Lakewood, OH Car Insurance

Residents of Lakewood pay around $54 monthly for their car insurance coverage. Read our guide below to learn more about your specific rates.
What rates can residents of Lakewood expect to pay for their car insurance? How does Lakewood compare to the surrounding area and the rest of Ohio? Find the average cost breakdowns and determining factors in the charts and writeups below:  

How much is car insurance in Lakewood?

Area Average Monthly Car Insurance Premium
Lakewood$54
OH$59
United States$80

Looking at the chart above, you can see it's around $5 a month cheaper to insure your vehicle in Lakewood than it is in the rest of Ohio.

When stacked up against the national average, the average monthly policy payment for Lakewood is more affordable. Car insurance rates for the U.S. as a whole are, on average, $26 more expensive than the rates you'd pay in Lakewood.

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. Insurance companies take in a number of factors when deciding what amount to charge you for insuring your vehicle. Things like age, gender, vehicle make and model, driving record and, in some areas, credit score can all play a part in the final dollar amount you'll be asked to pay each month.

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. And if you think you might be overpaying for insurance, simply enter your ZIP below to learn more about rates in your area!

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Average Car Insurance Rates by Age

Age Range Average Premium
Under 18Not Enough Data
18-24$77
25-34$52
35-44$53
45-54$44
55-64$39
65+$38

It would make sense that older drivers have more driving experience, right? When it comes to auto insurance rates, that experience can help put some change back into your pocket. As you can see, 18-24-year-olds pay $39 more than someone who is retirement aged.

You can expect to see your monthly premium drop every 10 years or so. You may see your rates creep back up a bit once you hit retirement in Lakewood.

Average Car Insurance Rates by Gender

Gender Average
Male$57
Female$52

Car insurance rates for men are usually slightly more expensive than they are for women. This is true in Lakewood, where women pay around $5 less a month. As illustrated in the table above, female drivers in the area pay about $52 on average, while male drivers pay around $57 each month.

Average Auto Insurance Rates by Driving Record

Infractions Average Monthly Premium
1 Accident$69
Multiple Accidents$87
1 Ticket$60
Multiple Tickets$109

One of the key factors in determining your car insurance rates is your driving record. A clean driving record will get you a lower rate than one with even just a single accident or infraction. In Lakewood, drivers with one accident on their record will experience rates around $69 a month. In addition, drivers with one ticket can expect to pay around $60 a month on average.

Wherever you live, accidents, tickets, and other driving infractions will almost certainly drive up your monthly bill. So, if you're looking for cheap car insurance, drive carefully and keep a clean record.

Average Insurance Rates by Vehicle

Vehicle Age Average Monthly Premium
Less Than 1 Year$75
2-3 Years$33
4-5 Years$67
6-7 Years$48
8-10 Years$54
11-14 Years$56
15 Years or Older$53

According to the first table above, the cheapest vehicles to insure in Lakewood are typically trucks and vans, at $42 per month.

SUV drivers will see rates of about $62, while the rates for car owners average out to about $54 per month.

In addition to vehicle type, you can also expect to see slightly different rates based on the age of your vehicle. Generally, newer vehicles are going to be the most expensive to insure. However, once your car is a few years old, you may start to see your monthly premium drop back down. In Lakewood, the most expensive vehicles to insure are vehicles less than one year old.

Average Car Insurance Rates by Relationship Status

Relationship Average Monthly Premium
Single (never married)$56
Married$44
Divorced$57
Widowed$39

More often than not, people who are married will pay slightly less for car insurance. This usually boils down to owners having multiple vehicles on the same policy, something many companies offer special discounts for.

Married couples, on average, pay less than single drivers do to insure their vehicles. This holds true in Lakewood, with married couples paying about $12 less per month.

Average Car Insurance Rates by Housing Situation

Housing Status Average Monthly Premium
Own$51
Rent$57
Live with parents$82

Your living situation is another factor that affects your monthly rate. If you rent your home or apartment in Lakewood, expect to pay around $6 a month more than if you are a homeowner. Those who live with their parents, however, can expect to pay a lot more.

That being said, many companies will offer you a discount if you bundle your homeowners or rental insurance policy with your auto insurance.

Car Insurance Companies in Lakewood, OH

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 deciding when and where to shop.

Auto insurance rates in Lakewood rose from 2016-2017, when they reached a high of $68. This trend changed in 2020, when they began to decrease, and have continued moving in that direction through 2021, when rates hit a low of $45 a month.

How does Lakewood compare to neighboring areas?

Why are car insurance rates in Lakewood different from other areas?

When considering how much to charge for an insurance policy, car insurance companies will evaluate numerous factors. Many factors affecting your policy are based around where you call home. These factors include things like:

  • Crime levels
  • Area laws
  • Rate of car accidents
  • Off-street parking access
  • Total drivers

It's good to be aware of these factors (even though you may not be able to do much to change them) as you shop for a new policy or consider making a move. Knowing that different towns and cities will all have different rates, guides like these can be a good way to get a lay of the land of your particular neighborhood.

How can I find the cheapest car insurance in Lakewood?

While getting familiar with what the average costs are for drivers like you can be helpful as you get an idea of what you might pay, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies.

Good news! Compare.com does all of that work for you. Just enter your ZIP Code below, answer a few questions related to the factors we outlined above, and you'll be comparing the cheapest quotes from several of the car insurance companies providing coverage in Lakewood.

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Lakewood Insurance FAQs

What factors affect car insurance quotes in Lakewood?

Quotes are calculated by car insurance companies who take multiple factors into consideration, including things you can't control like your age and gender, but also factors like your marital status, credit score, address, and driving record.

Why is the cost of car insurance in Lakewood different from other neighboring cities?

Things like parking situations, local laws, and crime rates, 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 Lakewood?

No one insurance company is guaranteed to offer the cheapest rate across the board. Since companies base their rates on factors that differ from person to person, such as driving record, number of drivers on the policy, vehicle make and model, and many more, 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?

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 Lakewood 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?

Find your best rate in just a few minutes