BestCar InsuranceColoradoThe Best Car Insurance in Colorado Springs, CO, for 2023
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Based on MoneyGeek’s analysis, GEICO is the best auto insurance company in Colorado Springs, Colorado. However, the best option for you may differ depending on your age and background.
MoneyGeek broke down the best insurers for different driver profiles, including young and older drivers, those with driving violations and individuals with a military background.
If you are looking for savings, MoneyGeek also ranked the cheapest car insurance in Colorado Springs.
BestCar InsuranceColoradoThe Best Car Insurance in Colorado
Overall - GEICO
Minimum Coverage - GEICO
Young Drivers - State Farm
Senior Drivers - State Farm
Driving Violations - State Farm
Military - USAA
Best Car Insurance Companies in Colorado Springs: Overall
MoneyGeek scored the best auto insurance providers in Colorado Springs based on average rates, claims ratings and user satisfaction.
The two top-rated companies in the city are:
- GEICO: 86 out of 100
- State Farm: 85 out of 100
USAA received the highest MoneyGeek score in Colorado Springs, with an overall rating of 100 out of 100. However, USAA was excluded from this analysis because it only caters to military members and their eligible family members.
The Top Car Insurance Companies in Colorado Springs
1
GEICOOverall
Score:86
GEICO earned high ratings across all categories, especially in financial stability. It offers unique add-on coverages like mechanical breakdown insurance and accident forgiveness. On average, a full coverage policy from GEICO costs $858 per year.
More About GEICO
GEICO offers mechanical breakdown insurance as an add-on. It covers all parts and systems on new or leased cars less than 15 months old and have less than 15,000 miles.
You can either purchase accident forgiveness or earn it by remaining accident-free for at least five consecutive years. Adding this coverage can ensure that your insurance rate will not increase after your first at-fault accident.
Read MoneyGeek's GEICO auto Insurance Review2
State Farm
Score:85
State Farm performed well across categories, but specifically in financial stability and customer satisfaction. It also has rideshare insurance, which is a unique offering. The average cost of a State Farm full coverage policy is $1,135 per year.
More About State Farm
State Farm allows policyholders to add optional coverages for more protection. For instance, by adding rideshare insurance, the medical, emergency roadside assistance and rental car reimbursement coverage in your personal auto insurance policy remains in effect while working for a ridesharing company like Uber or Lyft.
Read MoneyGeek's State Farm auto Insurance ReviewRESOURCES ON CAR INSURANCE IN COLORADO SPRINGS, COLORADO
MoneyGeek also found the most affordable auto insurance companies to help Colorado Springs drivers who are looking for ways to save money. If you are looking for more information on car insurance in Colorado, MoneyGeek has the following resources:
Best Cheap Car Insurance for Minimum Coverage in Colorado Springs
MoneyGeek found the best insurance companies for Colorado Springs drivers looking for a basic auto insurance policy. The top-rated insurers for a policy that meets the Colorado minimum car insurance coverage requirements are:
- GEICO: 90 out of 100
- State Farm: 84 out of 100
The companies’ scores are based on a blend of different driver backgrounds, including young drivers, senior drivers and those with violations.
MoneyGeek’s Pick: GEICO
pros
A minimum coverage policy costs $354 per year
Discounts for bundling, defensive driving and daytime running lights
MoneyGeek claims rating of 4 out of 5
MoneyGeek user satisfaction rating of 4 out of 5
cons
Does not offer full payment and paperless discounts
COMPANY HIGHLIGHTS
GEICO offers common discounts, such as bundling and safe driving. Homeowners can opt to bundle their auto insurance with homeowners insurance to get a discount. If you have multiple cars, you can also get a discount by insuring more than one. If you remain accident-free for five years, you may also be eligible for a discount.
In addition to common discounts, GEICO also offers rare discounts. For example, you can get discounts for having daytime running lights and always wearing your seatbelt.
Best Car Insurance for Young Drivers in Colorado Springs
The best car insurance companies in Colorado Springs for young drivers are:
- State Farm: 85 out of 100
- GEICO: 80 out of 100
In calculating scores, MoneyGeek considered different policy coverages and driving histories for 18-year-old drivers. It is important to note that car insurance for teens and car insurance for student drivers tend to be more expensive due to their inexperience behind the wheel.
MoneyGeek’s Pick: State Farm
pros
An affordable full coverage policy for a safe driver costs an average of $3,236 per year
Discounts for young drivers, including distant student, good student and driver’s education
MoneyGeek claims rating of 4 out of 5
MoneyGeek user satisfaction rating of 5 out of 5
cons
Does not offer full payment and paperless discounts
COMPANY HIGHLIGHTS
Adding a young driver to your auto insurance policy can be expensive. However, State Farm offers ways to make rates more affordable without compromising service. When choosing a company, it’s important to find one that offers services young drivers and parents can trust.
Moreover, State Farm provides saving opportunities that fit the needs of young drivers. For instance, you can get a discount for a student earning a B average, 3.0 GPA or is in the top 20% of their class. If you are below 21 years old, completing an approved driver’s education course may also help you get a discount.
With State Farm’s roadside assistance coverage, you’re also covered if your car breaks down.
