It would sure make life easier if we could simply give you the name of the one company that has the lowest rates in Colorado. It’s not that easy, however, as there are a ton of unknown elements such as if you own a home, where you live in Colorado Springs, and the amount of liability coverage you want. This article goes into detail about the best ways to save on auto insurance and will hopefully give you a good start in finding the cheapest insurance in Colorado Springs.
The make and model of vehicle on the policy is one of the main factors when quoting the best auto insurance for teenage males. Vehicles with high performance features, poor safety features, or an increased likelihood of liability claims will cost much more to insure than more modest models.
The information below shows insurance costs for a selection of the most cost-effective automobiles to insure in Colorado.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $4,987 |
| Ford Escape Limited 2WD | $4,994 |
| Ford F-150 XL Regular Cab 2WD | $5,157 |
| Toyota Prius | $5,361 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $5,533 |
| Toyota Tacoma 4WD | $5,542 |
| Dodge Grand Caravan SE | $5,533 |
| Volkswagen Jetta SE 2.5 Station Wagon | $5,683 |
| Ford Edge Limited 2WD | $5,802 |
| Chevrolet Malibu LS | $5,855 |
| Chevrolet Equinox LS 2WD | $5,861 |
| Toyota RAV4 Sport 4WD | $5,855 |
| Nissan Altima 2.5 4-Dr Sedan | $5,863 |
| Ford Explorer Eddie Bauer AWD | $5,907 |
| Hyundai Elantra SE 4-Dr Sedan | $6,176 |
| Compare Cheap Rates Go | |
Data based on single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, and claim-free. Prices do not factor in zip code location which can raise or lower premiums considerably.
Looking at the rates, cars like the Honda CR-V, Ford Escape, Ford F-150, and Toyota Prius are most likely to be a few of the most affordable vehicles to insure for teen boys. The price for an auto insurance policy will tend to be more expensive anyway just due to the fact that there is more claim exposure for teenage males, but in general those makes and models will probably have the lowest insurance rates compared to other types of vehicles.
Shopping around for low-priced car insurance is not the easiest thing to do, and finding out which company offers the best car insurance rates for teenage males will involve more quotes for comparison. Each auto insurer uses a different method for setting rates, so let’s begin by examining the car insurance companies with the overall cheapest rates in Colorado.
It’s important to understand that Colorado Springs car insurance rates are based on many factors that can increase the cost of coverage. Things like having a birthday, buying a different vehicle, or getting a ticket for running a stop sign can trigger changes in premium that can cause some rates to be higher-priced than the competition.
Find Cheaper Auto Insurance for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $850 |
| 2 | Grange | $987 |
| 3 | USAA | $1,039 |
| 4 | Nationwide | $1,143 |
| 5 | GEICO | $1,176 |
| 6 | Auto-Owners | $1,192 |
| 7 | Travelers | $1,207 |
| 8 | State Farm | $1,209 |
| 9 | American Family | $1,262 |
| 10 | Progressive | $1,362 |
| 11 | Amica | $1,381 |
| 12 | Allied | $1,453 |
| 13 | California Casualty | $1,502 |
| 14 | Colorado Farm Bureau | $1,576 |
| 15 | Farmers | $1,613 |
| 16 | MetLife | $1,885 |
| 17 | Allstate | $1,994 |
| 18 | Encompass | $2,187 |
| 19 | Safeco | $2,472 |
| 20 | Titan | $2,657 |
| View More Rates Go | ||
The Hartford generally has some of the most affordable car insurance rates in Colorado Springs at around $850 annually. Grange, USAA, Nationwide, and GEICO also are some of the more affordable Colorado Springs, CO auto insurance companies.
As depicted above, if you are insured with USAA and switched to The Hartford, you may see savings of in the neighborhood of $189. Colorado drivers with Nationwide might save as much as $293 a year, and GEICO insureds might lower prices by $326 a year.
Bear in mind that those rates are averages across all drivers and vehicles in Colorado and and are not calculated with a specific vehicle garaging location for teenage males. So the auto insurance company that can offer you the lowest price may not even be in the top 21 companies in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
Responsible drivers pay cheaper car insurance rates
The obvious way to maintain good car insurance premiums in Colorado Springs for teen boys is to drive attentively and avoid accidents and traffic violations. The illustration below illustrates how traffic citations and accidents can raise annual premium costs for different ages of insureds. The premiums are based on a single female driver, comp and collision included, $250 deductibles, and no discounts are applied.
The data in the chart shows the average cost of car insurance per year with no violations or accidents is $1,754. Get one speeding ticket and the average cost hikes up to $1,986, an increase of $233 each year. Now add in one accident along with the one speeding ticket and the annual cost of car insurance for teenage males jumps again to an average of $2,638. That’s an increase of $884, or $74 per month, just for being a less-than-perfect driver!
The information below shows how different deductible levels can influence premium costs when searching for cheap insurance for teenage males. The premium estimates are based on a married female driver, comp and collision included, and no additional discounts are factored in.
In the chart above, a 50-year-old driver could lower their car insurance rates by $240 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $362 by switching to a $1,000 deductible. Youthful drivers, like the Age 20 category, could potentially save $594 each year by using higher deductibles when buying full coverage.
When increasing deductibles, it is important to have enough savings set aside to be able to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Full coverage versus liability-only in Colorado Springs
Finding cheaper car insurance is important to most drivers, and one way to find cheap insurance for teenage males is to not buy full coverage. The example below visualizes the comparison of annual premium costs with full physical damage coverage and with liability coverage only. The premiums assume no tickets, no at-fault accidents, $100 deductibles, drivers are single, and no discounts are taken into consideration.
If the expense is averaged for all age categories, comp and collision coverage costs $2,013 per year more than just buying liability insurance. That proposes the question if physical damage coverage is worth the money. There isn’t a written rule that works best for making the decision to drop comp and collision coverage, but there is a broad guideline. If the annual cost of coverage is more than about 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.
There are some situations where removing full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.