What is the Average Cost of Car Insurance in Lakeland?

Lakeland is located east of Tampa, Florida. Its population is 112,136, making it one of the smaller cities in the country that still holds over 100,000 people. Located in one of the most popular states in the U.S., Lakeland experiences at least some tourist traffic, which means that locals may have collisions with tourists who get lost or drive the wrong way up a one-way street. Workers 16 years of age and older face a mean travel time to work of 21.6 minutes, which is somewhat less than the national average of around 27 minutes each way.

The city does experience vehicle thefts at a high enough rate that the NICB keeps track of the statistics. In 2018, the city saw 1,080 thefts, giving it a rank of #238 of cities with the most thefts per capita in the country.

When a vehicle owner loses their car to theft, their call to their insurance company results in the company taking a financial loss once they send a claim check to their customer. As a result, insurance companies tend to charge increased rates in areas with particularly high theft statistics.

A vehicle theft or another type of loss, such as an accident, means the owner has an unexpected and sometimes hefty financial obligation to pay; their deductible at the least if the damage is covered by insurance, and the whole cost if the damage or theft is not covered by their insurance policy.

What Insurance Coverage is Needed for Drivers in Lakeland

You’ll probably need to plan on paying a large amount over the 12 months that your policy is active (most insurance policies require that you sign on for at least a year). You may choose to pay the entire balance at once, which is less expensive over the long run; this way, you’re covered for 12 months and you don’t have to worry about making monthly premium payments. However, those with less free funds sometimes sign up over a shorter time and lower the cost of each payment, though it is often more expensive over time.

As to how much insurance you actually need in Florida; well, nearly every state has its minimums. Florida requires that anyone driving a car in the state hold a minimum of $10,000 per person and $20,000 per accident of bodily injury liability coverage, $10,000 per accident for property damage coverage, and $10,000 in personal injury protection (PIP).

Most Expensive and Least Expensive Insurance Rates by Zip Code

Cheap Car Insurance in Lakeland by Insurer

In Florida, the minimum average annual premium is as low as $400 and as high as $1,400. The 50/100/50 (liability) premiums range from $900 up to $1,100 and the full coverage annual premiums range from $1,600 up to $2,500. You’ll have to buy at least liability coverage because of state law, but, if you are still paying a car loan, the financing institution will likely require that you have comprehensive insurance coverage.

Use this guide to compare the best auto insurance premiums by company.

Low Cost Auto Insurance for Bad Credit in Lakeland

Even if you have a bad credit history, you still have to cover your vehicle with a car insurance policy – it’s state law. Unfortunately, any hit to your credit score will make it more difficult to find more affordable insurance in the state because insurance companies can use your credit score to decide what your premium will be. Therefor, you’re going to need to spend more time searching in order to find the insurance you need at a price that you can afford. Here’s a place for you to start your search.

Find out how your car insurance rates are impacted with bad credit.

Difference Between Liability and Full Coverage

What is Liability Only Coverage?

Liability-only policies cover any damage you do as a driver, or which results from your automobile. These policies meet the minimum requirement for drivers in Fresno, California and are generally the cheapest. That is because the policy does not cover your car. Thus, if an uninsured driver hits your car, and is at fault, any damage you incur must be repaired at your expense. You will also be unable to make a claim if your car is damaged due to weather or as a result of some other non-driving incident.

What Full Coverage Covers

Full coverage is not a category used by insurance companies. Rather, it is a colloquial term used to describe policies that cover both you and other drivers. Thus, if you are in a collision with an uninsured motorist, you can make a claim to repair damage to your car. If your car is injured by some other sort of accident or even vandalism, you can claim those repairs, too.

When you purchase a car on a financing plan, your lender will probably insist that you cover the car with a comprehensive policy that will cover any damage. Even if you purchase a car outright you might want to purchase a comprehensive policy so that your beautiful car remains pristine for as long as possible.

What is the Difference Between the Two Types of Car Insurance?

Liability and Full coverage policies have many distinctions but the chief one is that under a liability policy your car is not covered. If you are in an accident and are found at-fault, your liability policy will cover the other driver and her passengers. A full coverage policy, on the other hand, covers damage done to your car as a result of a wide range of accidents, even if you are at-fault. These policies also differ when it comes to premium payments.

Average Annual Car Insurance Rates in Florida by City

Additional cities in Florida you can check out.

Lehigh Acres

Utilize These Auto Insurance Discounts to Get a Lower Rate

Save on Your Insurance Policy Rates With These Discounts in Lakeland:

  • Raise your deductible

    If you are willing to pay more money for a deductible, in the event of an accident, then you can lower your insurance rates substantially. You can lower your premium to around 10% just by raising your deductible to around $1,000.

  • Drop Collision Coverage on Old Cars

    Dropping collision coverage on older cars can really help save you a lot, especially for cars that are more than ten years old and only worth four or five thousand dollars. Think about it, if you have an accident while driving an older car, are you really going to pay to repair it or just buy a new car?

  • Check Insurance Rates for Your Car’s Make and Model

    The make and model of your car can make a big difference in how much you pay for auto insurance. Therefore, before purchasing a new car, be sure and check the insurance rates for it as some can be much higher than others.

  • Shop Around to Check Rates from Numerous Insurance Companies

    The chart in this article should be enough proof to know that there can be a big difference in what various insurance companies charge for auto insurance. That is why it is a good idea to check rates from a number of insurance companies before deciding which plan to choose.

  • Drive Fewer Miles

    One of the questions asked when applying for auto insurance rates, is how many miles you drive regularly. This is because the more miles you drive, the more risk you are to the insurance company and the higher your insurance cost will be. Try to drive fewer miles, if possible, to save more money on your premiums.

  • Maintain a Good driving record

    Being a safe driver can not only save your life, but it can also save you a lot of money, too. There is a big difference in how much people with accidents on their record have to pay, and what those without any accidents pay. Therefore, always drive safely.

  • Live in a less populated area

    Your location matters when it comes to auto insurance rates. If you live in a highly populated area, your rates will be higher than if you live in a lower-population area. The Jefferson and New Orleans areas have some of the highest rates in Louisiana, but if you live just 30 minutes outside of the city, you can expect your rates to go down.

Find ways to lower your auto insurance premiums here.

What are the Factors that Affect Your Lakeland, FL Car Insurance Premiums

As you can see, car insurance rates are influenced by a complex set of factors, all of them are determined by risk data for each insurance agency. How much each agency charges, though, based upon similar risk data, can vary widely. In the case of younger drivers, they can save literally thousands of dollars each year by shopping around. The insurance agencies will charge drivers different rates for their automobile insurance premiums by their age and marital status, driving record, area they live in, and whether they carry liability-only or full coverage insurance. If the customer opts for collision insurance, the carriers will charge more for a lower deductible.

Since there are so many factors to take into consideration in how much an insurance agency charges you for automobile insurance, it quite literally pays to thoroughly educate yourself about automobile insurance and to shop around for the best quote.

Learn how a bad driving record can affect your car insurance rates.

Helpful Lakeland, Florida Vehicle Resources:

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