Car insurance rates have increased in Colorado Springs faster than in the rest of the nation, according to an online insurance comparison marketplace.
Automobile insurance premiums are up 47.25 percent from 2011, according to The Zebra. The national average for the same time period was 11 percent. During 2016, the increase was 2.6 percent — and rates in Colorado as a whole are up 3 percent.
“Weather in Colorado appears to have been a key driver of risk — and consequent car insurance rate hikes — in recent years,” said Neil Richardson, insurance analyst for the Zebra. “For example, the number of hail damage claims in Colorado more than tripled between 2013 and 2014 to nearly 100,000. And even though the number of claims in 2015 was lower than 2014, Colorado residents still filed more than 50,000 hail damage claims last year. The state also requested assistance from FEMA for severe spring 2015 weather consisting of severe storms, tornadoes, flooding, landslides, and mudslides.
“Further, Colorado drivers are getting in more collisions and filing more car insurance claims, which could point to carriers raising rates across the board. In 2015, Colorado had more than 120,000 accidents on their roadways, which is almost 5,000 more accidents than just the previous year. Consider the fact that residents in Colorado saw fewer than 100,000 crashes in 2010 and it’s not difficult to see the steady progression of auto accidents in the state.”
The average premium for car insurance is $1,398 annually in the state — and in metro Colorado Springs, that rises to $1,422, the online company said.
The rates in other cities:
- Denver: $1,462
- Aurora: $1,523
- Arvada: $1,370
- Westminster: $13,91
People paying the highest amount in El Paso County: ZIP code 80928, 80910, 80913 and 80916, the southeastern sections of El Paso County. The Rockrimmon and Briargate neighborhoods pay the least amount — at $1,351 and $1,265 respectively. Cascade and Palmer Lake residents also pay less.
Within the Springs metropolitan area, the 80917 ZIP code saw the largest increase in rates, up 53.4 percent during the past five years. And 80922, the Black Forest area, saw the smallest increase in rates, up 40.9 percent.
The results are part of a national study exploring car insurance rates. The Zebra explored millions of premiums and discovered how car insurance rates vary from state to state, as well as age, gender, financial behaviors and what kind of car people are driving.
The company ran the data using a base risk profile of a 30-year-old single male driving a 2012 Honda Accord EX. For more detail on methodology, see The Zebra’s 2016 State of Auto Insurance Pricing Report.