Car Insurance in Colorado Springs

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Here's what you need to know...
  • The Colorado Springs economy relies heavily on the military
  • Drivers in Colorado Springs typically pay $1,438 per year for car insurance
  • If you are searching for insurance coverage, compare rates from multiple companies to find the best deal

Colorado Springs is home to about half a million people in south-central Colorado drivers.

The city sits at the base of Pikes Peak — one of America’s most famous mountains — and encompasses nearly 186 square miles surrounded by prairies, mountains, woodlands, and mineral springs.

The city’s economy relies heavily on the military, with Army and Air Force installations employing over 20 percent of the people living in El Paso County. Colorado Springs is also home to the United States Olympic Committee headquarters and training center.

The residents of Colorado Springs drive for both business and pleasure, and every one of them must meet the minimum requirements for car insurance.

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Colorado Springs Car Insurance Requirements

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All vehicles garaged in Colorado Springs must be covered under adequate auto insurance, as defined by both the city and the state.

Car insurance minimums for Colorado Springs are currently set at 25/50/15, which is the industry notation meaning $25,000 of bodily injury liability coverage per person, $50,000 of bodily injury liability insurance per accident, and $15,000 of property damage liability coverage per accident.

While a 25/50/15 policy meets legal obligations, it might not provide sufficient financial protection in the event of an accident.

Colorado Springs drivers are not required to pay for uninsured or underinsured motorist coverage or medical payments coverage, but professionals do recommend purchasing these insurance options.

Car Insurance Laws Affecting Colorado Springs Drivers

In Colorado Springs, both policyholders and car insurance companies must follow certain laws to form and maintain a binding contract. Some examples of area laws in the Springs are detailed below.

– Uninsured/Underinsured Motorist Protection

Drivers have a right to purchase uninsured or underinsured motorist protection at the same level as their bodily injury liability limits.

This coverage can only be waived with a written rejection.

– Medical Payments Coverage

Colorado insurers must offer at least $5,000 in medical payments coverage, which is automatically applied to the policy unless the policy owner opts out in writing.

– Collision Coverage

Collision coverage pays to repair or replace vehicles that are hit by other vehicles or objects. In Colorado Springs, collision coverage must be offered to prospective policy owners, but it is not a state car insurance requirement and can be waived.

– Rental Car and Towing Coverage

Insurance companies are not required to offer rental car reimbursement or towing/labor coverage. If these options are offered, buyers are not required to accept them.

– Use of Gender in the Application Process

Colorado Springs and the State of Colorado permit gender to be used as a basis for determining auto insurance rates. Since males statistically have more accidents in females, male drivers typically pay higher premiums than female drivers.

– Discounts for Seniors

Colorado Springs drivers aged 55 and over are eligible for a three-year rate reduction under state law.

The drivers must pass a driving course approved by the Department of Motor Vehicles and Public Safety. The discount stays in effect as long as the insured individual maintains a clean driving record.

– Cancellation

Insurance companies can cancel policies under one of the following conditions only:

  • The required premiums have not been paid by the due date (Colorado law does not offer any grace period)
  • One or more drivers listed on the policy have had their licenses suspended or revoked
  • The insured knowingly falsifies a claim
  • The insured knowingly falsifies information presented on the application for insurance

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Car Insurance Companies Serving the Area

Colorado Springs and the surrounding suburbs are home to a number of options. Major carriers include Allstate, State Farm, American Family, Safeco, Travelers, Northwestern Mutual, Geico, and Farmers Union Insurance.

Due to the wide range of insurance offerings, many shoppers choose to narrow the competition to a manageable level. The most popular option for distinguishing one insurance company from another is to obtain comparison car insurance quotes for a number of companies.

Even consumers who buy their car insurance policies online can ask for the advice of a local agent.

The city of Colorado Springs hosts a number of regional and national insurance agencies. Some agencies exclusively sell the products of a particular insurance company, while others act as brokers for multiple insurers.

The agent may choose to focus on car insurance only or integrate auto, home, farm, ranch, commercial, life, and health insurance into one protection package.

Popular Colorado Springs car insurance agencies include the Insurance Centers of America, Lohman Insurance Agency, GD Mitchell Insurance, and George Insurance Agency. If they have elected to participate in the program, these agencies may provide free car insurance quotes to interested customers.

Average Car Insurance Rates in Colorado Springs

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The Colorado Springs and El Paso County car insurance rates are only slightly higher than national averages.

Drivers in Colorado Springs typically pay $1,438 per year versus the $1,080 annual rate for average Colorado rates for car insurance.

According to the Rocky Mountain Insurance Information Association, the cost to insure a vehicle in Colorado Springs had dropped approximately 30 percent between 2003 and 2007.

Drivers in Colorado Springs typically pay less than their counterparts in Denver or Pueblo but more than people living in Fort Collins or Grand Junction.

The Colorado Department of Regulatory Agencies reports the following statistics to educate consumers about car insurance rates:

  • Drivers under age 25 pay more for auto insurance than older drivers.
  • Men typically pay higher premiums than women.
  • Married couples tend to have fewer claims, and therefore lower premiums, than single drivers.
  • Drivers who have long commutes and use their vehicles frequently pay higher rates than low-mileage drivers.
  • Policy pricing increases for drivers who have had traffic violations and at-fault accidents within the previous five years.
  • People who drive an automobile with frequent claims statistics or expensive claim repairs are charged higher rates. The claims numbers can relate to the individual driver or to the vehicle make and model as a whole.

Additional Facts About Driving in Colorado Springs

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Colorado Springs is home to some of the busiest roadways in the state, including Interstate 25, which is used for local residential and commercial traffic, north-south travel within Colorado, and interstate travel from Wyoming to New Mexico.

The Colorado Department of Transportation reports that congested roadways cost Colorado Springs travelers $460 per year in wasted time and fuel.

One reason for higher car insurance rates in Colorado Springs may be the increase in auto thefts.

In 2010, the city had nearly 244 vehicle thefts per 100,000 people, up from 214 in 2009. This number rests between the Pueblo’s 319 crimes per 100,000 people and Boulder’s 100 crimes per 100,000.

These statistics had been collected by the National Insurance Crime Bureau, a non-profit agency that partners with insurance companies and police departments to identify, detect, and prosecute insurance-related criminals.

Compare Car Insurance Quotes

Overall, getting affordable car insurance in Colorado Springs is quick and hassle-free. It is also the law.

After learning about the different auto insurance options, the next step is to start a free car insurance quote and compare companies.

By completing a simple online form, you avoid the frustration and wasted time of calling five, 10, or 15 insurance companies one by one. Instead, you enter the data once and then each carrier has the opportunity to quote a price and earn your business.

Get started on your FREE car insurance comparison now, and you could have the auto protection you need by the end of the day.

FREE Car Insurance Comparison

Compare quotes from the top car insurance companies and save!

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