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How much is car insurance in Lake Wales?
|Area||Average Monthly Car Insurance Premium|
As you can see in the chart above, it is around $20 a month cheaper to insure your vehicle in Lake Wales than it is in the rest of Florida.
On the flip side, Lake Wales residents will likely pay higher rates to insure their vehicle than in the rest of the country. The cost of insuring a vehicle in Lake Wales is about $22 more expensive than the average rate for the rest of the U.S.
While these are the average monthly costs for auto insurance coverage in Lake Wales, you could end up paying something different. There are a variety of factors that car insurance companies consider to determine how much to charge you to insure your vehicle. Variables like age, gender, vehicle make and model, driving record, and even credit score (depending on your area) can all be taken into consideration when determining your monthly payment amount.
But don't worry, we've broken down the average rate for Lake Wales residents based on several different factors so that you can get a more accurate idea of your policy's monthly premium. To find out if you're getting the cheapest rate, just enter your ZIP Code below and find out in minutes!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
|45-54||Not Enough Data|
Generally speaking, the older you are, the more experience you have driving, right? That experience can really work in your favor when factored into your car insurance rates. As you can see, 18-24-year-olds pay two times as much as someone who is retirement aged.
For every 10 years, you can expect to see a decrease in your monthly premium. That said, once you hit retirement age, your rates may creep back up a bit in Lake Wales.
Average Car Insurance Rates by Gender
Although women typically pay less than men do for car insurance, this is not the case in Lake Wales, where female drivers pay around $113 per month while male drivers pay about $89.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Your rates can vary wildly depending on your driving record. Those with fewer accidents and tickets will pay much less than those with multiple infractions. Drivers in Lake Wales with one accident will pay around $108 a month. Likewise, if you have one ticket, you'll be looking at an average rate of around $115.
Regardless of where you live, accidents, tickets, and other driving infractions can drive your monthly bill way up. In order to minimize your monthly rate, practice safe driving habits and keep your record clean.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$69|
|15 Years or Older||$111|
If you look at the first table above, the cheapest vehicles to insure in Lake Wales are by and large trucks and vans, at $78 per month.
Car owners will see a monthly premium of about $110, while SUV owners usually pay around $100 per month.
You may also see different rates based on your vehicle's age. Generally, newer vehicles are going to cost the most to insure. However, once your car is about 5 years old, you might start to see your rates slide back down slightly. In Lake Wales, vehicles fifteen years and older are the most expensive to insure.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$106|
On average, people who are married will pay slightly less for auto insurance. This usually boils down to owners having multiple vehicles on the same policy, something that will often get you a discount.
While married drivers normally pay less for auto insurance than single drivers, Lake Wales bucks this trend as both groups pay around the same rate for coverage.
Average 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. If you rent your home or apartment, expect to pay around $14 a month more than homeowners in Lake Wales. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.
If you bundle your home or rental insurance and auto insurance policies, you can oftentimes reduce your car insurance costs, depending on your insurance company.
Car Insurance Companies in Lake Wales, FL
Recent trends in car insurance for Lake Wales drivers
The average rates for car insurance are constantly changing, so it's a good idea to know the recent trends in your area when selecting an auto insurance policy.
Auto insurance rates in Lake Wales increased from 2016-2017, before steadying out in 2018. Insurance rates began increasing again in 2019, and finished down in 2021, at $92 a month
How does Lake Wales compare to neighboring areas?
Why are car insurance rates in Lake Wales different from other areas?
There are a number of factors car insurance companies will consider when deciding how much to charge for a monthly rate. Many factors affecting your policy are based around where you call home. These factors include things like:
- Total number of drivers
- Off-street parking access
- Area regulations
- Road Safety (how many accidents each locality has)
- Prevalence of crime
A decent level of familiarity with these factors can be helpful when you're ready to purchase of a new policy or thinking about making a move. 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?
Equipping 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 does all of that work for you. Put in your ZIP below, answer a few questions about you and your car, and you'll be comparing the cheapest quotes from several of the car insurance companies providing policies in Lake Wales.
Lake Wales 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, plus your marital status, address, credit score, and driving record.
Why is the cost of car insurance in Lake Wales different from other neighboring cities?
Car insurance companies take local factors into consideration when determining how much to charge for coverage. Things like crime rates, parking situations, and local laws -- which can vary from city to city -- can significantly affect your rate.
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?
Whenever you move to a new area, or experience any other major life event such as getting married or finding a new job, it's always a good idea to re-evaluate your current insurance policy. Certain companies may offer larger discounts in certain cities, so it's a smart 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?