Smart shoppers know that auto insurance companies want to keep you from comparing prices. Consumers who compare rates at least once a year are likely to switch to a new company because there is a great chance of finding a more affordable policy. A recent car insurance study discovered that people who routinely compared rates saved on average $72 a month compared to drivers who never shopped for cheaper rates.
If finding the cheapest rates on insurance is the reason you’re here, then having a good understanding how to find companies and compare auto insurance can save money and time.
The recommended way to find cheaper auto insurance rates in Colorado Springs is to annually compare prices from different companies that sell auto insurance in Colorado. Price quotes can be compared by following these steps.
- Step 1: Gain an understanding of auto insurance and the things you can control to prevent high rates. Many factors that cause rate increases such as accidents, traffic tickets, and your credit history can be remedied by making lifestyle changes or driving safer. Read the full article for additional ideas to keep prices down and get additional discounts that may be available.
- Step 2: Request rate estimates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like GEICO and State Farm, while agents who are independent can provide prices for a wide range of insurance providers.
- Step 3: Compare the new rate quotes to your existing rates and see if you can save money. If you find a lower rate quote and decide to switch, make sure coverage does not lapse between policies.
- Step 4: Notify your agent or company to cancel the current policy and submit a down payment and signed policy application for your new coverage. As soon as you can, store the proof of insurance paperwork in an easily accessible location in your vehicle.
One key aspect when comparing rates is to try to use identical coverage information on each price quote and and to get quotes from as many auto insurance providers as possible. Doing this ensures an apples-to-apples comparison and the best price selection.
This article’s goal is to introduce you to how to compare rates easily and how to save the most money. If you have a policy now, you should be able to shop for the lowest rates using these methods. But Colorado vehicle owners should learn the way insurance companies sell online because it can help you find the best coverage.
To find cheaper rates, there are a couple of ways of comparing price quotes from companies that offer auto insurance in Colorado. The easiest way by far to find the lowest Lincoln MKX rates involves getting comparison quotes online.
It’s so simple to compare auto insurance quotes online takes the place of having to go to different Colorado Springs agent offices. Shopping for auto insurance online makes this unnecessary unless you want the personal advice that only a licensed agent can provide. If you prefer, some companies allow you to comparison shop online and still use a local agent.
When quoting auto insurance, remember that comparing a large number of companies gives you a better chance of getting better pricing. Some smaller insurers do not give online price quotes, so you also need to get price estimates from the smaller companies as well.
The auto insurance companies shown below have been selected to offer price quotes in Colorado Springs, CO. If your goal is to find the best car insurance in Colorado Springs, we suggest you get price quotes from several of them in order to find the most competitive rates.
Coverage statistics and figures
The premium information below showcases detailed analysis of insurance policy prices for Lincoln MKX models. Understanding how insurance policy premiums are figured can assist in making smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MKX 2WD | $212 | $492 | $456 | $28 | $136 | $1,324 | $110 |
| MKX AWD | $240 | $492 | $456 | $28 | $136 | $1,352 | $113 |
| Get Your Own Custom Quote Go | |||||||
Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Rates do not factor in your specific Colorado Springs location which can change prices noticeably.
Accidents and violations increase rates
The example below highlights how speeding tickets and accident claims drive up Lincoln MKX insurance premiums for different age groups. The costs are based on a married male driver, full coverage, $250 deductibles, and no discounts are factored in.
Six Tips to Get Cheaper Colorado Springs Insurance Premiums
When buying auto insurance it’s important to understand a few of the rating criteria that aid in calculating the price you pay for auto insurance. If you understand what determines base rates, this allows you to make good choices that may result in lower premium levels.
Shown below are some of the major factors auto insurance companies consider when setting prices.
- Prices may be higher where you live – Having an address in smaller towns and rural areas of the country can be a good thing if you are looking for the lowest rates. Less people means reduced accidents and also fewer theft and vandalism claims. Urban drivers tend to have much more traffic and higher rates of accident claims. More time on the road means a statistically higher chance of an accident.
- How much liability protection do you need? – The liability section of your policy kicks in if a court rules you are at fault for damages caused by your negligence. Your liability coverage provides you with a defense in court up to the limits shown on your policy. Liability is cheap compared to comp and collision, so do not cut corners here.
- More than one policy can earn a discount – Many companies give discounts to customers who buy several policies from them in the form of a multi-policy discount. Discounts can add up to ten or even fifteen percent. Even if you already get this discount, drivers will still want to check prices from other companies to help ensure you have the lowest rates. You may still be able to save even more than the discount even if you insure with multiple companies
- Know your vehicle’s crash test rating – Cars with five star safety ratings tend to have lower insurance rates. Vehicles built for safety reduce injuries and any reduction in injury severity means lower claim amounts passed on to you as lower rates.
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Which gender costs less? – Statistics show that females tend to be a little less risky than males. However, don’t assume that males are worse at driving than females. Both sexes have accidents at about the same rate, but the male of the species get into accidents with more damage. Not only that, but men also get higher numbers of serious violations like reckless driving and DUI.
The chart below shows the difference between Lincoln MKX car insurance rates for male and female drivers. The premium estimates are based on no violations or accidents, full coverage, $250 deductibles, single marital status, and no additional discounts are factored in.
- Always keep your auto insurance policy in force – Driving with no insurance is not a good idea and auto insurance companies will penalize you for letting your insurance lapse. And not only will your rates increase, getting caught without coverage could result in a license revocation or jail time. You could then be forced to prove you have insurance by filing a SR-22 with the Colorado motor vehicle department to get your license reinstated.
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Loss probability for a Lincoln MKX – Insurers use claims history to help determine the price you pay. Vehicles that statistically have a higher amount or frequency of claims will cost more for specific coverages. The next table shows the historical loss data for Lincoln MKX vehicles.
For each coverage category, the loss probability for all vehicles, as an average, is represented as 100. Percentage values below 100 suggest losses that are better than average, while percentages above 100 indicate more frequent claims or an increased likelihood of larger losses.
Lincoln MKX Insurance Loss Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lincoln MKX 4dr 2WD 77 80 67 66 81 78 Lincoln MKX 4dr 4WD 86 91 92 76 79 87 BETTERAVERAGEWORSEStatistics from IIHS.org for 2013-2015 Model Years
Three reasons car insurance is important
Despite the potentially high cost of Lincoln MKX insurance, car insurance may be mandatory for several reasons.
- The majority of states have minimum liability requirements which means state laws require a specific minimum amount of liability coverage if you don’t want to risk a ticket. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If your Lincoln has a loan, most banks will require that you have comprehensive coverage to guarantee payment of the loan. If the policy lapses, the lender will be forced to insure your Lincoln for a much higher rate and force you to reimburse them the higher price.
- Car insurance protects your car and your assets. Insurance will also pay for medical transport and hospital expenses for both you and anyone you injure as the result of an accident. One policy coverage, liability insurance, also covers legal expenses in the event you are sued. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will cover the repair costs.
The benefits of carrying enough insurance are without a doubt worth the cost, specifically if you ever have a liability claim. Today the average American driver is overpaying over $825 a year so you should quote rates at every renewal to ensure rates are competitive.