Cheapest and Best Car Insurance in Lakewood, CO (2024)

In Lakewood, Colorado, American National P&C is your go-to for the cheapest minimum and full coverage car insurance, while State Farm leads for families with teens.

Acuity stands out for customer service, and it also provides the best overall value, balancing price and service. Your ideal pick may vary based on personal coverage needs and preferences.

American National P&C is the cheapest option for minimum coverage car insurance in Lakewood. If you’re looking for the most affordable options, here are the top companies:

• American National P&C: $287 per year
• Colorado Farm Bureau: $288 per year

Farmers Union Insurance holds the position for the most expensive policy at $1,070 annually. The difference of $783 between the cheapest and the most expensive policies in Lakewood underlines the importance of comparing rates. Opting for the cheapest car insurance can lead to significant savings over time.

State Minimum Liability Requirements

Across all Colorado cities, including Lakewood, the state stipulates the bare minimum for car insurance coverage:

• $25,000 bodily injury liability per person
  
• $50,000 bodily injury liability per accident
  
• $15,000 property damage liability per accident
  

For instance, with a minimum coverage policy, if you're at fault in an accident, your insurance could cover up to $25,000 for each person injured, with a total limit of $50,000 per accident. Damage costs beyond these limits would be your financial responsibility. These laws are just the baseline; many choose higher coverage to bolster their financial safety net.

American National P&Coffers the cheapest full coverage car insurance in Lakewood.

• American National P&C: $700 per year
• Colorado Farm Bureau: $811 per year

Farmers Union Insurance offers the most expensive full coverage policy in Lakewood, with a premium of $2,137 annually. That's a jump of $1,437 from the cheapest option. This price variation highlights the money-saving potential when you shop around for full coverage, which generally costs more due to its comprehensive protection against a wide range of incidents.

Do You Need Full Coverage in Colorado?

A full coverage policy in Lakewood includes coverage for damage to your own vehicle in the form of comprehensive and collision coverages. It usually also includes increased liability limits.

• Collision Insurance: This provides coverage for your vehicle in the event of a collision, whether with another vehicle or or a stationary object like a tree or light pole. It also covers rollover accidents and pothole damage.

• Comprehensive Insurance: This coverage insures your vehicle against various types of damage not caused by collisions, including theft, vandalism, fires, natural disasters and being struck by an animal like a deer.

If you have a new vehicle, it's wise to opt for full coverage insurance for more robust financial protection. If you're leasing or have a car loan, you are typically required to carry full coverage insurance.

On the other hand, owners of older vehicles may find that the extra cost — which can amount to several hundred dollars more per year — is not justified by the value of the vehicle. When deciding how much car insurance coverage you need, consider your ideal balance: more extensive coverage comes with higher premiums, but getting less coverage means you may pay more out of pocket if you need to file a claim.

American National P&C is the most affordable option for drivers with a speeding ticket or an at-fault accident in Lakewood, while Colorado Farm Bureau offers the lowest rates post-DUI. Here are the details:

• Speeding ticket: American National P&C ($818 per year)
• At-fault accident: American National P&C ($942 per year)
• DUI: Colorado Farm Bureau ($1,029 per year)

The severity of the violation dramatically affects premiums — the cheapest coverage after a speeding ticket costs $818, yet after a DUI, the cost jumps to $1,029 annually, demonstrating how serious infractions like a DUI can substantially increase insurance costs. Farmers Union Insurance charges the highest premiums for all three offenses, with annual rates significantly higher than the least expensive options.

In Lakewood, as in many cities, insurance premiums typically escalate with the gravity of driving infractions due to the increased risk perceived by insurers. For instance, drivers with a speeding ticket may see an average annual rate of approximately $2,450, whereas those with a DUI could face around $3,130. Consequently, individuals with such violations have an even greater impetus to diligently compare insurance rates to secure potential savings.

Kemper offers the most affordable full coverage car insurance for male and female teens in Lakewood.

• Kemper: $1,986 per year for female teens and $1,370 per year for male teens
• State Farm: $2,631 per year for female teens and $3,311 per year for male teens

These rates reflect the cost of adding a teen to the insurance policy of two parents. In Lakewood, Farmers presents the highest family policy rate for female teens at $5,033, indicating a difference of $3,047 when compared with Kemper.

