Cheapest and Best Car Insurance Companies in Lakewood, CO

The most affordable insurer may vary depending on your needs and driver profile. American National P&C has the cheapest rates for full and minimum coverage car insurance policies. It also offers the lowest premiums for drivers with violations (speeding tickets, at-fault accidents or DUI offenses) and those with a military background. Teen drivers will find the best value from Kemper. For the best combination of affordability and service quality, we recommend American National P&C.

In Lakewood, the following insurers offer the cheapest minimum coverage car insurance policies:

• American National P&C: $215 per year
• Colorado Farm Bureau: $308 per year

Farmers is the most expensive provider for minimum coverage, with premiums averaging $710 per year. American National P&C offers the cheapest auto insurance in Colorado, with an average annual cost of $216 for a minimum coverage policy. This indicates car insurance costs in Lakewood are relatively the same as those statewide.

Each state determines liability limits for minimum coverage insurance. In Colorado, minimum coverage extends to bodily injury and property damage with these limits:

• $25,000 bodily injury liability per person
• $50,000 bodily injury liability per accident
• $15,000 property damage liability per accident

Your policy’s liability limits establish how much your insurer will pay for injuries and damages to other drivers and their passengers if you’re found at fault in an accident. With the limits included above, an insurer would cover up to $25,000 in medical expenses per person, up to $50,000 per accident. You will be responsible for any costs exceeding this amount.

The cheapest car insurance companies for a full coverage policy in Lakewood are:

• American National P&C: $504 per year
• GEICO: $731 per year

The most expensive insurer for full coverage is Farmers, at an average annual rate of $1,376. American National P&C also offers the cheapest full coverage car insurance in Colorado at $541 per year, making Lakewood slightly more affordable for full coverage policies than other areas in the state.

Full coverage insurance boosts your level of protection by having higher liability limits and adding comprehensive and collision insurance to your policy.

• Collision Insurance: Covers the costs of repairs or replacements to your vehicle if it sustains damage in an at-fault accident, such as a collision with another vehicle or an object.
• Comprehensive Insurance: Covers expenses related to repair or replacement of your vehicle if it sustains damage in a non-accident incident like theft, vandalism or a weather-related event.

You might not get the most out of a full coverage policy if you have an older car, but we highly encourage drivers with newer and more expensive cars to get this type of policy.

In Lakewood, the following insurers offer the cheapest full coverage policies for drivers with violations:

• Speeding ticket: American National P&C ($590 per year)
• At-fault accident: American National P&C ($681 per year)
• DUI: American National P&C ($758 per year)

Acuity is the most expensive provider after a speeding ticket, at-fault accident or DUI offense, with full coverage policies costing $3,010 per year, on average. Compared to drivers with clean records, those with offenses are typically charged higher rates. Even the cheapest company’s rates may still be relatively high for drivers with offenses.

Typically, insurance rates increase in proportion to the severity of the driving offense. In Lakewood, drivers with a speeding ticket pay $347 more per year than those with a DUI offense. MoneyGeek found that there are still several options for affordable car insurance for drivers with a bad driving record.

The cheapest car insurance companies for 16-year-old teens on a family policy in Lakewood are:

• Kemper: $1,986 per year for female teens; $1,370 per year for male teens
• GEICO: $2,265 per year for female teens; $2,390 per year for male teens

Farmers has the highest rates for teens, with a full coverage policy costing roughly $5,034 or $5,365 for a 16-year-old female or male teen added to a family policy. Typically, insurers charge higher rates to male teens than female teens, as they consider them riskier to insure. However, Kemper, the cheapest insurer, charges female teens approximately $616 more than male teens for car insurance. Any cost discrepancy between males and females declines in early adulthood.

Families with teen drivers can save money by adding them to a family policy instead of purchasing an individual policy. In Lakewood, a 16-year-old male teen could save around $3,923 or more per year by joining a family policy instead of purchasing an individual one. Although car insurance for teen drivers tends to be more expensive, families can find the cheapest auto insurance for teens by comparing insurers’ rates and prioritizing those that offer discounts.

In Lakewood, the following insurers offer the cheapest rates for military drivers and their families:

• American National P&C: $504 per year
• USAA: $703 per year

These rates are for a full coverage insurance policy. If you prefer to purchase a minimum coverage policy, American National P&C and USAA still top the list of insurers offering the most affordable premiums at $215 and $267 per year, respectively.

Most insurance buyers don’t have the time to shop for and compare rates since it could take up to 15 minutes to input the personal information required for a single company.

Fortunately, MoneyGeek’s car insurance calculator quickly estimates your rate using your age, vehicle type, preferred coverage level and driving record.

The best car insurer for you will depend on how much you value affordability, service quality and coverage options. Based on our study, these are the best car insurance companies in Lakewood, CO:

• Best overall: American National P&C (MoneyGeek score of 83 out of 100)
• Best for service: Acuity (MoneyGeek score of 78 out of 100)
• Best cheap: American National P&C (MoneyGeek score of 83 out of 100)

A company’s MoneyGeek scores may vary based on the factors weighted for that specific category. American National P&C came out as the best overall auto insurer in Lakewood, and it is also the best car insurance company in Colorado. With a MoneyGeek score of 78 out of 100, USAA is the next-best option for drivers with a military background.

The following car insurers offer the best combination of affordability and customer service in Lakewood:

• American National P&C: MoneyGeek score of 83 out of 100 ($504 per year)
• GEICO: MoneyGeek score of 67 out of 100 ($731 per year)

American National P&C offers the cheapest rates out of the ten insurers ranked in our study, while still delivering top-notch service. This makes it a good value for the cost. USAA also ranks highly for military drivers, receiving a MoneyGeek score of 78 out of 100.

We didn’t take into account cost when evaluating the best car insurers for customer service in Lakewood. The following insurers are the best options:

• Acuity: MoneyGeek score of 78 out of 100 ($1,359 per year)
• American National P&C: MoneyGeek score of 67 out of 100 ($504 per year)

Of the insurers in our comparison group, Acuity has the highest claims management rating and the second-highest customer satisfaction score. However, this quality coverage comes at a cost — the insurer has one of the most expensive rates.

The following insurers offer the best minimum coverage policies that comply with the state-mandated liability limits in Colorado:

• American National P&C: MoneyGeek score of 83 out of 100 ($215 per year)
• Auto-Owners Insurance Co: MoneyGeek score of 71 out of 100 ($384 per year)

Minimum coverage policies are the least expensive, but they offer the lowest amount of protection against liability costs and don’t cover damages to your vehicle if you get into an accident.

The average cost of car insurance in Lakewood is $1,045 per year, $42 more expensive than the average cost of car insurance in Colorado at $1,002 (as of October 2022). However, the cost of insurance in the city is $263 less than the national average of $1,265. This shows how location can impact the cost of your insurance. MoneyGeek obtained rates for a full coverage policy that has $100,000 in bodily injury liability per person, $300,000 in bodily injury liability per accident and $100,000 in property damage liability per accident.