The Cheapest Auto Insurance in Colorado Springs in 2024

Getting your car from the garage to the Garden of the Gods in Colorado Springs risks accidents from weather, wildlife, and reckless drivers, but you don’t need to pan for gold to afford a reliable policy.

Colorado Springs drivers pay an average of $155 per month for car insurance, according to Compare.com data, with State Farm coming in as the cheapest car insurance company, with $80 average monthly premiums.

Let’s review which insurers are offering the cheapest rates in “The Springs” and how you can find the cheapest car insurance rates available.

Key Takeaways:

• State Farm is the cheapest insurer in all categories, according to our analysis.
• American Family has slightly higher rates but better customer service.
• Colorado Springs drivers face license suspensions for driving without insurance.

In This Article:

• Average Price for Car Insurance in Colorado Springs
• Cheapest Colorado Springs Car Insurance Companies
• Best Colorado Springs Car Insurance Companies of 2024
• Colorado Springs Rate Breakdowns by Driver and Coverage Type
• Colorado Auto Insurance Requirements
• Frequently Asked Questions

How Much Is Car Insurance in Colorado Springs?

The average monthly cost of car insurance in Colorado Springs is $155, but that doesn’t mean that’s how much you’ll pay for auto insurance. Your driving record, marital status, credit history, and ZIP code help determine your personalized rate.

Dozens of companies offer auto insurance coverage in Colorado Springs. Let’s highlight the top five companies offering the cheapest average auto insurance rates.

Colorado Springs’s Cheapest Car Insurance Companies

You won’t necessarily have to pay the city average of $155 for an auto policy. If you’re an experienced driver with a great driving record, you might pay a lot less. On the flip side, if you have a history of tickets and accidents or just recently got your license, your monthly rates could be much higher than $155.

At the end of the day, shopping around and comparing multiple quotes is the best way to find the savings you want without sacrificing the coverage, insurance products, and customer service you need.

The table below highlights the five insurers with the cheapest average rates in Colorado Springs.

State Farm offers the lowest rates, with average premiums coming in at $80 per month. But these are just broad averages. A better estimate of what you’ll end up paying for car insurance depends on rates from drivers like you.

Next, let’s look at how the top companies in Colorado Springs compare, then dive deeper into other coverage categories.

Top 3 Best Colorado Springs Insurance Companies of 2024

The insurance market is loaded with companies that want to gain new customers. That’s good news for you — after all, competition brings lower rates and more incentives. No single insurance company is the best for everyone. At the end of the day, you need to find the insurance company that best meets your needs and budget.

The three companies below were chosen as our top picks for Colorado Springs car insurance based on a combination of average rates, available discounts and coverages, and reviews from real customers.

Best rates: State Farm

• Average premium: $54 per month
• Compare.com rating: 4.90 out of 5

Pros

• Significant industry experience
• Cheapest average rates in Colorado Springs

Cons

• High number of National Association of Insurance Commissioners (NAIC) complaints
• Recently lowered financial strength

State Farm has the largest market share in the auto insurance industry, according to AM Best, and more than 100 years of insurance experience. It also offers some of the lowest rates in Colorado Springs for many driver types, including liability and full-coverage.

Unfortunately, AM Best recently downgraded its financial strength rating, which means a decreased level of confidence in State Farm’s ability to pay out claims. Additionally, the company’s number of NAIC complaints is higher in Colorado than in most states.

Best perks: USAA

• Average premium: $69 per month
• Compare.com rating: 4.91 out of 5

Pros

• Dozens of member perks
• Caters to military needs

Cons

• Membership required
• Limited coverage options

Like State Farm, USAA offers competitive rates for drivers in Colorado Springs. The insurer also provides multiple discount opportunities for drivers to save even more. USAA is a membership-based company that only qualified military members and their families can use, so a large number of Colorado Springs residents, unfortunately, can’t become policyholders. USAA membership has dozens of perks, including discounts on shopping, dining, and traveling. But the company’s auto insurance coverages aren’t as extensive as some competitors.

Best customer service: American Family

• Average premium: $74 per month
• Compare.com rating: 4.98 out of 5

Pros

• No NAIC complaints in Colorado
• Multiple available discounts

Cons

• Must work through a local agent
• Higher rates than competitors

Filing an insurance claim is rarely enjoyable, but a good customer service team can make the experience as positive as possible. American Family is nearly a century old and has served more than 12 million customers. The company won customer satisfaction awards from J.D. Power, has no NAIC complaints in Colorado, and boasts a 4.7 out of 5 rating from users on Trustpilot. With multiple discounts, American Family Insurance prioritizes its customers’ happiness.

