Average car insurance cost in Colorado Springs, CO

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

Based on an analysis by Insure.com, the typical car insurance expense in Colorado Springs, Colorado is $2,349 annually. Furthermore, car insurance premiums in Colorado Springs are $12 more than compared to the state average in Colorado and $454 more than the national average.

Car insurance premiums differ widely depending on the location, city demographics, population density, average resident age, accident rates, and theft and vandalism.

This article looks at the most affordable car insurance companies in Colorado Springs, the average car insurance rates by age and gender, and the costs in Colorado Springs based on coverage limits.

Whether you’re a new or experienced driver, this article will guide you in finding the most affordable car insurance in Colorado Springs. Keep reading to learn more.

Cheap car insurance companies in Colorado Springs

Geico offers the cheapest car insurance in Colorado Springs, at an average of $1,608 per year with full coverage limits of 100/300/100.

The second cheapest company in Colorado Springs is State Farm, offering car insurance rates at $2,049 per year.

As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Colorado Springs before deciding on the policy that matches your requirements.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Colorado Springs, Colorado:

Read about the best car insurance companies.

Average car insurance cost in Colorado Springs by coverage limits

The average car insurance rates in Colorado Springs by coverage type are as follows:

• State minimum coverage: $510 per year (limits of 25/50/25)
• Liability-only coverage: $794 per year (limits of 50/100/50)
• Full coverage: $2,349 per year (limits of 100/300/100)
• Non-owners coverage: $316 per year

In many states, drivers are legally required to maintain state minimum coverage. However, these requirements vary by state. However, the state minimum coverage does not protect vehicles listed on your policy in an at-fault accident.

It’s advisable to choose full coverage to avoid the risk of inadequate coverage and out-of-pocket expenses. You can also choose non-owners coverage if you often borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Colorado Springs

Based on an analysis by Insure.com, female drivers in Colorado Springs, Colorado pay an average annual car insurance premium of $2,330. In comparison, male drivers pay $2,368 annually, which is $38 more than what female drivers pay.

According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Colorado Springs

In Colorado Springs, car insurance rates are the highest for teens, at $6,004 per year or $500 per month. The rates are higher for teenagers (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road, according to the Insurance Information Institute. There are driving laws for teens to help them drive better. Also, teen insurance rates can be lowered by adding teens to a parent’s auto insurance policy.

Car insurance rates are bound to decrease as teens grow older and earn a good driving record. Young adults pay $3,710 per year for their car insurance which is $2,294 less than what the teens pay for their insurance policy.

The car insurance rates in Colorado Springs for adult and senior drivers are $2,455 and $2,485 per year respectively.

The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below depicts the average annual rates for drivers of different age groups:

Car insurance rate trends in Colorado Springs

Examining the trends in car insurance rates in Colorado Springs, Colorado, there was an upward trend from 2022 to 2023. Between 2022 and 2023, rates increase overall by 8% or $178.

The table below illustrates the trend over the three years:

Conclusion

In conclusion, Colorado Springs’s car insurance rates are higher than the average insurance rates in Colorado. Drivers in Colorado Springs can find affordable car insurance options by shopping around and taking advantage of available discounts. Moreover, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

 . .

Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.