurance for 20 year old guys is to buy liability only. The illustration below shows the comparison of auto insurance costs when comparing full coverage to liability only. The costs are based on no claims or driving citations, $1,000 deductibles, marital status is single, and no other discounts are factored in.

If averaged for all ages, physical damage coverage costs an additional $1,598 per year over and above liability only. Many drivers will wonder when is the right time to remove full coverage. There is no specific rule to drop full coverage, but there is a general school of thought. If the yearly cost of full coverage is 10% or more of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your vehicle’s book value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $7,000 after paying the physical damage deductible. If premium cost is more than $700 annually for physical damage coverage, then you may need to consider dropping full coverage.

Here’s why price comparisons are so important

Colorado insurance rates are impacted by many factors that control the cost of your policy. Simply turning a year older, getting married, or getting into an accident may cause policy rate changes that can make some companies much cheaper than others.

Not only may your risk profile change, but insurance companies file new Colorado car insurance rates as needed to ensure their profitability. Unexpectedly high claims can cause higher rates, while profitable underwriting can result in cheaper Colorado Springs car insurance rates.

For instance, the graph below shows a variety of companies that have the cheapest car insurance in Colorado Springs, CO for a 45-year-old female driver with a good driving record, no prior claims, and solid credit. When quoting prices based on her current situation, The Hartford may have the cheapest car insurance rates in Colorado Springs at $1,052 a year. This is $526 less than the average rate paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO also make the list of the top five cheapest Colorado Springs, CO auto insurance companies.

Let’s now give the driver in the first chart a claim, bad credit, and a stop sign violation. Because each insurer uses their own formula to determining premium rates, comparing quotes will most likely result in a completely different list of the cheapest car insurance companies in Colorado Springs as shown below.

Travelers now has the cheapest price in Colorado Springs with State Farm, American Family, Progressive, and Amica also having competitive pricing. This example illustrates why it is critical to spend some time comparing rates when trying to find the most affordable insurance quotes for 20 year old guys. Prices are impacted by many different factors and can change substantially, so the most economical option when you bought your policy may now be an over-priced policy.