By: Ishan Mukhopadhyay Sep. 25, 2018

In a recent analysis of car insurance policies for Colorado Springs, CO, Raltin found that the cheapest premium of $300 is paid by 68-year-old married female drivers. On the other hand, the most expensive premiums are paid by 21-year-old single male drivers, starting at $739. For this analysis, Raltin used data published by the Colorado Department of Regulatory Agencies Division of Insurance.

The vehicle chosen for the study is a 2012 Ford Fusion S FWD, 2.5 liter Duratec L4 Engine, 6-speed car. The comprehensive collision deductible chosen is $500. The underinsured motorist per occurrence limit chosen is $50,000/$100,000/$300,000. The uninsured motorist per person limit chosen is $25,000/$50,000/$100,000. The property damage limit chosen is $15,000, and the bodily injury per occurrence limit chose is $50,000/$100,000/$300,000. The bodily injury per person limit chosen is $25,000/$50,000/$100,000. All the driver segments analyzed had a driving record of no accidents or traffic convictions in the past 3 years, driving 10-15 miles to work each way.

35-year-old married male drivers: The cheapest premium for this cohort starts from $322, offered by Privilege Underwriters Reciprocal Exchange, and the most expensive premium is offered by LM General Insurance Company, at $3763. The difference between the 75th and 25th percentiles of premium rates is $448 (55.38%).

68-year-old married female drivers: As mentioned above, this driver group pays the cheapest minimum premium among all the segments. Privilege Underwriters Reciprocal Exchange offers the cheapest premium of $300 for this cohort. The median premium is offered by Liberty Insurance Corporation at $880.

21-year-old single men: Once again, Privilege Underwriters Reciprocal Exchange offers the cheapest insurance premium ($739) for 21-year-old single men. The median premium of $1,841 is offered by Bristol West Insurance Company. The difference between the 75th and 25th percentiles of premiums is the highest for this cohort among all cohorts, at $976 (67.13%).

21-year-old single women: As with all the other cohorts, Privilege Underwriters Reciprocal Exchange offers the cheapest premium for 21-year-old single women at $596. The most expensive premium is offered by LM General Insurance Company, at $6,175. Response Insurance Company offers the median premium rate, at $1,650.

The following chart presents a comparison of prices for each cohort.

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CohortCheapest Car Insurance Companies in Colorado Springs, COMost Expensive Car Insurance Companies in Colorado Springs, COMedian Car Insurance Companies in Colorado Springs, CO25th Percentile of Car Insurance Premiums in Colorado Springs, CO75th Percentile of Car Insurance Premiums in Colorado Springs, CODollar Difference between the 75th and 25th PercentilesPercentage Difference between the 75th and 25th Percentiles
35-year-old married menPrivilege Underwriters Reciprocal Exchange ($322)LM General Insurance Company ($3,763)Hartford Fire Insurance Company ($986)Unitrin Auto and Home Insurance Company ($809)Pacific Ind Co ($1,257)$44855.38%
68-year-old married womenPrivilege Underwriters Reciprocal Exchange ($300)LM General Insurance Company ($3,367)Liberty Insurance Corporation ($880)California Casualty Indemnity Exchange ($698)Farmers Alliance Mutual Insurance Company ($1,085)$38755.44%
21-year-old single menPrivilege Underwriters Reciprocal Exchange ($739)American Hallmark Insurance Company ($7,213)Bristol West Insurance Company ($1,841)Farmers Insurance Exchange ($1,454)Great Northern Ins Co ($2,430)$97667.13%
21-year-old single womenPrivilege Underwriters Reciprocal Exchange ($596)LM General Insurance Company ($6,175)Response Insurance Company ($1,650)Grange Insurance Association ($1,289)Great Northern Ins Co ($2,100)$81162.92%


ABOUT THE AUTHOR

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Ishan Mukhopadhyay

Ishan has over 5 years of experience as a freelance journalist and a content writer. He graduated from The English and Foreign Languages University and holds a Masters degree from the University of Hyderabad. Apart from the English language, Ishan's other passion is data driven journalism.

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