Average car insurance cost in Lakewood, CO

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

According to data from Insure.com, the average annual cost of car insurance in Lakewood, Colorado is $2,492. The auto insurance rates in Lakewood is $155 more than the state average and $597 more than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in Lakewood, the average car insurance rates by age and gender, and how much car insurance cost in Lakewood depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Lakewood. Keep reading to learn more.

Cheap car insurance companies in Lakewood

Geico offers the most affordable car insurance in Lakewood for coverage limits of 100/300/100 at $1,364 per year.

The State Farm comes close second offering car insurance at $1,925 per year.

As mentioned previously, car insurance quotes differ amongst companies due to the factors they consider when determining rates. Hence, it’s advisable to obtain quotes from multiple insurers to find affordable car insurance rates in Lakewood that align with your needs before finalizing your insurance carrier.

Here are the average annual and monthly costs for the various car insurance companies providing coverage in Lakewood, Colorado:

Read about the best car insurance companies.

Average car insurance cost in Lakewood by coverage limits

The average car insurance rates in Lakewood based on coverage types are as follows:

• State minimum coverage: $532 per year (limits are 25/50/25)
• Liability only coverage: $842 per year (limits are 50/100/50)
• Full coverage: $2,492 per year (limits are 100/300/100)
• Non-owners coverage: $308 per year

In many states, it’s a legal requirement for drivers to maintain the state minimum coverage, although these requirements vary by state. The state minimum coverage does not cover vehicles listed on your policy in an at-fault accident.

To avoid the risk of insufficient coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage, especially if you frequently borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Lakewood

The average car insurance per year for female drivers in Lakewood, Colorado, is $2,465.

Whereas the yearly average car insurance rate for male drivers is $2,518, which is $53 more than what female drivers pay.

According to the Insurance Information Institute, women are considered to be safer drivers than men, and statistics have proved this. They often enjoy lower auto insurance premiums due to their lower incidence of severe accidents compared to men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Lakewood

In Lakewood, teenagers have the highest car insurance rates, at $5,810 per year or $484 per month. This higher rate is attributed to the increased risk of road accidents among teenagers (aged 16 to 19) due to their limited experience on the road, according to the Insurance Information Institute.

However, there are driving laws for teens to improve their driving habits. Additionally, the cost of teen insurance can be reduced by adding them to a parent’s auto insurance policy. As teens mature and establish a positive driving history, their car insurance rates are likely to decrease.

Young adults, pay an average of $3,697 annually for car insurance, which is $2,113 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in Lakewood have car insurance rates of $2,536 and $2,459 per year, respectively. The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below shows the average annual rates for drivers of different age groups:

Car insurance rate trends in Lakewood

If we look at the car insurance rates trends in Lakewood, Colorado, it was on an upward swing from 2022 to 2023. From 2022 to 2023, the rates increase overall by 16%, or $335.

The table below shows the trend for last four years:

Conclusion

In conclusion, the insurance rates in Lakewood, are higher than the average insurance cost in Colorado. Shopping around and taking advantage of available discounts, drivers in Lakewood can find affordable car insurance options. Additionally, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

 . .

Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.