Best Car Insurance for Senior Drivers in Colorado Springs
Based on profiles of senior drivers looking for auto insurance in Colorado Springs, MoneyGeek found the best companies. The top two auto insurance companies are:
- State Farm: 90 out of 100
- Nationwide: 80 out of 100
MoneyGeek calculated scores based on a blend of different policy coverages and driving histories for 70-year-old drivers.
Typically, car insurance for senior drivers is slightly more expensive compared to the cost of insurance for middle-aged drivers.
MoneyGeek’s Pick: State Farm
pros
An affordable full coverage policy for safe drivers costs $1,104 per year on average
Offers defensive driving discount
MoneyGeek claims rating of 4 out of 5
MoneyGeek user satisfaction rating of 5 out of 5
cons
No discounts for seniors
Does not offer unique coverages
COMPANY HIGHLIGHTS
Generally, providers charge more to senior drivers than middle-aged drivers for car insurance. However, State Farm offers high-quality policies at affordable prices.
For instance, senior drivers can get a discount by completing a defensive driving course. Additionally, State Farm policies have most of the common coverages typically offered by insurers. These include roadside assistance and rental car and/or travel reimbursement, which can be valuable in a time of need. That said, the company does not offer any rare coverages.
Best Car Insurance With a Driving Violation in Colorado Springs
Based on MoneyGeek’s research, the best car insurance companies in Colorado Springs for drivers with a violation on record are:
- State Farm: 90 out of 100
- Allstate/GEICO: 78 out of 100
Ratings for this category are based on profiles of drivers with an at-fault accident on their driving records. The scores are a blend of different policy coverages and drivers of different ages.
Typically, car insurance for drivers with a poor driving record can be far more expensive than the cost for individuals without any violations on record.
MoneyGeek’s Pick: State Farm
pros
Affordable full coverage for a 40-year-old driver with an accident on their record costs $1,316 annually
Offers seven out of nine common discounts
MoneyGeek claims rating of 4 out of 5
MoneyGeek user satisfaction rating of 5 out of 5
cons
Does not offer unique coverages
COMPANY HIGHLIGHTS
Drivers who have an accident or violation on their driving record may benefit from auto insurance companies that offer saving opportunities, great service and appropriate coverages.
State Farm does not offer any rare coverages, including new car replacement and better car replacement coverages, which are beneficial to drivers in the event of an accident. That said, the company offers seven out of nine standard discounts. These include bundling, multiple-car, good student, safe driving, anti-theft system, defensive driving and airbag discounts.
Best Car Insurance With a Military Background in Colorado Springs
MoneyGeek found that USAA offers the best blend of affordability and customer satisfaction for military members in Colorado Springs. It earned a MoneyGeek score of 100 out of 100. The score was calculated based on a blend of different driver backgrounds and coverage levels, including young drivers, senior drivers and drivers with violations. USAA policies are only available to former and current military members or their eligible family members.
MoneyGeek’s Pick: USAA
pros
An affordable full coverage policy costs $705 per year for a 40-year-old driver.
Offers five of the most common discounts, including bundling, multiple car and safe driving
MoneyGeek claims rating of 5 out of 5
MoneyGeek user satisfaction rating of 5 out 5
cons
Only offers three of the seven common coverages, missing gap insurance, new car replacement, better car replacement and deductible modification
Only available to military members, veterans and their eligible family members
COMPANY HIGHLIGHTS
For military drivers, USAA is a great option for auto insurance. It consistently gets high ratings for affordability and quality service.
The company only offers three of the seven common add-on coverages. These include roadside assistance, which covers towing, jumpstarting the car’s battery, unlocking the vehicle, changing a flat tire and delivering gasoline. You may also get rental car and/or travel reimbursement coverage that would be helpful if your car needs to be left in the shop for repairs. Another optional coverage is accident forgiveness, which is available to drivers who remain accident-free for five years.
USAA offers five out of the nine common discounts, including bundling, multiple car, good student, safe driving and defensive driving. It also has rarer discounts like loyalty, mileage and legacy discounts.
Methodology
For this analysis, MoneyGeek collected quotes and data from insurance providers in Colorado Springs, Colorado. This information was evaluated to find the best car insurance companies in the city. Scores were based on ratings provided by industry leaders, including AM Best, J.D. Power and the National Association of Insurance Commissioners (NAIC).
Categories were scaled to five points, while the overall rating was scaled to 100 points to generate a composite MoneyGeek score. In finding the best auto insurance companies in Colorado Springs, Colorado, MoneyGeek used the following weightings:
- Affordability (70%): MoneyGeek compared average insurance premiums from companies offering auto insurance in Colorado Springs. Providers were ranked based on affordability, with the cheapest option receiving a perfect score of five out of five.
- Customer and claims satisfaction (20%): MoneyGeek used surveys from J.D. Power to measure customer satisfaction with each company on the basis of claims and service. Both sub-categories were weighted at 10% each.
- Financial stability (10%): MoneyGeek consulted AM Best ratings to find out the financial strength of an insurance provider or its ability to fulfill financial obligations.
MoneyGeek examined different driver profiles to find overall affordability scores. Factors, including age, driving record and coverage levels, were considered. The blend of drivers was changed as necessary to reflect each category.
The full coverage policy used for this analysis has the following limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $100,000 property damage liability.
- Comprehensive and collision coverage with a $1,000 deductible
Visit MoneyGeek’s auto insurance methodology for a more detailed explanation of our data collection, comparison and scoring process.
About Mark Fitzpatrick