This substantial variation in premiums underscores the necessity of comparing quotes, especially for teenage drivers who are deemed as higher-risk, to achieve significant savings on car insurance policies.

In Lakewood, as well as in other cities across the USA, teens seeking car insurance face steep premiums. On average, an individual teen policy costs around $7,110 annually, whereas being added to a family plan averages $3,228. The stark difference — nearly double for individual plans — reflects insurers' risk assessment.

Teens as individual policyholders are considered high risk due to inexperience. Moreover, securing an individual policy can be difficult because providers are often hesitant to underwrite standalone policies for teens without an adult's financial backing and driving history. For comprehensive savings, it's advisable for families to opt for a joint plan.

In Lakewood, American National P&C offers the cheapest car insurance for military backgrounds looking for full coverage.

• American National P&C: $700 per year
• Colorado Farm Bureau: $811 per year

Though USAA did not make it to the top of the list, with an annual premium of $845, it ranks third. USAA offers services that are specifically tailored to meet the needs of active-duty military members.

In Lakewood, comparing car insurance rates is a key strategy for cost savings. However, the process is often cumbersome, potentially requiring over an hour to examine rates from three or more companies.

MoneyGeek's car insurance calculator can help you streamline this process. By inputting details like age, driving history, credit score and preferred coverage, you can instantly receive rate estimates.

Selecting the right auto insurance hinges on how you prioritize factors like service quality, cost, and the breadth of coverage, among other variables. Each category has its own scoring system to tailor recommendations to your values. For those in Lakewood, the best providers are:

• Best overall: Acuity (MoneyGeek score of 90 out of 100)
• Best for service: Acuity (MoneyGeek score of 96 out of 100)
• Best cheap: Acuity (MoneyGeek score of 90 out of 100)

Acuity emerges as Lakewood's premier choice for offering exceptional value, outstanding customer service and affordability in auto insurance. The provider is unmatched in delivering overall quality without compromising on cost or the client service experience.

Acuity is the best option in Lakewood for drivers seeking the best car insurance.

• Acuity: MoneyGeek score of 90 out of 100 ($1,252 per year)
• American National P&C: MoneyGeek score of 78 out of 100 ($700 per year)

Acuity stands out as the top car insurance provider in Lakewood, thanks in large part to its exceptional customer satisfaction and claims ratings. With a full coverage policy that caters to a range of driver needs, Acuity's balance of quality service and comprehensive coverage positions them as the leading choice for consumers.

Acuity is the best option in Lakewood for car insurance based on customer service. This calculation emphasizes general satisfaction, claims handling and coverage options without considering rates.

• Acuity: MoneyGeek score of 96 out of 100 ($1,252 per year)
• American Family: MoneyGeek score of 76 out of 100 ($1,751 per year)

Acuity stands out for its exceptional customer satisfaction and seamless claims process, which are significant factors contributing to its near-perfect MoneyGeek score. Its top-tier coverage options further solidify its position as the leading provider in Lakewood.

Acuity is the best option in Lakewood for those seeking cheap car insurance without compromising on quality. This company excels in affordability while also achieving the highest levels of customer satisfaction and claims handling.

• Acuity: MoneyGeek score of 90 out of 100 ($498 per year)
• American National P&C: MoneyGeek score of 80 out of 100 ($287 per year)

Acuity’s MoneyGeek score is reflective of comprehensive protection that comes with a great customer experience, especially for a minimum coverage policy. Acuity provides a balanced offering that places it a notch above its competitors in Lakewood.

In Lakewood, Colorado, the average cost of car insurance is $1,387. When compared with the state average for Colorado, which is $1,345, drivers in Lakewood pay slightly more. Versus the national average premium of $1,781, Colorado's state average costs $437 less, revealing a significant cost benefit for Colorado residents.

Car insurance rates are influenced by myriad factors, and location plays a crucial role in determining these costs. Location is particularly important because it accounts for variables like traffic density, accident rates and crime statistics.

Denver ranks as the most expensive city for car insurance at $1,546, while the cheapest city, Fort Collins, reports an average premium of $1,146 — a stark difference of $400. Outside of cities, in areas with lower traffic density, insurance rates may be further reduced, highlighting the impact of location on insurance costs.