Cheapest Company for Liability Insurance: State Farm

The coverage levels you choose directly affect your rates — the more coverage you have, the more you’ll spend. Liability coverage that’s limited to the state’s minimum coverage requirements is always the cheapest policy available because it covers only the injuries or damages you cause another person or piece of property.

This table shows which companies offer the cheapest average liability rates in Colorado Springs.

State Farm has the lowest average monthly premium, at $54, according to our analysis. But keep in mind that liability coverage only protects others, not yourself.

With that in mind, let’s look at how much it costs to protect your own property with a full-coverage policy.

Cheapest Company for Full-Coverage Insurance: State Farm

“Full-coverage” policies are optional. These policies pay for damages to your car, which is why they cost more than liability coverage. Most full-coverage policies include comprehensive and collision insurance, but others may include coverage options like medical payments coverage or roadside assistance.

This table shows the companies with the most competitive average rates for full-coverage insurance in Colorado Springs.

State Farm has the lowest average rate, at $105 per month, but your car insurance premiums could be higher or lower depending on your unique circumstances.

Compare Colorado Springs Auto Insurance Rates by Driving Record

Mistakes cost money. DUIs, at-fault accidents, and speeding tickets have a substantial effect on your car insurance rates. Insurance companies review your driving record when setting your premium, and good drivers with clean records get lower rates. On the flip side, high-risk drivers with less-than-perfect records pay more.

The table below shows how rates increase based on dangerous driving habits, as well as which insurer offers the cheapest rates to Colorado Springs drivers with different driving records.

Let’s look closer at each of these traffic violations and why they cause rate increases.

Cheapest car insurance in Colorado Springs after a ticket: State Farm

Speeding can cause car accidents. When you get a ticket for speeding, it tells your insurance company that you were driving irresponsibly, which leads to an increase in your auto insurance rates.

Nationwide, average rates increase by 31% when you get a single speeding ticket, according to Compare.com data, but you can still find a good deal if you know where to look.

In Colorado Springs, State Farm offers the cheapest car insurance rates for drivers with speeding tickets, with an average premium of $54 per month.

Cheapest car insurance in Colorado Springs after an accident: State Farm

If you cause an accident, your insurance company will typically pay for the damage you cause. But that also means your insurer will charge you more the next time you renew your policy. The average driver experiences a rate increase of 34% after a single at-fault accident, according to Compare.com data. Still, some companies offer competitive rates to drivers with a recent accident.

State Farm offers the lowest average rate for Colorado Springs drivers who’ve caused a car accident, at $70 per month.

Cheapest car insurance in Colorado Springs after a DUI: State Farm

A DUI is a serious traffic violation — and serious violations mean substantially higher rates. In fact, the average driver sees their rates increase by an average of 50% after a DUI, according to Compare.com data.

State Farm has the cheapest average rate, at $85 per month. Cheap car insurance with a DUI is available, but expect to pay a lot more than a driver with a clean record does.

Colorado Auto Insurance Requirements

Colorado state law requires all drivers to have proof of insurance to legally drive in the state. Every driver must have a policy that has at least these liability coverage limits:

• $25,000 of bodily injury liability coverage per person
• $50,000 of bodily injury liability coverage per accident
• $15,000 of property damage liability coverage per accident

These required coverage limits protect drivers, passengers, and vehicles you may hit in a car accident. You can buy extra insurance if you’d like to protect your own vehicle.

Compare Colorado Springs Auto Insurance Rates by Age

Age isn’t just a number in the eyes of your insurance company. Young drivers, especially teens, experience more car accidents than older adults. In fact, teen drivers have a substantially higher risk of fatal car crashes than 35-year-old drivers, according to research from the Insurance Institute for Highway Safety (IIHS).

But getting older brings both experience and savings — your rates will decrease year after year as you reach middle age, but they might increase slightly in your senior years. Another study from IIHS proved that older drivers are more involved in specific crashes, like yielding the right-of-way, so they often pay a little more.

The table below shows how Colorado Springs’s average monthly premiums start high and decrease with age. It also highlights the cheapest insurers for different age groups.

Let’s break down the two age groups at opposite ends of the rate range: teens and seniors.

