According to the National Highway Traffic Safety Administration, the U.S. records a car accident every minute, translating into over 5.25 million incidents annually. If you are unfortunate enough to find yourself in an accident, the last thing you’d want to worry about is the expenses involved. And that’s where car insurance providers come in; it cushions you from costly auto accident expenses.
Colorado Springs, Colorado has an average car insurance cost of $2,121 per year. However, some insurers charge much less than this. Let’s look at what makes a car insurance policy good, discuss the factors influencing coverage costs, and highlight some cheap car insurance Colorado Springs providers offer.
What To Look for in a Car Insurance Company
While price is one of the most crucial factors to consider when looking for a good auto insurance coverage policy, there are other equally vital considerations. For instance, sometimes, it may be better to pay a few more dollars for higher-quality coverage. That’s why we think that before you explore cheap car insurance coverages in Colorado Springs, you should first understand what to look for in a good policy provider.
Customer Service
You never know when accidents will strike; they often occur when you least expect them. So, it might help to have an insurance company with an easily accessible customer support desk. Even as you look for cheap car insurance in Colorado, ensure that whatever company you choose offers 24/7 support via phone, email, and online chats in an emergency. Also, research whether they can help you find a rental car or alternative transportation if you can’t drive your car because of an accident.
Financial Stability
As the saying goes, “cheap is expensive,” and this perfectly applies to the insurance sector. Confirm that the provider has enough financial reserves to service insurance claims if the policy rate is low. Otherwise, what good is a cheap but financially unstable insurance company that can’t sort your claims properly and on time?
Customer Satisfaction
What do the insurance company’s clients think of its service delivery? Some providers may filter out negative comments on their official websites, so you might want to confirm with third-party review sites. Find out if the company settles claims on time, responds to support requests promptly, and has clients who would recommend its services to somebody else.
Fast Claims Processing
If you get involved in an accident, the last thing you may want to worry about is lengthy claims processing. The faster the insurance company processes your claims, the sooner you can get your vehicle repaired and settle any other expenses that come with getting you back on the road. Good insurance companies should have automated claims processes, quick approvals, and prompt payouts.
Factors Determining the Prices of Car Insurance Policies
We can’t talk about car care in Colorado without explaining what affects the cost of auto insurance policies. Some of them include:
- Your driving record: If you’ve had accidents or significant traffic violations before, your policy rates will likely be high. Comparatively, good traffic records mean lower premiums.
- Your age: Insurers often believe that older drivers are more careful and less likely to cause accidents. Therefore, as you grow older, you’ll spend less on premiums.
- Your car type: Insurance companies often consider the vehicle’s value when calculating premium rates. They may also look at the probability of theft, availability of spare parts, engine size, and how often you service the car.
- How often you use the car: The more frequently you use your vehicle, the higher its exposure to accidents and the more expensive its policy becomes.
If you drive the vehicle occasionally, the insurance company may label it as a “pleasure drive” and charge you lower rates.
Five Cheap Car Insurance Providers in Colorado Springs
Now that you know what to look for in a good auto insurance provider and the factors influencing car insurance coverages, here are five companies that provide cheap car insurance in Colorado Springs:
1. State Farm Auto Insurance
This insurance company has been around for over 100 years, serving customers throughout the country with an annual coverage rate of $1,100.
State Farm has a rich history of client-centered insurance coverage, offering 24/7 customer support, a straightforward claims process, and customized solutions. It’s the largest auto insurance company in the U.S., with over 19,000 agents countrywide.
2. Nationwide
Nationwide dates back to 1925, making it one of the oldest auto insurance policy providers. It has over 25,000 employees and charges an average of $2,424 annually for complete coverage plans. Last year, the company recorded $52.9 billion in sales, making it financially stable enough to process claims on time.
3. GEICO
The Government Employees Insurance Company (GEICO) charges approximately $3,245 annually for full auto insurance coverage. It has over 40,000 employees and serves customers countrywide. GEICO has 85 years of experience, a 97% customer satisfaction rating, and a solid reputation.
4. Progressive
Progressive is the third-largest insurance company in the U.S., with over $40 billion in annual revenue. It serves 27 million customers countrywide and has been in business since 1936. Like most popular policy providers, it offers 24/7 customer support via phone, email, and chat. It is also famous for its customer-oriented approach to insurance coverage and customization of services and has an annual full-coverage rate of $3,521.
5. Allstate Insurance Company
If you’re looking for cheap car insurance in Colorado Springs but don’t want to compromise on the coverage quality, Allstate Insurance Company is one of your best shots. The provider dates back to 1931, has over 45,000 employees countrywide, and records annual revenues of above $44 billion. It offers 24/7 customer support via phone, email, and online chats.
Above all, always remember that insurance costs are more than the annual or biannual rates. Sometimes, it may actually be worth your money to spend a little more on a better insurance policy. Be wary of insurance companies that have hidden charges on their packages, and always do your research before settling on your preferred insurance company.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
