Table of contents
How much is car insurance in Lakewood?
|Area||Average Monthly Car Insurance Premium|
Based on the chart above, it costs about the same to insure your vehicle in Lakewood as it does in the rest of New Jersey.
Likewise, Lakewood residents will likely pay higher rates for their insurance policy than the rest of the country. Coverage in Lakewood is about $28 more expensive than it is for the rest of the U.S.
These rates may be the average amount residents of Lakewood pay for their insurance policy, but that doesn't mean it's exactly what you'll pay. The monthly rate that insurance companies end up charging you is determined by a variety of factors. The final dollar amount you'll be asked to pay each month is calculated off of your age, gender, vehicle make and model, driving record, and even your credit score depending on the circumstances.
We've analyzed the average rate for Lakewood and broken down the different factors to help you understand what exactly you might be asked to pay. If you're not certain that you're getting the cheapest rate for your area, just enter your ZIP Code below to find out!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
|45-54||Not Enough Data|
Generally, the older you are, the more experienced you are on the roads, right? When it comes to car insurance premiums, that experience can really pay off. According to the table above, you can see that 18-24-year-olds pay two times the price that drivers 65 and older.
For every 10 years, you can expect to see a decrease in your monthly premium. Once you hit retirement age, however, your rates may begin to go back up in Lakewood.
Average Car Insurance Rates by Gender
Female drivers pay, on average, slightly less than their male counterparts. The difference in Lakewood is about $17 per month. As illustrated in the table above, female drivers in the area pay about $98 on average, while male drivers pay around $115 each month.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Your driving record can have a huge impact on your car insurance rates. Drivers who avoid accidents and tickets will pay much lower rates than those with infractions. Drivers in Lakewood with a single accident on their record will usually see rates around $164 a month. Likewise, drivers with one ticket on their record will be looking at an average rate of around $191.
Regardless of where you live, accidents, tickets, and other driving infractions can drive your monthly bill way up. Remember, cheap car insurance rates are dependent on driving safely and keeping your record clean.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$97|
|15 Years or Older||$113|
According to the first table above, trucks and vans are typically the cheapest vehicles to insure in Lakewood, with drivers paying around $92 per month for auto insurance.
Car owners can expect to pay an average of around $111 a month for their policy, while SUVs usually cost around $99 a month to insure.
Your rates can also vary depending on the age of your vehicle. Generally, newer vehicles are going to be the most expensive to insure. Once your car is a few years old, however, you may see your bill start to shrink a bit. In Lakewood, the most expensive vehicles to insure are vehicles fifteen years and older.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$115|
On average, those who have settled down into marriage will pay slightly less to insure their car. This usually boils down to owners having multiple vehicles on the same policy, something that will often get you a discount.
The cost of auto insurance in Lakewood reflects the national trend of married couples paying less than single drivers to insure their vehicles, to the tune of about $14 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$176|
Another factor taken into consideration is your housing status. If you rent your home or apartment in Lakewood, expect to pay around $21 a month more than if you are a homeowner. But those who live at home with their parents can expect to pay significantly more.
Many companies, however, will offer you a discount to bundle your home or rental insurance with your auto insurance policy, which can help reduce your overall costs.
Car Insurance Companies in Lakewood, NJ
Recent trends in car insurance for Lakewood drivers
Given that average rates are often changing, it's a smart move to know the direction your area is trending when selecting an auto insurance policy.
In Lakewood, the rates for auto insurance had been decreasing from 2016-2017, before steadying out in 2018. Insurance rates finished down in 2021, at $84 a month
How does Lakewood compare to neighboring areas?
Why are car insurance rates in Lakewood different from other areas?
Car insurance companies will take into account many factors when deciding how much to charge for a policy. Many factors affecting your policy are based around where you live. These factors include things like:
- Area laws
- Road Safety (frequency of car accidents)
- Off-street parking access
- Crime levels
- Number of drivers in the area
While you won't have the ability to change these factors yourself, they can be handy to keep in mind when seeking a new policy or considering a move. Different cities and towns will each have different rates, so guides like these are a handy way to get started.
How can I find the cheapest car insurance in Lakewood?
Familiarizing yourself with patterns in the average costs of drivers like you will give you a leg up in conversations with insurance companies. Ultimately, the only way to know exactly what your rate will be is by requesting a quote from those car insurance companies.
But hold on! Compare.com will handle the heavy lifting for you. Put in your ZIP below, respond to a few questions, and you'll be comparing the cheapest quotes from several of the car insurance companies offering coverage in Lakewood.
Lakewood Insurance FAQs
What factors affect car insurance quotes in Lakewood?
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 address, credit score, marital status, and driving record.
Why is the cost of car insurance in Lakewood different from other neighboring cities?
Parking situations, crime rates, and local laws -- all of which can change from city to city -- play a large role in the rates that car insurance companies may charge for coverage.
Which car insurance company will offer me the cheapest rate in Lakewood?
Since the factors that car insurance companies take into consideration when calculating the rate you might pay differ from person to person, there is no one insurance company that will offer the cheapest rate to everybody. Things like your driving record, the number of drivers on the policy, and vehicle make and model, plus a number of others, are all taken into account. Because of this, it's a good idea to use sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Lakewood?
Any time you experience a major life event, whether it's moving to a new area, getting married, finding a new job, or other notable events, it's always a good idea to re-evaluate your current insurance. Certain companies offer cheaper insurance in certain cities, so even if you were getting the cheapest rate at your old address, it doesn't mean it'll still be the cheapest at your new home. That's why it's always good 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. In fact, you can swap companies at any point, regardless of how much time is left on your current coverage. So, whether you're moving to Lakewood or just curious about rates in your area, why not take 10 minutes to see if Compare.com can save you money?