The Average Cost of Car Insurance in Lakewood, CO, is $1,126

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The average cost of auto insurance in Lakewood, CO, according to Zimlon, is $1,126. This is much lower than the average cost of auto insurance in neighboring places such as Edgewater, Wheat Ridge, Northeast Jefferson, Dakota Ridge, and East Pleasant View. Residents of Lakewood can improve savings by comparing multiple auto insurance quotes. Auto insurance depends on numerous factors ranging from the make and model of the vehicle to the driver’s age.

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Insurance Requirements:

Here is a list of mandatory car insurance requirements in Colorado.

  • $25,000 for bodily injury or death to any person in an accident.

  • $50,000 for bodily injury or death to all persons in any one accident.

  • $15,000 for property damage in any one accident. 

Demographics:

The cost of auto insurance depends on the age and gender of the driver. Women are generally considered to be safe drivers, making auto insurance cheaper for them. As the above infographic indicates, auto insurance is most affordable for drivers who are in their fifties and sixties ($1,034 and $1,049). Auto insurance is expensive for teenagers since they lack driving experience. The average cost of auto insurance for teenagers in Lakewood is $3,806.

Deductible:

Deductibles are one of the most common factors affecting the rate of auto insurance in the country, and Lakewood is no different. A higher deductible leads to a decrease in the cost of auto insurance, while a low deductible can lead to an increase. The average cost of auto insurance at a low deductible ($500) is $1,286. This goes down to $1,087 when the deductible is higher ($1,000).

Neighborhood:

The neighborhood one lives in Lakewood can also have an impact on the cost of auto insurance. Zimlon offers the option of keying in one’s zip code to get accurate auto insurance quotes from multiple auto insurance companies. Depending on  several factors such as the make and model of the vehicle and the rate of auto thefts in the neighborhood, the price can vary within a city 

Driving Record:

The driving record of car owners also has a direct impact on the cost of auto insurance. Getting charged for offenses such as DUI and driving without a proper license can have a long-term impact on Lakewood’s cost of auto insurance. Post-DUI, the average cost of auto insurance increases to $1,773. 

Credit Score:

A healthy credit score will also determine the cost of one’s auto insurance. Possessing a good credit score will reduce the cost of auto insurance for the car owner. The average cost of auto insurance when the credit score is “exceptional”, can be as low as $1,006.