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How much is car insurance in Lake Wales?
|Area||Average Monthly Car Insurance Premium|
Compared to the rest of the Florida, coverage in Lake Wales is about $16 a month cheaper.
Drivers relocating the Lake Wales should take note of the differences in average rates. The average monthly payment for the rest of the U.S. is about is about $27 cheaper than it is in Lake Wales.
These rates provide a great starting point for understanding what to expect for your monthly payment, but there's no guarantee that this is what you will end up paying. Insurance companies weigh a variety of factors when determining how much to charge you for car insurance. Things like gender, vehicle make and model, driving record, age and, in some areas, credit score can all affect your policy's monthly price.
We've broken down the average rates for Lake Wales to help you understand what exactly you might be asked to pay. And if you're not sure if you're getting the cheapest rate, simply enter your ZIP Code below and find out in just minutes!
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Lake Wales Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
|45-54||Not Enough Data|
It makes sense that older drivers would have more experience behind the wheel. That experience can snag you some serious savings when it comes to auto insurance. As you can see, 18-24-year-olds pay two times the price that drivers 65 and older.
You can expect to see your monthly premium drop every 10 years or so. That said, once you hit retirement age, your rates may creep back up a bit in Lake Wales.
Lake Wales Car Insurance Rates by Gender
Although women typically pay less than men do to insure their vehicle, this is not the case in Lake Wales, where female drivers pay around $109 per month while male drivers pay about $104.
Lake Wales Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Depending on your driving record, your rates can vary wildly. A clean driving record will get you a lower rate than one with even just a single accident or infraction. In Lake Wales, a driving record with a single accident will usually get you a rate around $129 a month. Similarly, if you have one ticket on your record, you will be looking at an average rate of around $156.
Accidents, tickets, and other driving infractions can really cost you when it comes to your monthly rate. Remember, cheap car insurance rates are dependent on driving safely and keeping your record clean.
Lake Wales Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$66|
|15 Years or Older||$108|
According to the first table above, trucks and vans are by and large the cheapest vehicles to insure in Lake Wales, with drivers paying around $90 per month for insurance coverage.
SUV drivers will see rates of about $112 for car insurance, while car owners typically pay around $111 per month.
Vehicle age also plays a role in your monthly payment. Generally, newer vehicles are going to cost the most to insure. Once your car is around 5 years old, however, your monthly bill may start to dip back down. The most expensive vehicles to insure in Lake Wales are vehicles eleven-to-fourteen years old.
Lake Wales Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$112|
More often than not, those who have settled down into marriage will pay slightly less for auto insurance. This can usually be attributed to their policies having multiple vehicles, a factor that will often get you a discount.
On a national scale, married drivers typically pay less than single drivers for auto insurance. Lake Wales is no exception, with the difference totaling to around $10 a month.
Lake Wales Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$234|
Your living situation is another factor that affects your monthly rate. Drivers who own property in Lake Wales can expect to pay around $5 a month less than those who rent. Those who live with their parents, however, can expect to pay a lot more.
If you bundle your home or rental insurance and auto insurance policies, you can oftentimes reduce your average costs, depending on your insurance company.
Car Insurance Companies in Lake Wales, FL
Recent trends in car insurance for Lake Wales drivers
Since average rates are constantly changing, it's a smart move to research the local trends in your area before shopping for coverage.
In Lake Wales, car insurance rates had been decreasing from 2017-2018, before rising from 2019-2021. They finished down in 2022 at $66.
How does Lake Wales compare to neighboring areas?
Why are car insurance rates in Lake Wales different from other areas?
There are many factors car insurance companies take into consideration when figuring out how much to charge for a monthly rate. While we already talked about the ones that affect your personal policy, others are based around where you call home. These include things like:
- Amount of drivers in the region
- Road Safety (total number of local car accidents)
- Local regulations
- Local crime rates
- Off-street parking access
It's good to be aware of these factors (even though you may not be able to do much to influence them) as you shop for a new policy or consider relocating. Get started with a guide like this to get familiar with the average rates of your area.
How can I find the cheapest car insurance in Lake Wales?
Arming yourself with information about the average costs for drivers in your area will better prepare you for the real deal. The only way to know for sure what your rate will be is by asking for a quote from car insurance companies.
Luckily, Compare.com can handle all of this for you. Put in your ZIP below, answer a few questions regarding the factors mentioned above, and you'll be quickly comparing the cheapest quotes from a number of the car insurance companies that offer coverage in Lake Wales.
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Lake Wales Auto Insurance FAQs
What factors affect car insurance quotes in Lake Wales?
Car insurance companies calculate quotes based on a wide array of factors. These include things like your gender and age, but also factors like your vehicle's year, make and model, as well as your driving record, credit score, marital status, and address.
Why is the cost of car insurance in Lake Wales different from other neighboring cities?
Things like crime rates, parking situations, and local laws, which are dependent on your address and area you live in, can significantly affect the cost of insurance relative to other cities.
Which car insurance company will offer me the cheapest rate in Lake Wales?
Since the factors that go into calculating your monthly payment vary from person to person, there isn't one company that will always offer the cheapest rate to everybody. You can be confident that you're receiving the best price possible however, by using sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Lake Wales?
Any major life event, whether it be moving to a new area, finding a new job, getting married, or any other notable event always presents a good opportunity to re-evaluate your current insurance policy. Regardless of your previous rate, there may be cheaper options in your new location, so it's a good idea to use services like Compare.com to compare quotes from dozens of companies side-by-side.
Do I need to wait for my policy to expire to switch to a different car insurance company?
No. Regardless of how much time is left on your current policy, you can switch companies at any time. So, whether you're considering moving to Lake Wales or just curious if you're getting the best rates, why not take 10 minutes and see if Compare.com can save you some extra cash?
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