Who Has the Cheapest Car Insurance Rates in Lakewood?

With a population of nearly 158,000, Lakewood is the fifth-largest city in the Denver Metro area. The enclave offers many parks, farms, farmers’ markets, and a booming arts district to its residents and visitors. There are also several breweries located in the area for those who enjoy trying new and unique craft beers and IPAs. There is also a relatively large labor force in the area, with 69% of residents aged 16 and older employed, and these workers have an average commute time of 26.5 minutes, which is lower than the national average.

However, when it comes to insurance, the average price is higher than the national average. This may be related to the high rate of car theft in the Denver metro area. In 2018, there were 14,845 auto thefts in the area, which ranks it as the city with the 13th highest theft rate in the nation. As part of the Denver metro area, Lakewood has some of the highest insurance rates in the state.

What is Required for Lakewood Drivers?

Drivers in Colorado are required to carry motor vehicle insurance to drive legally. The minimum requirements are as follows:

  • Bodily Injury or death of one person:

    $25,000 per accident

  • Bodily injury or death for multiple persons:

    $50,000 per accident

  • Property damage:

    $15,000 per accident

Although the above coverage levels will meet the state requirements to drive in Lakewood, they could easily be inadequate to cover an at-fault accident. Damages could far exceed the covered amount, which could mean that the at-fault driver could be held financially responsible for any amount over the insurance coverage. Also, the coverage offers no financial protection for the at-fault driver, meaning if their vehicle is also damaged, all repairs to their vehicle would be out-of-pocket.

Most Expensive and Least Expensive Insurance Rates by Zip Code

Cheap Car Insurance in Lakewood by Insurer

The least expensive policies in the state come from GEICO. The next least expensive insurance company is State Farm. However, drivers who are searching for insurance coverage should not just consider the price, but also look at the company’s track record with paying claims as well as the customer service experience. If a company offers cheap premiums, but you can never get an agent on the phone or it takes months for a claim to be processed, you’re wasting your money.

Find cheap car insurance quotes with this expert guide.

Low Cost Auto Insurance for Bad Credit in Lakewood

The state of Colorado allows insurance companies to take potential insured drivers’ credit ratings into consideration when providing insurance quotes. This means that a driver with an excellent credit score will get better rates than a driver with a blemished credit history. Coverage for drivers with less-than-perfect credit can be triple that of a driver with better credit. Checking your credit score before you get quotes on insurance can help you prepare for the costs and alert you if a company might be charging you too much for insurance. Not to mention, it’s the best way to find the best rate for you.

Learn how your credit score determines your car insurance premiums.

Differences Between the Two Main Coverages

What is Liability-Only?

Liability-only coverage means coverage that only pays for the loss others incur if you are at fault in an automobile accident. These are for the medical expenses, other property damage or car repairs that you cause to another or their property in an accident.

One has the option of paying for more than the state minimum requirements outlined above for liability insurance. That is a good idea because you will be personally liable from your own finances and assets if you harm someone else or their property in an accident and your state minimum coverage levels do not fully reimburse the losses of the other party.

What Full Coverage Covers

Full coverage means that you not only have adequate insurance to cover the losses of others if you are at fault in an accident. Full coverage means you have all the liability coverage you need to care for the harm to others if you have an accident and are at fault, and you have coverage for your own losses as well. There are two main kinds of other coverages that drivers purchase in order to repair their vehicles in the event of an accident they cause:

What is Collision Coverage?

Collision insurance covers the cost of repairing your own car if you are in an accident that is your fault. A way to save money on collision insurance is to purchase it with a higher deductible. For example, it will likely be very expensive to have collision coverage on your vehicle with a $500 deductible, but a $1,500 deductible or a $2,000 deductible will save considerable money on your automobile full coverage policy.

What is Comprehensive Coverage?

Comprehensive insurance covers the cost of repairing your vehicle for those things that were not your fault, like extreme weather that damaged your vehicle, or a deer that walked in front of you, theft, or vandalism. Comprehensive insurance tends to be much cheaper than collision. Even those with older vehicles may benefit from carrying comprehensive insurance because it is relatively cheap and will cover things like windshield replacement.

What are the Major Differences Between Full Coverage and Liability?

Liability coverage kicks in when you back up and hit a kid on a skateboard you did not see. It will also pay for a gate you run into and damage.

Collision insurance pays out when you back into a large rock at a campground, denting your pickup’s tailgate. It will pay to get the tailgate repaired.

Comprehensive coverage will pay for the repair costs when something flies out of the back of a semi-truck and you end up with a cracked windshield.

Average Annual Car Insurance Rates in Colorado by City

Additional cities in Colorado you can check out.


Ways to Obtain a Lower Cost Auto Insurance Policy

Find additional ways to save on your Lakewood car insurance premiums with these insurance discounts:

Of course, the best way to keep your auto insurance rates down is to drive safely and avoid accidents. The better your driving record, the lower your rates. However, there are also other ways to lower your rates.

Shop Around for the Best Price

Prices can vary significantly between insurance agencies so you will need to get a quote from each one. To prevent having to go to each site and put all your information in dozens of times, there are some sites where you can compare the rates of several agencies at once that you should take advantage of.

Bundle with other insurance plans

Most insurance agencies offer you a chance to bundle and get many of your insurance needs from one place; such as renters’ insurance, homeowners’ insurance, auto insurance, and more. You can also save when insuring more than one vehicle.

Reduce the Number of Miles you drive

Reducing the number of miles you drive will reduce your risk for accidents and therefore, your insurance rates. Besides that, it could do your body and your health good to walk sometimes.

Check the Insurance Costs for a Car Before Buying it

Before you buy a car, it is important that you check insurance costs first, as some car types can raise your insurance rates much more than others. Some of the things your premiums may be based on include the cars overall safety record, costs of parts and repairs, the price of the car, and theft likelihood.

Increase your Deductibles

The higher the price of the deductibles the less your rates will be. For example, if you were to increase your deductible from $200 to $500 it would reduce your comprehensive coverage and collision rates by 15-30%.

Watch your Credit Score

Did you know that many people check their credit report only to find several mistakes that can be fixed? Check your credit report often, because the higher your credit score the lower your insurance rates will be.

Use this guide to find discounts here.

Common Factors that Affect Your Lakewood Vehicle Insurance Rates

There are quite a few factors included in determining your cost for auto insurance such as:

  • Your location
  • Age
  • Number of violations you had in the past
  • Gender
  • Whether you are married or single
  • Your credit score
  • The plan you are seeking
  • The deductible
  • Daily miles you drive
  • The make, model, and year of the vehicle to be insured
  • Whether you live alone or with others
  • Your occupation

If you have a bad driving record and need cheap insurance, compare rates here.

Helpful Lakewood, Colorado Vehicle Resources:

Live Traffic and Accidents

DMV (Find Locations, Vehicle Registration, Titles and Insurance Info)


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