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In This Article:
How much is car insurance in Lakewood?
|Area||Average Monthly Car Insurance Premium|
The cost of coverage in Lakewood is about $5 a month cheaper than it is for the rest of Ohio.
When stacked up against the national average, the average monthly policy payment for Lakewood is more affordable. It's about $28 cheaper to insure your vehicle in Lakewood compared to the average rate for the U.S. as a whole.
While these numbers represent the average monthly payments for coverage in Lakewood, that doesn't mean it's what you'll pay. The monthly rate that insurance companies end up charging you is determined by a variety of factors. Things like gender, vehicle make and model, driving record, age and, in some areas, credit score can all affect the final amount you'll be charged for coverage each month.
But don't worry, we've broken down the average rate for Lakewood residents based on several different factors so that you can get a more accurate idea of your policy's monthly premium. If you're not certain that you're getting the cheapest rate for your area, just enter your ZIP below to find out!
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Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
Generally speaking, the older you are, the more experience you have driving, right? That experience can lead to some serious savings when it comes to car insurance rates. As you can see, 18-24-year-olds pay a lot more than drivers of retirement age.
For every 10 years, you can expect to see a decrease in your monthly premium. Once you hit retirement, however, you may see your rates climb back up in Lakewood.
Average Car Insurance Rates by Gender
Car insurance rates for women are generally cheaper than they are for men. In Lakewood, the difference is around $5 a month. As illustrated in the table above, male drivers in the area pay about $56 on average, while female drivers pay around $51 each month.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Your rates can change quite drastically depending on your driving record. Those with clean records can expect to pay significantly less than those with infractions. Drivers in Lakewood with one accident will pay around $69 a month. Similarly, drivers with one ticket will typically pay around $54 on average.
When it comes to your monthly bill, accidents, tickets, and other driving infractions can really take a toll. 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||$75|
|15 Years or Older||$53|
If you look at the first table above, you'll see that trucks and vans are typically the cheapest vehicles to insure in Lakewood, with drivers paying around $43 per month for insurance coverage.
SUV drivers will see rates of about $58, while the rates for car owners average out to about $54 per month.
Your vehicle's age also plays a role in your monthly payment. Newer vehicles are generally going to be the most expensive to insure. However, if your car is a few years old, you can expect to see your rates start dropping 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)||$54|
The difference in rates based on relationship status in Lakewood is about $9 a month, with married couples paying less for coverage than single drivers.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$82|
One other element taken into consideration is your housing situation. Renters can expect to pay around $5 a month more than those who own their own home in Lakewood. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.
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 average premiums.
Car Insurance Companies in Lakewood, OH
Recent trends in car insurance for Lakewood drivers
Car insurance rates are frequently changing, so it's in your best interest to understand which way your area is trending before picking an insurance policy.
In Lakewood, the rates for auto insurance declined from 2017-2018, before leveling out in 2019. Car insurance rates dropped again recently, reaching a low of $25 in 2022.
How does Lakewood compare to neighboring areas?
Why are car insurance rates in Lakewood different from other areas?
There are a lot of factors car insurance companies will consider when choosing how much to charge for a monthly rate. While we've discussed the ones that affect your personal policy, others are based around where you park your car. These include things like:
- Rate of crime
- Availability of off-street parking
- Road Safety (total number of local car accidents)
- Total number of drivers in the region
- Community regulations
An awareness of these factors is important when thinking about buying a new policy or potentially moving to a new home. Each area will have different rates. Guides like these are a wonderful place to get started.
How can I find the cheapest car insurance in Lakewood?
While understanding what the average costs are for drivers like you can be helpful as you get an idea of what you might end up paying, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies.
Luckily, Compare.com can handle all of this for you. Enter your ZIP Code below, answer a few questions on you and your vehicle, and you'll be quickly comparing the cheapest quotes from numerous car insurance companies providing coverage in Lakewood.
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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 you can't control like your age and gender 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 Lakewood different from other neighboring cities?
Things like local laws, parking situations, 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?
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 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. You can switch companies at any time, regardless of how long is left on your current policy. So, if you've recently moved to Lakewood or it's been a while since you last compared car insurance rates, you may want to take 10 minutes and see if Compare.com can save you money.
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