Cheapest car insurance for Colorado Springs teens: State Farm

Any family with teen drivers at home knows that young drivers are the most expensive drivers to insure. The IIHS says that teens experience crashes at a rate four times that of drivers over the age of 19.

Still, teen drivers and their parents can find great rates if they know where to look. State Farm offers the cheapest car insurance for teens in Colorado Springs, with average rates of $93 per month.

Cheapest car insurance for Colorado Springs seniors: State Farm

Drivers approaching retirement age qualify for some of the cheapest rates possible. That’s because they’re typically more cautious and drive less. The IIHS found that senior drivers limit their time on the road more than other age groups, which also means they may buy insurance policies with less coverage than middle-aged adults might.

In Colorado Springs, State Farm offers the cheapest car insurance for seniors, with average rates around $36 per month for drivers in their 60s and 70s.

How to Get Cheaper Car Insurance in Colorado Springs

Don’t assume that your car insurance rates are set in stone. Whether you’re currently paying more or less than the Colorado state average, you have plenty of ways to get cheaper car insurance in Colorado Springs. Use these tips from the Insurance Information Institute to lower your rate.

1. Ask your insurance company about what discounts you’re eligible for.
2. Bundle your auto insurance with your homeowners policy.
3. Keep your credit score as high as possible.
4. Consider paying a higher deductible to lower your premiums (if you can afford the extra cost when filing a claim).
5. Research insurance costs for different vehicles before you purchase a new car.
6. Compare quotes from multiple companies each year to find the lowest rate.

Colorado Springs Auto Insurance FAQs

Check out these answers to commonly asked questions to get more information about car insurance policies in Colorado Springs.

Which company has the cheapest car insurance in Colorado Springs?

State Farm has the cheapest car insurance averages in Colorado Springs, according to our research. But State Farm doesn’t have the best rates for every driver, so it’s worth shopping around before you buy your next policy.

How much is car insurance in Colorado Springs?

Colorado Springs car insurance costs $155 per month on average, according to Compare.com data. But you can still find lower rates, especially when you qualify for discounts, bundle multiple insurance products, and keep a clean driving record.

How much car insurance does Colorado require?

Colorado law requires all drivers to maintain $25,000 of bodily injury liability insurance per person, $50,000 of bodily injury liability insurance per accident, and $15,000 of property damage liability insurance.

What happens if you get caught driving without insurance in Colorado Springs?

If authorities catch you driving without insurance in Colorado Springs, the state will typically suspend your license and likely require you to file an SR-22 to reinstate it.

What is the cheapest full-coverage car insurance in Colorado?

State Farm has the cheapest full-coverage car insurance in Colorado, at $105 per month, according to Compare.com data. Adding or removing optional coverages could increase or decrease this rate.

Data Methodology:

Data scientists at Compare.com analyzed more than 50 million real-time auto insurance quotes from more than 75 partner insurers in order to compile the rates and statistics seen in this article. Compare.com’s auto insurance data includes coverage analysis and details on drivers’ vehicles, driving records, insurance histories, and demographic information.

All the rates listed in this article have been collected from a combination of real Compare.com quotes and external insurance rate data gathered in collaboration with Quadrant Information Services. Compare.com uses these observations to provide readers with insights into how auto insurance companies determine their premiums.

Sources:

1. NAIC, “Results by State,” accessed May 2, 2024.
2. Colorado Department of Revenue, “Auto Insurance,” accessed May 2, 2024.
3. Colorado General Assembly, “Mandatory Automobile Insurance in Colorado,” accessed May 2, 2024.
4. Insurance Information Institute, “Nine ways to lower your auto insurance costs,” accessed May 2, 2024.
5. Insurance Institute for Highway Safety, “Older Drivers,” accessed May 2, 2024.
6. Insurance Institute for Highway Safety, “Teenagers,” accessed May 2, 2024.
7. Trustpilot, “American Family Insurance,” accessed May 2, 2024.
8. NAIC, “Results by State,” accessed May 2, 2024.
9. J.D. Power, “P&C Insurers Up Their Digital Games to Attract Rising Tide of Shoppers, but Miss on Account Servicing, J.D. Power Finds,” accessed May 2, 2024.
10. Insurance Journal, “AM Best Downgrades Ratings of State Farm General,” accessed May 2, 2024.
11. AM Best, “AM Best Revises Outlooks to Negative for State Farm Mutual Automobile Insurance Company and Certain Subsidiaries,” accessed May 2, 2024.